№ lp_1_2_50784
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Technical guidance for calculating statutory reserves for variable annuity contracts using principle-based methods, including stochastic modeling and scenario analysis.
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
Price: 8 / 10 USD
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Amendment Proposal Form for VM-20, VM-21, and VM-22 Reinvestment Guardrail Updates
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
PRINCIPLE-BASED DECISION MAKING ASSESSMENT (Tree Policy 2016)
Year: 2016
Region / city: VicRoads
Topic: Road Safety, Tree Planting, Risk Assessment
Document Type: Policy Assessment
Agency: VicRoads
Author: VicRoads
Target Audience: Practitioners, Regional Directors, Planners, Engineers
Action Period: Not specified
Approval Date: Not specified
Date of Changes: Not specified
VM-22 PBR: Requirements for Principle-Based Reserves for Non-Variable Annuities
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
VM-22: MAXIMUM VALUATION INTEREST RATES FOR INCOME ANNUITIES
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
VM-22: Maximum Valuation Interest Rates for Income Annuities
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
VM-22 PBR: Requirements for Principle-Based Reserves for Non-Variable Annuities
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
Section 4.2 – Annuities: Future Value and Present Value
Note: Year
Document Type: Educational Material
Topics: VM-21 PRINCIPLE-BASED Annuities