The upcoming NAIC meeting later this week will spotlight work on the vaunted Valuation Manual as it heads toward completion, but with regulators inching toward a vote, it was uncertain whether the matter would reach the full NAIC membership by the last national meeting of the year.
The goal has always been to have the manual ready before the 2013 legislative season, and the adoption has been a moving target all year, with revisions and edits powering through to the understood finish line of year-end 2012.
Actuaries from New York, Bill Carmello and Amanda Fenwick, have previously expressed concern for proposed reserving methodology, and, more recently, Rob Easton, the deputy superintendent for insurance, has been on Valuation Manual teleconference calls, as well.
"It’s been around since Moses was clean-shaven,” said Adam Hamm back in August, in reference to all the work done on the manual and PBR. Hamm is the North Dakota Commissioner, former Life Committee chair and NAIC vice president, about to move into the NAIC president-elect slot. “It’s high time we put in place [a system] that right-size reserves,” he said, noting it will keep the life insurance industry solvency and will help companies price their products, which will in turn help consumers.