VM-22 Field Test Specifications: A Presentation by the American Academy of Actuaries’

Overview of Field Test Specifications Key objectives of the field test include the following items: Measurement of Business Impacts Uphold Principles Assess Open Design Decisions Measure the impact on actual At a high-level, ensure pillars of Test the impact of key open VM-22 business of the proposed reserve framework are met: design decisions: and capital frameworks relative to • Appropriate Refl. [...] Overview of Field Test Specifications (cont.) Other Specifications: Populations Assumptions Required Metrics • At least 10 years of • Asset assumptions as outlined currently in • CARVM and C3P1 actual in-force business draft VM-22 • Scenario reserves • 12/31/2023 valuation • Companies must set prudent estimate • Exclusion test date assumptions for mortality, policyholder • Standard projection amou. [...] • Establish a forum with industry participants while field test is in progress, to triage emerging issues and provide support • Assess products, scenarios or projections which may not be feasible for participants in the field test © 2024 American Academy of Actuaries. [...] Next steps and how to prepare Next steps for the VM-22 field test Companies should begin preparing for the field test if they haven’t already • Field test specifications will be released for • How much of your business will be in scope? another public comment period through th • Do you have a plan and the resources needed to April 15 participate in the field test? • The NAIC will be requesting com. [...] mailto:sjackson@actuary.org VM-22 Field Test Specifications: A Presentation by the American Academy of Actuaries’ Annuity Reserves and Capital Sub-Committee (ARCS) Introduction Introduction (cont.) Target VM-22 Timeline Overview of Field Test Specifications Overview of Field Test Specifications (cont.) Overview of Field Test Specifications (cont.) Overview of Model Office Overview of Model Office.