№ files_lp_3_process_7_044795
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Regulatory guidance detailing the prescribed maximum valuation interest rates and definitions for various annuity contracts issued in the United States, forming part of the statutory reserve valuation framework.
Year:
2017
Region / Jurisdiction:
United States
Subject:
Insurance, Annuities, Reserve Valuation
Document Type:
Regulatory Guidance Note
Organization:
National Association of Insurance Commissioners (NAIC)
Applicable Contracts:
Single premium immediate annuities, deferred income annuities, structured settlements, payout annuities, supplementary contracts
Definitions Included:
Portfolio Credit Quality Distribution, Daily Treasury Rate, Expected Default Cost, Reference Period, Jumbo Contract, Non-jumbo Contract, Expected Spread, Quarterly Treasury Rate, Premium Determination Date, Initial Age
Scope:
Policies issued after December 31, 2017
Supersedes:
VM-C IX.B and VM-C IX-C
Methodology:
CARVM and CRVM
Relevant Website References:
https://www.treasury.gov
Note:
, NAIC LATF website
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Year:
2025
Note:
Region / city
Subject:
Actuarial Valuation Standards
Document Type:
Amendment Proposal
Organization / Institution:
Life Actuarial (A) Task Force, Health Actuarial (B) Task Force
Author:
Rachel Hemphill
Target Audience:
Actuarial professionals, regulators
Year:
2017
Region / City:
United States
Subject:
Valuation interest rates for annuities
Document Type:
Guidance Note
Issuer / Institution:
NAIC
Author:
NAIC
Target Audience:
Actuaries, insurance professionals
Effective Period:
From December 31, 2017
Approval Date:
Not specified
Date of Amendments:
Not specified
Section:
1, 2, 3
Reference Period:
Based on Premium Determination Date
Contract Type:
Single premium immediate annuity, deferred income annuity, structured settlements, supplementary contracts
Jumbo Contract Threshold:
$250,000,000
Premium Determination Date:
Varies by contract type
Credit Rating Distribution:
Treasuries, Aa bonds, A bonds, Baa bonds
Definitions:
Portfolio Credit Quality Distribution, Daily Treasury Rate, Expected Default Cost, Jumbo Contract, Non-jumbo Contract
Valuation Rate Buckets:
A, B, C, D
Maximum Valuation Interest Rate:
Defined per contract category and age
Valuation Methodology:
Based on Valuation Rate Buckets and Reference Period
Document Title:
VM-22 PBR: Requirements for Principle-Based Reserves for Non-Variable Annuities
Governing Framework:
Valuation Manual Section II – Reserve Requirements
Related Sections:
VM-01, VM-21, VM-A, VM-C, VM-V
Subject Matter:
Principle-Based Reserve Requirements for Non-Variable Annuity Contracts
Document Type:
Regulatory actuarial standard
Issuing Body:
National Association of Insurance Commissioners (NAIC)
Applicable Products:
Non-Variable Annuities, Income Annuities, Riders and Supplemental Benefits
Effective Date:
January 1, 2025 (for specified contracts)
Scope:
Annuity contracts as defined in SSAP No. 50 in the AP&P Manual
Key Components:
Reserve Methodology, Scenario Reserve (SR), Deterministic Reserve (DR), Standard Projection Amount, Stochastic Exclusion Tests
Reinsurance Treatment:
Included under Aggregate Reserve requirements
Interest Rate Provisions:
Statutory Maximum Valuation Interest Rates for Income Annuity Formulaic Reserves
Regulatory Context:
Part of Principle-Based Reserves (PBR) requirements under the Valuation Manual
Year:
2017
Document type:
Regulatory guidance
Topic:
Insurance reserves
Organization:
National Association of Insurance Commissioners (NAIC)
Target audience:
Actuaries and insurance companies
Effective date:
January 1, 2017
Related models:
Model #820, AG 43
Year:
2017
Region / City:
United States
Subject:
Valuation interest rates for annuities
Document Type:
Guidance Note
Issuer / Institution:
NAIC
Author:
NAIC
Target Audience:
Actuaries, insurance professionals
Effective Period:
From December 31, 2017
Approval Date:
Not specified
Date of Amendments:
Not specified
Section:
1, 2, 3
Reference Period:
Based on Premium Determination Date
Contract Type:
Single premium immediate annuity, deferred income annuity, structured settlements, supplementary contracts
Jumbo Contract Threshold:
$250,000,000
Premium Determination Date:
Varies by contract type
Credit Rating Distribution:
Treasuries, Aa bonds, A bonds, Baa bonds
Definitions:
Portfolio Credit Quality Distribution, Daily Treasury Rate, Expected Default Cost, Jumbo Contract, Non-jumbo Contract
Valuation Rate Buckets:
A, B, C, D
Maximum Valuation Interest Rate:
Defined per contract category and age
Valuation Methodology:
Based on Valuation Rate Buckets and Reference Period
Document Title:
VM-22 PBR: Requirements for Principle-Based Reserves for Non-Variable Annuities
Governing Framework:
Valuation Manual Section II – Reserve Requirements
Related Sections:
VM-01, VM-21, VM-A, VM-C, VM-V
Subject Matter:
Principle-Based Reserve Requirements for Non-Variable Annuity Contracts
Document Type:
Regulatory actuarial standard
Issuing Body:
National Association of Insurance Commissioners (NAIC)
Applicable Products:
Non-Variable Annuities, Income Annuities, Riders and Supplemental Benefits
