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Understanding VM-20 Results18 August 2017 - By William C. Hines and Karen K. Rudolph and William M. Sayre and David Wang - Article

This research surveys the sources of reserve movement and volatility, surveys other reporting regimes for potential attribution approaches, conducts interviews with financial reporting actuaries regarding their use of attribution methods, and provides a demonstration of a proposed attribution approach for a case study for VM-20 valuations.

Impact of VM-20 on life insurance product development: Phase 214 August 2017 - By Paul M. Fedchak and Jacqueline M. Keating and Karen K. Rudolph and Uri Sobel and Andrew Steenman - Article

Phase 2 of this research report expands on the Phase 1 case studies for term and universal life with secondary guarantees (ULSG) products and includes additional case studies focused on smaller companies and the impact of reinsurance.

Impact of VM-20 on life insurance product development10 January 2017 - By Jacqueline M. Keating and Paul M. Fedchak and Karen K. Rudolph and Uri Sobel and Andrew Steenman - Article

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.

Issues and challenges in a principle-based reserving world30 September 2015 - By James G. Stoltzfus and Karen K. Rudolph and Uri Sobel and William M. Sayre - Article

This paper focuses on the potential impact of the new Actuarial Guideline 48 requirements.

VM-20 Impact Study Compendium21 February 2012 - By Karen K. Rudolph - Article
An analysis of VM-20 field test results submitted to The American Council of Life Insurers (ACLI).A field test of the principle-based approach to life insurance reserves and capital01 October 2009 - By Uri Sobel and Ken Joyce and Craig A. Roberts and Karen K. Rudolph and William M. Sayre - Article
Principles-based reserving: practical considerations31 January 2007 - By Karen K. Rudolph - Article

Nearly everyone in the life insurance business knows about principles based reserving—the impending radical change in regulations governing the calculation of statutory reserves. While these regulations are still undergoing final development, their eventual effects on products, procedures, and balance sheets


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