Research Projects – Life Insurance
The Financial Reporting, Product Development and Reinsurance Sections, along with the Committee on Life Insurance Research are pleased to present the following report. Under the guidance of a Milliman research team of Ken Joyce, Craig Roberts, Karen Rudolph, Bill Sayre and Uri Sobel, twelve companies "field tested" the proposed principle-based valuation manual for four different product lines: term life, universal life, whole life and deferred annuity. The Milliman team has completed its review of the company case studies and has summarized the results and observations in the report which compares the reserves and C3 capital amounts under PBA versus current formulaic standards as well as discusses practical aspects in applying the proposed methodology.
The sponsors would like to thank the following individuals who served on the Project Oversight Group:
Questions and comments may be directed to Ronora Stryker, SOA Research Actuary.