Members of the National Association of Insurance Commissioners (NAIC) (www.naic.org) passed legislation today that adds changes to the Standard Valuation Model Law. When enacted by state legislatures, the changes, addressed at the Executive/Plenary session of NAIC’s Fall national meeting in National Harbor, Md., are designed to improve the way life insurers calculate the reserves held to protect consumer’s financial interests in insurance products, says the organization.
Currently, insurance reserves are calculated using static formulas that are not always optimal when matching risks to reserves.
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