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Life Manual Work Continues

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The Life and Health Actuarial Task Force has scheduled two VM-20 conference calls this week.

LHATF’s principles-based reserving life subgroup will meet at noon EDT Thursday, and LHATF’s principles-based reserving reinsurance subgroup will meet at 2 p.m. EDT Friday.

The LHATF, an arm of the National Association of Insurance Commissioners, Kansas City, Mo., is developing a valuation manual to tell insurers, regulators and others how to implement principles-based reserving.

Advocates of principles-based reserving want to shift toward use of statistical forecasting techniques and actuarial judgment to set reserves, and away from reliance on static formulas.

VM-20 would explain how to set PBR reserves for life products.

More information about the calls is available here.