Actuarial Outpost
 
Go Back   Actuarial Outpost > Actuarial Discussion Forum > Life
FlashChat Actuarial Discussion Preliminary Exams CAS/SOA Exams Cyberchat Around the World Suggestions

Salary Surveys
Property & Casualty, Life, Health & Pension

Health Actuary Jobs
Insurance & Consulting jobs for Students, Associates & Fellows

Actuarial Recruitment
Visit DW Simpson's website for more info.
www.dwsimpson.com/about

Casualty Jobs
Property & Casualty jobs for Students, Associates & Fellows


Reply
 
Thread Tools Search this Thread Display Modes
  #1  
Old 02-03-2014, 07:14 PM
Ultimate Anyone?'s Avatar
Ultimate Anyone? Ultimate Anyone? is offline
Member
 
Join Date: Dec 2001
Location: On an Ultimate field
Posts: 14,422
Default PBR Legislation Progress

I was going to add to an older thread, but it's probably worth having a stand-alone thread on how fast PBR is getting through the states.

Current update from the ACLI as of 2/3/2014 found here: https://members.acli.com/Issues/Memb...us%20Chart.pdf

Relevant info from first page:
Quote:
7 states have enacted legislation to implement principle-based reserving.
- Arizona
- Indiana
- Louisiana
- Maine
- New Hampshire
- Rhode Island
- Tennessee

10 states have drafted/filed/introduced principle-based reserving legislation.
- Florida
- Hawaii
- Iowa
- Mississippi
- Nebraska
- New Mexico
- Ohio
- Oklahoma
- Virginia
- West Virginia

1 state has only enacted the amendments to the Standard Nonforfeiture Law for principle-based reserves implementation.
- Texas

1 state with enacted legislation has filed a technical amendment bill
- New Hampshire
Reply With Quote
  #2  
Old 02-03-2014, 07:43 PM
Ultimate Anyone?'s Avatar
Ultimate Anyone? Ultimate Anyone? is offline
Member
 
Join Date: Dec 2001
Location: On an Ultimate field
Posts: 14,422
Default

I know in order for PBR to be enacted there needs to be at least 42 states and cover at least 75% of life premiums. What is the basis for the life premium part? Is it the most recent year?
Reply With Quote
  #3  
Old 02-04-2014, 11:53 AM
Guilty Bystander Guilty Bystander is offline
Member
SOA AAA
 
Join Date: Jun 2005
College: Meeeshigan
Favorite beer: Bell's Two Hearted IPA & kunhenn's DRIPA
Posts: 1,775
Default

2008 Annual Statement premium is the basis for the 75%.

http://www.actuary.org/files/PBR_Upd...ce_10-3-13.pdf
Reply With Quote
  #4  
Old 02-06-2014, 08:18 AM
LiveLife LiveLife is offline
Member
SOA
 
Join Date: Nov 2011
Studying for FSA modules
Posts: 30
Default

If a state passes the manual, can companies resident in that state start implementing PBR, or is this not possible?
__________________
ASA Modules LFV LP LRM DMAC FAC
Reply With Quote
  #5  
Old 02-06-2014, 08:18 AM
LiveLife LiveLife is offline
Member
SOA
 
Join Date: Nov 2011
Studying for FSA modules
Posts: 30
Default

by resident, I mean domiciled...
__________________
ASA Modules LFV LP LRM DMAC FAC
Reply With Quote
  #6  
Old 02-06-2014, 10:10 AM
glassjaws's Avatar
glassjaws glassjaws is offline
Member
Non-Actuary
 
Join Date: Mar 2008
Location: 99 Franklin St.
Studying for C4
College: Chambana
Favorite beer: Whatever you buy me
Posts: 45,972
Default

I talked to a principal at one of the big 4 firms the other day and their take was that it comes down to TX, CA, and NY. If one of those three adopt, they'll all adopt. I don't know that it's much of an update since that's been pretty much the thought since the get-go.
__________________
I am the background noise of life
Reply With Quote
  #7  
Old 02-06-2014, 10:53 AM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,755
Blog Entries: 6
Default

Seems to me that NY is just going to be ornery.

Cannot say for CA or TX.
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
  #8  
Old 02-06-2014, 05:44 PM
Aeyyyyyy's Avatar
Aeyyyyyy Aeyyyyyy is offline
Member
SOA
 
Join Date: Oct 2005
Location: Milwaukee, WI
Posts: 3,530
Thumbs up

Quote:
Originally Posted by glassjaws View Post
I talked to a principal at one of the big 4 firms the other day and their take was that it comes down to TX, CA, and NY. If one of those three adopt, they'll all adopt. I don't know that it's much of an update since that's been pretty much the thought since the get-go.
My impression was that NY will not adopt, no matter what.

TX will adopt, it's just a matter of time.

CA probably will adopt.

I certainly don't think it's an "if one then all three" situation.
Reply With Quote
  #9  
Old 02-12-2014, 07:09 PM
Ultimate Anyone?'s Avatar
Ultimate Anyone? Ultimate Anyone? is offline
Member
 
Join Date: Dec 2001
Location: On an Ultimate field
Posts: 14,422
Default

Current update from the ACLI as of 2/12/2014 found here: https://members.acli.com/Issues/Memb...us%20Chart.pdf

Relevant info from first page:
Quote:
7 states have enacted legislation to implement principle-based reserving.
- Arizona
- Indiana
- Louisiana
- Maine
- New Hampshire
- Rhode Island
- Tennessee

11 states have drafted/filed/introduced principle-based reserving legislation.
- Florida
- Hawaii
- Illinois
- Iowa
- Mississippi
- Nebraska
- New Mexico
- Ohio
- Oklahoma
- Virginia
- West Virginia

1 state has only enacted the amendments to the Standard Nonforfeiture Law for principle-based reserves implementation.
- Texas

1 state with enacted legislation has filed a technical amendment bill
- New Hampshire
Reply With Quote
  #10  
Old 02-12-2014, 09:40 PM
campbell's Avatar
campbell campbell is offline
Mary Pat Campbell
SOA AAA
 
Join Date: Nov 2003
Location: NY
Studying for duolingo and coursera
Favorite beer: Murphy's Irish Stout
Posts: 83,755
Blog Entries: 6
Default

Thanks for the update!
__________________
It's STUMP

LinkedIn Profile
Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off


All times are GMT -4. The time now is 01:50 PM.


Powered by vBulletin®
Copyright ©2000 - 2018, Jelsoft Enterprises Ltd.
*PLEASE NOTE: Posts are not checked for accuracy, and do not
represent the views of the Actuarial Outpost or its sponsors.
Page generated in 0.20805 seconds with 9 queries