A group of actuaries and regulators will take longer than it had hoped to deliver two major pieces of a principles-based reserving proposal.
The Life & Health Actuarial Task Force, an arm of the National Association of Insurance Commissioners, Kansas City, Mo., is still working on drafts of a Standard Value Law and a Valuation Manual for a principals-based reserving system, officials said here during the NAIC's spring meeting.
A final Standard Valuation Law draft probably will not be available before the NAIC's fall meeting, which is set to start Sept. 20 in Washington.
The LHATF expects to complete the Valuation Manual, a tool for implementing the Standard Valuation Law, after it completes the law.
Leslie Jones, a South Carolina regulator who is co-chair of the LHATF, said task force members are trying to work quickly to evaluate a list of about 100 proposed changes to the Standard Valuation Law draft.
The LHATF has reviewed many of the proposed amendments at the spring meeting, Jones said.
The NAIC's Principles-Based Working Group wants to present a PBR proposal to the National Conference of Insurance Legislators, Troy, N.Y., to the National Conference of State Legislatures, Denver, and to individual state legislatures.