VACARVM

AcronymDefinition
VACARVMVariable Annuity Commissioners' Annuity Reserve Valuation Method (National Association of Insurance Commissioners)
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References in periodicals archive ?
On the issue of mortality tables, the ACLI writes that "the Notice's suggested use of the mortality tables used to determine the standard scenario amount with respect to a contract for AG VACARVM is mechanically possible, but very burdensome.
A number of regulators argued during the Life & Health Actuarial Task Force that since AG VACARVM is a principles-based proposal it might be better to include it in the development of a valuation manual that will be a guide to principles-based reserving, should that reserving approach be adopted.
ACLI's Bruins suggested that if AG VACARVM could not be made effective in early 2008, then the following changes should be made to AG 39, so that regulation reflecting the current market will be in place.
If AG VACARVM is not adopted in early 2008, ACLI plans to recommend modifying AG 39 to allow credit for more forms of reinsurance and credit for hedging programs.
VACARVM is an acronym that refers to the Commissioners Annuity Reserve Valuation Method for Variable Annuities.
Members of the LHATF are expecting to approve the Actuarial Guideline VACARVM at the NAIC's fall meeting in September.
VACARVM is the second piece of a project that relies on stochastic modeling rather than on formulaic reserving techniques.
During the development of the VACARVM project, the New York insurance department expressed concern that a minimum floor was needed to ensure proper reserving for these products.