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August 17, 2009 at 08:00 PM
State regulators are seeking public comments about proposed rules for setting reserves for some types of optional benefits sold with annuity contracts.
The Life and Health Actuarial Task Force, a unit of the National Association of Insurance Commissioners, Kansas City, Mo., has posted the draft, for revisions to Actuarial Guideline XXXIII: Determining CARVM Reserves for Annuity Contracts with Elective Benefits, on its website.
The draft would revise an existing actuarial guidelines, which deals with the rules for applying the “Commissioners’ Annuity Reserve Valuation Method” to valuing reserves for benefits that come with annuities.
The proposed revisions would apply to benefit types involving multiple payments, such as a guaranteed lifetime income benefit.
