Description: This paper demonstrates some of the basic principles and concepts inherent in the use of natural reserves to adjust earnings and to demonstrate differences in earning patterns obtained by several alternative approaches to a pure natural reserve adjustment of earnings.

Description: The valuation manual is a living document that continues to evolve. As more companies adopt Principle-Based Reserving (PBR) and file PBR Actuarial Reports, regulators have observed gaps and inconsistencies across the industry. As a result, PBR reporting requirements (VM-31) have expanded significantly in 2020 and still continue to evolve. This session will provide attendees with everything they need to fill out their PBR reports for both Life business and Variable Annuity business. We will dig into the new changes effective for 2020 reporting and approved changes for 2021, and compare and contrast the Life and VA requirements to help companies identify areas that can be leveraged between the two. In addition, we will share insights from regulators, consultants, and company actuaries on what to include or exclude in your report.

Description: This article discusses the calculation of mean reserves in certain cases where terminal reserves are negative and proposes a minimum reserve formula which produces adequate mean reserves in all cases.

Description: Discusses Aug. 23, 2007, meetings in Salt Lake City, Utah, about principles-based approach for both reserves and risk-based capital, RBC.

Description: Summary of NAIC's Winter National Meeting

Description: Describes a process for identifying relevant industry experience to credibility-weight with relevant company experience to set modeling assumptions and margins.

Description: Feature article discussing the Life Actuarial Task Force (LATF) recent exposure of the National Association of Insurance Commissioners’ (NAIC) Valuation Manual.

Description: The article highlights key considerations as companies begin to reserve for their IUL products under PBR.

Description: This article summarizes VM-31 updates to the 2018 and 2019 Valuation Manuals, and considerations for PBR Reports based on findings from the 2017 submissions.

Description: A review of Actuarial Guideline AXXX