Life Statistical Services (LSS) helps insurance companies cost-effectively comply with the mandatory life experience reporting requirements as directed by State Insurance Departments for principle-based reserving (PBR) or other purposes. A principle-based approach lets regulators modernize statutory reporting of reserve requirements by using preferred mortality tables, while allowing insurers to "right-size" their reserve liabilities. As the appointed statistical agent, our goal is to assist insurers by streamlining these reporting requirements, ensuring accurate, transparent and secure reporting of their experience data to regulators.
Initially drafted in 2008, the NAIC Model Regulation 815 (MR 815) has now been adopted by more than 40 states. The model regulation was designed to provide insurers and regulators with a more contemporary approach to life insurance reserving—one that considers the mix of risk classes among the policies contained in an insurer's book of business. The "Model Regulation Permitting Recognition of Preferred Mortality Tables for Use in Determining Minimum Reserve Liabilities," allows for use of the 2001 CSO Preferred Class Structure Table instead of an unpartitioned CSO table.
Revisions to the Standard Valuation Law and the Standard Nonforfeiture Law for Life Insurance, along with the adoption of a Valuation Manual at the NAIC's 2012 winter meeting, gave state insurance regulators the requisite PBR components for state legislatures to consider adopting the Standard Valuation Law.
MIB Solutions' Life Statistical Services is the appointed statistical agent for the New York and Kansas Insurance Departments for mandatory life experience reporting supporting PBR.
Read more about our capabilities and expertise in Risk Analytics.
In addition to our expertise concerning the relevant regulations, MIB Solutions maintains a clear understanding of the needs of companies to meet their compliance goals in this changing regulatory environment.
Life Statistical Services is provided by MIB Solutions, Inc., a subsidiary of the MIB Group, Inc.