Description: The article discusses the developments thus far with the adoption of the NAIC Valuation Manual and what steps still lie ahead. It also discusses the NAIC Life Actuarial Task Force’s response to the NAIC’s VM-20 Impact Study. In general, outcomes of the Phase III testing support the suggestion that the modifications made to VM-20 as a result of the NAIC Impact Study made progress in addressing the excessive conservatism demonstrated in the Phase I and Phase II testing.

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.