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Milliman currently offers five MG-Triton® systems. They are:
Support is provided for base contracts and riders for universal life, variable universal life, interest-sensitive whole life, and indexed universal life products. Extensive shadow account enhancements with the newest industry features are available.
The MG-Triton® Interest-Sensitive Life (ISL) valuation system provides comprehensive valuation calculations as defined by current U.S. regulatory standards, including:
To support statutory and tax valuations, MG-Triton ISL provides:
For GAAP, MG-Triton ISL prepares reports of:
A wide variety of contractual features are available within MG-Triton ISL. Highlights include:
Reserve calculations may be made from factor or first principles, including waiver of premium reserves for all traditional, term, and endowment policies and associated riders. All current regulations are supported, including VM-20 and Accounting Standards Update (ASU) No. 2018-12 as prescribed by the Financial Accounting Standards Board.
The MG-Triton® Traditional Life valuation system performs all of the necessary statutory, tax, and GAAP reserve calculations for term and permanent life insurance base policies and riders as defined by U.S. regulatory standards, including:
To support statutory and tax valuations, MG-Triton Traditional Life provides:
For GAAP, MG-Triton Traditional Life provides:
A wide variety of contractual features are available as well, including:
Valuation of fixed, variable, and fixed-indexed deferred annuities is provided. Broad coverage for guaranteed minimum benefits is available. Full multi-scenario calculations are offered for SOP 03-1 and DAC corridor analysis. FIAs supported by AG35 and, for GAAP, by the budget method. In addition, a wide range of options are available to support CARVM calculations and current regulations, including AG43’s Standard Scenario.
The MG-Triton® Deferred Annuity (DA) valuation system provides comprehensive valuation calculations as defined by current U.S. regulatory standards, including:
To support statutory and tax valuations, MG-Triton DA provides:
For GAAP, MG-Triton DA provides:
A wide variety of contractual features are available within MG-Triton DA. Highlights include:
Valuation of fixed and variable immediate annuities, and structured settlement contracts is provided. Coverage for variable annuity guaranteed living benefits is supported. Features such as early retirement, preretirement death benefits, and mortality improvement are easily accessible in the user interface.
This MG-Triton® Payout Annuity (PA) valuation system has the ability to calculate statutory, tax, and GAAP reserves. The system can also process in-force projections for a wide range of payout annuities, including:
Statutory reserves are calculated in full compliance with the Commissioner's Annuity Reserve Method as defined by the National Association of Insurance Commissioners Model Standard Valuation Law. In addition, the following are fully supported:
For fixed immediate annuity contracts issued after December 31, 2017, the approaches described in Valuation Manual (VM) – 22: Maximum Valuation Interest Rates for Income Annuities are applicable.
Tax reserves recognize the above Statutory reserving methodologies and substitutes any assumptions specifically mandated by tax laws. Tax reserves are calculated in compliance with the 2017 Tax Cuts and Jobs Act changes to the Internal Revenue Code.
GAAP reserves are calculated in compliance with the Statement of Financial Accounting Standards No. 97, No. 60, No. 91, and Accounting Standards Update (ASU) No. 2018-12 as prescribed by the Financial Accounting Standards Board. Deferred acquisition cost asset and unearned profit reserve components are presented in great detail. Annual and monthly projections of the GAAP values are provided.
Provides support for long-term care, long-term disability, disability income, critical illness, and Medicare supplement policies and their riders. The system calculates both active and claim reserves from either first principles or tabular claim costs, while maintaining multiple statutory bases.
The MG-Triton® Health valuation system performs all of the necessary statutory, tax, and GAAP reserve calculations for health insurance base policies and riders as defined by U.S. regulatory standards, including gross premium valuations.
To support statutory and tax valuations, MG-Triton Health provides:
For GAAP, MG-Triton Health provides:
A wide variety of contractual features are available within MG-Triton Health, including:
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