More regulatory change is on the
horizon for US life insurers following the announcement by the
National Association of Insurance Commissioners (NAIC) that it is
to measure the financial impact of modernisation efforts proposed
for solvency regulation.
Proposed regulation favours
principles-based reserves (PBR) over the static formulas
traditionally used to calculate the reserves.
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“Our modernisation efforts promise
to improve the accuracy with which regulators and companies match
reserves to risk,” said Thomas R Sullivan,
chairman of the NAIC Life Insurance and Annuities Committee, and
Connecticut insurance commissioner.
The NAIC has selected actuarial
consulting firm Towers Watson to work with state regulators and
interested parties. They will examine PBR provisions of the
proposals, calculate their impact on industry reserves and compare
them to current methodologies.
Towers Watson was selected
following a review of eight firms that responded to an NAIC request
for proposal released on 29 July. The NAIC said Towers Watson was
selected based on their experience, project approach and
competitive price.
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