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Thread: Principle Based Reserves

  1. #1
    Actuary.com - Level III Poster
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    Principle Based Reserves

    Does anyone have any good information about principle based reserves for secondary guarantee products. I hear it is going to be a very hot topic in the upcoming years and I would like to learn as much as I can about it.

  2. #2
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    I could go at length. My job will be closely tied to implementing this when it comes.

    Basically there will be a model regulation and three actuarial guidelines. The basic methodology is a gross premium valuation with margins. There will be requirements for scenarios as well as a formulatic floor.

    Go to the American Academy of Actuary website (www.actuary.org), click on Life and look at some of the links there. Look especially on the right hand side for the "Principles-based project" link (direct link: http://www.actuary.org/risk.asp).

    You can get at the draft model regulation and guidelines here: http://www.actuary.org/risk/reserving_life.asp .

    This is still under discussion and review, so check back often. The goal for having this done is early 2007. Based on what we see elsewhere (Variable Annuity CARVM), I am not optimistic as the regulators are quibbling over details and there are so many more details to worry about with this project.

  3. #3
    Actuary.com - Level VI Poster
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    Quote Originally Posted by FSA
    This is still under discussion and review, so check back often. The goal for having this done is early 2007. Based on what we see elsewhere (Variable Annuity CARVM), I am not optimistic as the regulators are quibbling over details and there are so many more details to worry about with this project.
    I was reading an issue of ... I can't recall, but it was an interview with someone expressing their views about the implementation of PBR. I got the impression that the individual felt that PBR wouldn't realistically be implemented until 2009, if we're lucky.

  4. #4
    Actuary.com - Level V Poster
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    Statutes change slowly

    Quote Originally Posted by wat View Post
    I was reading an issue of ... I can't recall, but it was an interview with someone expressing their views about the implementation of PBR. I got the impression that the individual felt that PBR wouldn't realistically be implemented until 2009, if we're lucky.
    PBR could happen in 2009, if current LHATF and Academy enthusiasm continue -- except in NY.
    I thought this WAS a real job

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