Description: Discusses some of the new and different ideas being considered by the Wilcox Committee that is working on the Unified Valuation System, UVS, especially as they relate to smaller companies.

Description: A change in the way in which statutory life insurance and annuity reserves are determined in the United States is heading toward adoption. Currently, the Actuarial Opinion and Memorandum Regulation AOMR combines formulaic factor-based minimum reserves with reserve adequacy testing. The American Academy of Actuaries Academy is working with the National Association of Insurance Commissioners NAIC to finalize the basic framework of a principles-based reserve PBR methodology, based on a gross premium valuation, for life insurance products. The NAIC Life and Health Actuarial Task Force LHATF has also been considering Actuarial Guideline VACARVM that would introduce a PBR method for the valuation of variable annuity contracts.

Description: This is an extensive, detailed, manual designed to implement Principles-Based Reserves. It includes an introduction, reserve requirements, actuarial opinion and report requirements, experience reporting requirements, and valuation manual minimum standards.

Description: 1993 SOA Meeting, Quebec. The new SVL has expanded the scope and responsibilities of the valuation actuary. Topics covered: • Risk of legal liability for actuaries? • Vagueness of actuarial standards related to adequacy testing? • Reliance on other company experts? • Consultants versus company actuary perspectives? • The science versus the art of the process?

Description: Update from the ACLI about its continued contact with Treasury relating to AG VACARVM and Life PBR.

Description: This article reports the maximum statutory valuation and nonforfeiture interest rates for 1999 issues of selected life insurance products and the maximum statutory valuation interest rates for 1998 issues of selected annuity products.

Description: This report summarizes a research project examining the proposed principle-based framework for reserves and capital for life insurance. The report is a review and analysis of case studies submitted by participating companies in response to proposed changes in individual life insurance statutory reserve and risk-based capital methodologies.

Description: Article about the PBR manual possibly not passing legislation.

Description: This article makes a case for implementation of a mortality fluctuation reserve in GAAP accounting.

Description: This article provides an update on principles-based reserves for life insurance.