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  #61  
Old 04-08-2010, 02:04 PM
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I have confirmation that this block would stay as part of C3P3, even if you passed full SET.
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  #62  
Old 04-08-2010, 03:27 PM
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Where did you get this confirmation from? I was under the impression that the C3 Phase III working group still has a lot of work ahead of them on this (perhaps incorrectly so).
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  #63  
Old 04-08-2010, 03:35 PM
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Where did you get this confirmation from? I was under the impression that the C3 Phase III working group still has a lot of work ahead of them on this (perhaps incorrectly so).
To quote a great philosopher and man of sports:
It isn't over until it's over.
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  #64  
Old 04-08-2010, 03:37 PM
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I got confirmation from the NAIC contact, who verified with head of the working group, that under C3P3 as exposed (Sept 09), with NO scope limitations, a life block currently under the scope of C3P1 would stay as part of C3P3 even if you passed full SET.

sorry for any confusion I may have caused with my wording.
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  #65  
Old 04-08-2010, 03:56 PM
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The current target for C3P3 is to have effective YE2011. The latest they could get something passed in plenary at the NAIC and have that happen is June 2011, but they say they're trying to get something finalized before then.

But that's the plan. We'll see what happens.
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  #66  
Old 04-09-2010, 07:57 AM
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The current target for C3P3 is to have effective YE2011. The latest they could get something passed in plenary at the NAIC and have that happen is June 2011, but they say they're trying to get something finalized before then.

But that's the plan. We'll see what happens.
"The best-laid plans of mice and men . . ."
Or something like that. It seems to me that it's been the plan to get it implemented "this year" for several years now.
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  #67  
Old 04-09-2010, 09:35 AM
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The last I heard, the NAIC was still interested in a limited scope on C3P3. The ACLI submitted some comment letters with a proposed definition of ULSG products for this purpose. If C3P3 goes with a limited scope, I doubt Single Premium Life will be included. At least, not initially.

NY also is drafting a variety of revisions to be proposed to the NAIC sometime soon. I suspect these will include several of the conservative positions that were adopted within VACARVM and PBR. Implementation in 2011 appears to be the best case for now. And, it may take longer depending upon the level of debate that ensues over these proposals.
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  #68  
Old 04-09-2010, 09:36 AM
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From the Academy update on the NAIC meeting [the one from March], they are not limiting scope.

But let's just say that opinions can change 180 degrees between meetings. I've seen it happen, esp. wrt PBA.
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  #69  
Old 04-09-2010, 11:12 AM
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From the Academy update on the NAIC meeting [the one from March], they are not limiting scope.

But let's just say that opinions can change 180 degrees between meetings. I've seen it happen, esp. wrt PBA.
The way it was described to me, I concluded (as noted above) that the various tests would hopefully sift out everything but the ULSG and Variable stuff. This would mean that the scope paragraph wording would not need to change.

If we quibble over this stuff long enough, maybe the Solvency Modernization Initiative will overtake it.
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My latest favorite quotes, updated Nov. 20, 2018.

Spoiler:
I should keep these four permanently.
Quote:
Originally Posted by rekrap View Post
JMO is right
Quote:
Originally Posted by campbell View Post
I agree with JMO.
Quote:
Originally Posted by Westley View Post
And def agree w/ JMO.
Quote:
Originally Posted by MG View Post
This. And everything else JMO wrote.
And this all purpose permanent quote:
Quote:
Originally Posted by Dr T Non-Fan View Post
Yup, it is always someone else's fault.
MORE:
All purpose response for careers forum:
Quote:
Originally Posted by DoctorNo View Post
Depends upon the employer and the situation.
Quote:
Originally Posted by El Actuario View Post
Therapists should ask the right questions, not give the right answers.
Quote:
Originally Posted by Sredni Vashtar View Post
I feel like ERM is 90% buzzwords, and that the underlying agenda is to make sure at least one of your Corporate Officers is not dumb.
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  #70  
Old 05-25-2010, 08:53 AM
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We've been doing impact analysis of C3P3 based on the Nov 24, 2009 draft C3 RBC Instructions and Appendices.
Looking at the non-modeled amounts section (Appendix 3, Section 2.L).
Does that formula make sense?
As shown, it is Max(0.5%,TestRatio)*NonModeledLiab
Where TestRatio = (Stochastic Amount + Alt Amount)/Modeled Liab

Our thought is that TestRatio should be (Stochastic Amount + Alt Amount - Modeled Liab)/Modeled Liab

I have contacted the NAIC and am waiting for feedback there as well.
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