The Life and Health Actuarial Task Force has unveiled new drafts of a variable annuity reserving actuarial guideline and of a valuation manual section dealing with VA principles-based reserving requirements.
The LHATF, an arm of the National Association of Insurance Commissioners, Kansas City, Mo., adopted the drafts earlier this month at the NAIC's winter meeting.
The Actuarial Guideline XLIII: CARVM for Variable Annuities and VM-21 drafts are on the LHATF's section of the NAIC's website.
Advocates of a PBR approach want to shift toward reliance on actuarial judgment and statistical forecasting methods, and away from reliance on static formulas.
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