Effective Date:
January 1, 2025 (for specified contracts)
Scope:
Annuity contracts as defined in SSAP No. 50 in the AP&P Manual
Key Components:
Reserve Methodology, Scenario Reserve (SR), Deterministic Reserve (DR), Standard Projection Amount, Stochastic Exclusion Tests
Reinsurance Treatment:
Included under Aggregate Reserve requirements
Interest Rate Provisions:
Statutory Maximum Valuation Interest Rates for Income Annuity Formulaic Reserves
Regulatory Context:
Part of Principle-Based Reserves (PBR) requirements under the Valuation Manual
Note:
Year
Document Type:
Educational Material
Year:
2020
Region / City:
Jamaica
Subject:
Customer interview for property valuation roll amendments
Document Type:
Form
Organization / Institution:
National Land Agency
Author:
National Land Agency
Target Audience:
Property owners seeking amendments to the valuation roll
Period of Action:
N/A
Approval Date:
N/A
Amendment Date:
N/A
Date:
03/31/2025
Region / City:
Texas
Topic:
Actuarial Standards
Document Type:
Amendment Proposal
Organization / Institution:
Texas Department of Insurance
Author:
Rachel Hemphill
Target Audience:
Actuaries, Insurance Commissioners, Regulatory Authorities
Effective Period:
N/A
Approval Date:
N/A
Date of Changes:
N/A
Year:
2025
Document type:
Amendment Proposal Form
Organization:
National Association of Insurance Commissioners
Affiliated bodies:
Life Actuarial (A) Task Force; Health Actuarial (B) Task Force
Valuation Manual sections:
VM-20 Section 9.G.8; VM-21 Section 4.A.5
Issue title:
Clarification of contractually guaranteed revenue sharing income
Authors:
Rachel Hemphill; Jacob Allensworth; Elaine Lam; Ben Slutsker
Author affiliations:
Texas Department of Insurance; California Department of Insurance; Minnesota Department of Commerce
Manual edition date:
January 1, 2025
APF reference:
APF 2025-05
Date received:
February 10, 2025
Subject matter:
Actuarial guidance; revenue-sharing agreements; insurance valuation
Regulatory scope:
Insurance valuation standards
Note:
Year
Subject:
Zonal Valuation of Real Properties
Document Type:
Guidelines
Context:
Guidelines for the zonal valuation of real properties in the Philippines, outlining rules for classifications, zonal values, and special cases like condominium units and parking slots.
Year:
2025
Region / City:
New York
Topic:
Accident and Health Insurance
Document Type:
Questionnaire
Organization:
Life Bureau
Author:
Actuary responsible for valuation
Target Audience:
Actuaries, Insurance companies
Period of validity:
Until March 1, 2026
Approval Date:
Not specified
Date of changes:
Not specified
Year:
2019/20
Region / City:
London Borough of Lewisham
Document Type:
Valuation Report
Issuing Organization:
Wilks Head & Eve LLP
Author:
G S C Harbord MA MRICS IRRV (Hons)
Reviewed By:
R G Messenger BSc FRICS FIRRV MCIArb REV, A M Williams Dip BSc (Hons) MRICS FIRRV REV
Purpose:
Financial reporting and housing revenue account valuation
Valuation Date:
31 March 2020
Issued On:
26 May 2020
Currency:
Pounds Sterling (GBP)
Scope:
Housing revenue account properties selected by the Authority
Standards Applied:
IFRS, CIPFA Code, RICS Red Book
Inspection Status:
Inspections partially postponed due to pandemic
Country:
Jamaica
Geographic coverage:
Kingston and St. Andrew, Clarendon, Saint Elizabeth, Saint James, Saint Thomas, Saint Ann, Saint Catherine, Manchester
Subject:
Property valuation services
Document type:
Directory
Content format:
Tabular listing
Organizations listed:
Private property valuation and real estate firms
Information included:
Office addresses, telephone numbers, email addresses
Sector:
Real estate and property valuation
Year:
2021
Region / city:
Manchester
Topic:
Property law, Lease disputes
Document type:
Judgment
Court / institution:
High Court of Justice, Business and Property Courts in Manchester
Author:
Judge Hodge QC
Target audience:
Legal professionals, Property lawyers, Academics
Period of validity:
2021
Approval date:
1 April 2021
Date of changes:
None
Year:
2019
Region / City:
England
Subject:
Council Tax Valuation Appeals
Document Type:
Guidance
Agency:
Valuation Tribunal for England
Author:
Valuation Office Agency
Target Audience:
Respondents in Council Tax Valuation Appeals
Period of Validity:
Ongoing
Date of Approval:
1 October 2019
Date of Changes:
None mentioned
Year:
2022
Region / City:
Mumbai
Topic:
Investment Valuation Guidelines
Document Type:
Draft Circular
Organization:
FIMMDA
Author:
G. Ravindranath, Chief Executive Officer
Target Audience:
FIMMDA Members
Effective Period:
March 2022
Approval Date:
8th March 2022
Amendment Date:
N/A
Year:
2014
Region / City:
Bangladesh
Topic:
Audit Documentation
Document Type:
Audit Working Paper
Organ / Institution:
XYZ Limited
Author:
MR. A
Target Audience:
Audit professionals
Period of Validity:
As of 31 December 2014
Approval Date:
DD/MM/YYYY
Date of Modifications:
Not specified
Year:
FY 2023
Region / City:
USA
Topic:
Financial Analysis, Pharmaceutical Valuation
Document Type:
Investment Report
Organization / Institution:
N/A
Author:
N/A
Target Audience:
Investors, Financial Analysts
Period of Validity:
N/A
Approval Date:
N/A
Date of Changes:
N/A