Team Tackles Manual Along With Valuation Rules

Regulators from Florida say the manual authors could complete instructions for one product line, then use the completed section to guide work on additions relating to other product lines.

Katie Campbell, an Alaska regulator, says the SVL manual language ought to be flexible enough so that regulators will not have to go back to their legislatures every time the NAIC added a standard to the SVL manual.

Similarly, LHATF subgroup members are still debating how flexible the underlying SVL model ought to be.

Meanwhile, subgroup members are postponing discussions about when exactly the valuation manual will take effect, in part because commissioners are deciding whether to set a two-thirds majority requirement for NAIC adoption of NAIC models.

NAIC leaders have proposed an increase to a two-thirds majority standard, from a majority standard, in light of an analysis showing that only 3 or 36 NAIC models adopted since 1996 have been enacted in more than 26 states.