Impact of VM-20 on life insurance product development
The effective date of Chapter 20 of the National Association of Insurance Commissioners Valuation Manual (VM-20) was January 1. Actuarial practice in calculating VM-20 reserves will evolve over time as companies, actuaries, and regulators gain experience in calculating such reserves. This report summarizes changes to the product development process as a result of the introduction of principle-based reserves as required under VM-20 through the development of case studies for term and universal life with secondary guarantees products.
This article was published by the Society of Actuaries.
About the Author(s)
Jacqueline M. Keating
Impact of VM-20 on life insurance product development
This report summarizes changes to the product development process as a result of the introduction of principle-based reserves as required under Chapter 20 of the National Association of Insurance Commissioners Valuation Manual (VM-20) through the development of case studies for term and universal life with secondary guarantees products.