NAIC to kick-start principle-based reserving in 2017
June 14, 2016 by LifeHealthPro Editors
The National Association of Insurance Commissioners (NAIC) adopted a recommendation today that will activate principle-based reserving (PBR) starting on Jan. 1, 2017.
The NAIC recommendation from the PBR Implementation Task Force follows an extensive analysis of amended Standard Valuation Laws passed by 45 states, representing nearly 80 percent of the U.S life insurance market.
“This is an historic accomplishment for the state-based system of insurance regulation that marks the beginning of a new policy valuation system that can adapt to new and innovative life insurance products benefiting consumers and life insurers,” says John Huff, NAIC President and Missouri Insurance Director.
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