How PBR will Affect Life Insurers
June 2017, EY Technical Line
Life Insurance Revamp Arriving
NAIC Adopts Valuation Manual
Map of State Adoption
Principle-Based Reserving (PBR) Implementation Plan
As adopted 4/10/17
Small Company Exemption Letter
PBR Legislative Brief
PBR Educational Brief
Principle-Based Reserving Pilot Project and Implementation Process
March 2017, CIPR Newsletter
Roadmap to the Future
March 2016, CIPR Newsletter
Emerging Regulatory Issues in 2015
February 2015, CIPR Newsletter
The Future of Life Insurance Regulation – Principle-Based Reserves
January 2013, CIPR Newsletter
Media queries should be directed to the NAIC Communications Division at 816-783-8909 or firstname.lastname@example.org
Director, Fin Reg Services
Last Updated 4/30/2018
Issue: States are revising their Standard Valuation Law (#820) and the Standard Nonforfeiture Law for Life Insurance (#808) to implement principle-based reserving (PBR). Effective Jan. 1, 2017, the PBR Valuation Manual became operative. As of Oct. 31, 2017, 47 states representing 85.9% of premium have enacted legislation and the NAIC has adopted revised accreditation standards to become effective Jan. 1, 2020.
The now disbanded Principle-Based Reserving Implementation (EX) Task Force and numerous technical groups have made significant steps toward strengthening the PBR framework. The Task Force was created in 2012 to provide leadership and serve as the coordinating body for the NAIC technical groups working on PBR implementation. The Task Force and the PBR Review (E) Working Group disbanded at the NAIC Fall National Meeting in 2017 in light of the implemented Principle-Based Reserving (PBR) Implementation Plan.
Status: The Financial Condition (E) Committee will oversee the inclusion of PBR in the financial handbooks and other activities. The Life Actuarial (A) Task Force will continue to oversee edits to, and publication of, the Valuation Manual and will assist the Financial Condition (E) Committee, its task forces, working groups, subgroups and technical groups as requested.