As the life insurance and annuity industries move toward model-based approaches to reserve and capital valuation, actuarial models are increasing in complexity and sophistication while the imperative to avoid modeling errors also increases, according to a recent report from Deloitte, titled “Actuarial Modeling Controls: A Survey of Actuarial Modeling Controls in the Context of a Model-Based Valuation Framework.”
Some of the model-based approaches included in this trend are U.S. statutory principle-based approaches, U.S. GAAP, Solvency II, market consistent embedded value, economic capital and proposed International Financial Reporting Standards (IFRS) approaches. With this increased reliance that companies and regulatory agencies will place on model results, well-developed, monitored and maintained control systems are becoming a requirement.
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