Rector Report on reforming reserve financing transactions: much work remains — six developments
By David D Luce, William C Marcoux, Peter S Rice and Carla Christina Small
On 30 June 2014, the NAIC Principle-Based Reserving Implementation (EX) Task Force (‘PBR Task Force’) held a conference call to discuss comments to the modified recommendations to the report issued by Rector & Associates regarding reserve financing transactions (the ‘Rector Report’). One thing is clear — the original 1 July 2014 implementation deadline will not apply.
Based on the comment letters received by the PBR Task Force to the original Rector Report, modified recommendations to the Rector Report were issued on 4 June 2014.
The PBR Task Force voted to adopt the XXX/AXXX Reinsurance Framework, with New York and California voting against the adoption. Various NAIC task forces and working groups, such as the Life Actuarial (A) Task Force (LATF), Blanks (E) Working Group and the Executive Committee, are now assigned to develop the technical and actuarial details…
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