Academy Proposes 10 Principles in Developing Insurance Group Capital and Solvency Standards
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* Clearly defining the regulatory purpose and goals for the new standards.
* Promoting responsible risk management in the regulated group and encouraging risk-based regulation. Actuaries can identify where factor-based systems may miss key emerging risks, set reasonable boundaries around more subjective estimates and modeling and, as appropriate, render actuarial opinions.
* Focusing on the total asset requirement rather than the level of required reserves or capital on a separate basis. The goal should be to hold adequate total assets to meet obligations as they come due.
The principles were contained in a letter to Commissioner
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[Category: Accounting]
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Wordcount: | 317 |
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