Academy Statements on Principle-Based Reserving

The Academy has assembled materials to assist actuaries and regulators as the U.S. moves into the implementation phase of PBR for life insurance. Click here to access these materials. Public statements made by the Academy related to PBR are below.

Consistency Work Group report on definitions to include in VM-1 of the Valuation Manual as presented to the NAIC’s Life & Health Actuarial Task Force. (March 31, 2008)
Recommended changes to the statutory blank to accommodate principle-based reserving. (December 2, 2007)
(November 30, 2007)
Valuation and Law Manual Team report to the LHATF. (October 31, 2007)
Proposed revisions to draft valuation manual and review opinion requirements for a PBR valuation.
(October 24, 2007)
Proposed revisions to draft valuation manual.  Section 50:  Experience reporting requirements. (September 30, 2007)
Draft valuation manual (September 2007):
(September 30, 2007)
Sample actuarial report for life policies subject to PBR valuation. (September 30, 2007)
Consistency Work Group report on the Conceptual Framework of a Principles-Based Approach for Life, Annuity and Health Products and On the Purpose of Reserves and Risk-based Capital under a Principles-Based Approach. (September 30, 2007)
Life Reserves Modeling Subgroup report on a possible tail risk test. (September 30, 2007)
Modeling Efficiency Work Group reports to the LHATF. (September 30, 2007)
Reinsurance Work Group report on PBR risk transfer requirements. (September 30, 2007)
Summary of a meeting with a New York State Insurance Department official on life PBR. (September 30, 2007)
Comments from Life, Health, and Casualty Practice Councils on life and health insurance principles proposed by the NAIC's Principle-based Reserving (EX) Working Group. (August 17, 2007)
Life Reserves Working Group response to the New York Insurance Department's comments on the Requirements for Principles-Based Reserves for Life Products from the LRWG. (July 31, 2007)
Valuation and Law Manual Team draft valuation manual plus accompanying report and slide presentation and news release. (June 30, 2007)
Life Financial Soundness/Risk Management (SVL2) Committee presentation to LHATF on SVL2/PBA. (June 1, 2007)
LRWG report to LHATF and an update to the March LHATF exposure of the Requirements for Principle-based Reserves for Life Products. (June 1, 2007)