CARVM - What does CARVM stand for? The Free Dictionary
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It also applies similar assumptions and methodologies to contracts that contain characteristics similar to those described in the scope, but that are not directly subject to CARVM
They were developed to help insurers satisfy the new Risk Based Capital (RBC) C-3 Phase II requirements expected to be mandated for companies at year-end 2005, as well as the proposed VA CARVM reserving requirements, which will likely become effective in 2006.
The new C-3 Phase II RBC and VA CARVM reserve methodologies proposed by the National Association of Insurance Commissioners (NAIC) require that reserves and capital are calculated by evaluating the tail risk from thousands of scenario simulations.