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July 23, 2009 at 08:00 PM
Questions about how to incorporate interest rate uncertainty in insurance reserve calculations came up during a recent meeting of a National Association of Insurance Commissioners subgroup.
Members of the Principles-Based Reserving Scenarios Subgroup, part of the NAIC’s Life and Health Actuarial Task Force, talked about ways to handle interest rates while reviewing Section 6.G of the VM-20 valuation manual.
The VM-20 manual would establish requirements for principles-based reserving, which encourages a shift toward use of actuarial judgment and risk-based valuations to set reserves, and away from reliance on rigid reserving formulas.
