Cost of Implementing a Principle-Based Framework for Determining Reserves and Capital
Research Projects – Life Insurance
The Smaller Insurance Company, Product Development, Reinsurance and Financial Reporting Sections, along with the Committee on Life Insurance Research, are pleased to make available the following report. Authored by a Towers Watson research team of Jason Kehrberg, Greg Roemelt and Chuck Souza, this report summarizes the results of a survey on life insurer perspectives and preparedness levels for implementing a principle-based framework for determining reserves and capital. Forty-eight companies participated in the study and offered insight into the stages of their planning, expected cost levels and concerns for implementing the new approach. The report also details additional observations Towers Watson obtained through follow-up interviews with some of the study participants.
The sponsors would like to thank the following individuals, who served on the Project Oversight Group:
- Joeff Williams, Chair
- Susan Deakins
- Robert Omdal
- Karen Rudolph
- Josh Windsor
- Jan Schuh
- Ronora Stryker
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