Reserve regulation

Regulation Overview

Statutory reserve regulation for US life, health, and annuity products: the instruments that govern each product, the reserve assumptions compared across regimes, the principles-based frameworks, and the official documents behind every entry.

Product lines

Each product has three pages: applicable regulations and timeline, assumption comparison, and sources.

Principles-Based Reserves

PBR Overview

What principles-based reserving is, the three Valuation Manual frameworks, and how a PBR reserve is built.

Framework Comparison

VM-20, VM-21, and VM-22 compared on 20 dimensions with regulation text and page cites; downloadable as an Excel table.

Reference

Regulation Timeline

Every instrument by the years it governed new business, filterable by line and product.

Regulation Adoption Process

How a model becomes binding law: state enactment, commissioner rulemaking, the Valuation Manual mechanism, and the AP&P Manual.

Document Library

The official documents: Valuation Manual, model laws and regulations, actuarial guidelines, valuation tables, practice notes.

Tools

SERT Scenarios

The prescribed stochastic exclusion ratio test scenarios.

GOES Stochastic

The generator of economic scenarios used for stochastic reserves.

Yield Curve

The Treasury curve and rate history.

Mortality Improvement

HMI and FMI scales, 2025 versus 2026, including the FMI surface view.

Scope

Model-level regulation: what the NAIC adopted and when it governs new business. State-by-state adoption is not yet tracked. Health and annuity pages are marked beta. Every entry cites its source; anything not yet verified against a primary document carries a visible flag.