Developments in statutory financial reporting have been progressing rapidly with the move towards principles-based accelerating in many areas. Actuaries are hard-pressed to keep up with these developments, even as they prepare their companies for the changes that are required as new standards are adopted.
This session provides an overview of current statutory valuation issues pertaining to life and annuity products. The major valuation issues for 2007 are introduced and covered in-depth at subsequent sessions. The focus will be on activities the American Academy of Actuaries is taking on principles-based valuation approaches.

Life and annuity valuation issues covered by the panelists include:

• Overview on the direction being taken by the Academy's Life Practice Council on principles-based approaches
• Overview of the Academy and NAIC structure that is in place to address issues involving principles-based approaches
• Status of specific principles-based reserving and risk-based capital standards for life and annuities
• Developments related to other reserve and risk-based capital issues

At the conclusion of this session, participants have an overview of the most recent developments in life and annuity statutory valuation issues. This enables them to pursue further information, in part through attendance at more in depth sessions later in the Symposium, to enable them to implement new statutory requirements at their companies