Users' questions

What is AG33?

What is AG33?

Currently, the applicable statutory reserving guidance for these products is Actuarial Guideline XXXIII (AG33), which requires that a company set a reserve for each policy equal to the greatest present value of guaranteed benefits the policyholder may elect, regardless of the likelihood the policyholder would choose …

What is CARVM?

The commissioners’ annuity reserve valuation method (CARVM) is a method used to calculate the statutory cash reserves for an annuities carrier. It can be calculated according to several different methods. The cash reserve of the annuity must be greater or equal to the value calculated by the CARVM.

What is Carvm allowance?

The CARVM allowance represents the difference between Separate Account assets and reserves supporting variable annuities. As previously mentioned, the CARVM allowance is a General Account asset that is available to support the liabilities of the General Account.

Where can I find actuarial guidelines?

The guidelines are published by the Council on Professionalism of the American Academy of Actuaries. The scope of the AGs is only the ASOPs (including Exposure Drafts of ASOPs).

When did the NAIC change the AG 38?

Consistent with these new requirements, most policies now follow a safe-harbor reserving methodology that results in reserves closely approximating the reserves you would get under the LATF statement. The NAIC Executive Committee and Plenary voted unanimously to adopt the revisions to AG 38 on September 12, 2012.

What are the 31 manufacturing codes in NAICS?

NAICS Codes that fall under 31 – Manufacturing Codes Titles Total Marketable US Businesses 31-33 Manufacturing 646,567 3111 Animal Food Manufacturing 2,211 311111 Dog and Cat Food Manufacturing 463 311119 Other Animal Food Manufacturing 1,748

What does Naic do for the insurance industry?

NAIC Products provide reliable data, information and technology applications for regulators, consumers and industry. NAIC Education & Training offers professional development for state insurance regulators, as well as courses to help industry professionals comply with regulatory processes.

How are captive services classified in the NAICS system?

These captive services are treated the same as captive manufacturing activities. When the services are provided by separate establishments, they are classified in the NAICS sector where such services are primary, not in manufacturing. The boundaries of manufacturing and the other sectors of the classification system can be somewhat blurry.