Principle-Based Reserving
Valuation Manual
2023 Edition - Valuation Manual
2023 Edition - Valuation Manual - Redlined
2022 Edition - Valuation Manual
2022 Edition - Valuation Manual - Redlined
2021 Edition - Valuation Manual
2021 Edition - Valuation Manual - Redlined
2020 Edition - Valuation Manual
2020 Edition - Valuation Manual - Redlined
2019 Edition - Valuation Manual
2019 Edition - Valuation Manual - Redlined
2018 Edition - Valuation Manual
Valuation Manual Maintenance Agenda (Includes status of all VM APF's.)
LATF ADOPTED AMENDMENTS
LATF Adopted Amendments for the 2025 VM
LATF Adopted Amendments for the 2024 VM
LATF Adopted Amendments for the 2023 VM
LATF Adopted Amendments for the 2022 VM
LATF Adopted Amendments for the 2021 VM
VM-20 / VM-21 / VM-22 Tables
Beginning in January, 2018, the tables required under VM-20 and VM-22 of the NAIC Valuation Manual will be published on the NAIC website home page ( www.naic.org ). The information contained in the tables provided herein is derived through use of the methodology as defined in VM-20 and VM-22, including use of information provided by various third-parties. All such information is believed to be accurate and reliable; however, the truth, accuracy and completeness thereof is necessarily dependent upon the source of the information. There is also the possibility of human or mechanical error in the production or transmission of information as well as the possibility of incomplete or untimely disclosure by any third-party providers of such information. Therefore, all information provided herein is provided on an "as is" basis without any representation or warranty of any kind, and THE NAIC HEREBY EXPRESSLY DISCLAIMS ALL EXPRESS, IMPLIED AND STATUTORY WARRANTIES OF ANY KIND INCLUDING, BUT NOT LIMITED TO, THE WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE. All users of the information contained herein assume sole responsibility and risk for its use and agree to indemnify and hold the NAIC harmless from and against any liability or claim of any person or entity that is attributable to the use, inability to use, or improper use by any user of this information.
The Valuation Manual prescribes swap spreads to be used in calculating reserves under VM-20 and VM-21. These are shown in Table J. The VM-20 prescribed swap spreads have been calculated using the average of LIBOR swap spreads from two third-party sources. The NAIC recently discovered that beginning December 31, 2021, one of the two sources began providing SOFR swap spreads instead of LIBOR swap spreads. Consequently, the rates published for 12/31/21 and subsequent months have been a 50/50 blend of LIBOR and SOFR. The exceptions are the swap spreads for the 3-month and 6-month tenors which continue to be based fully on LIBOR.
The NAIC is working toward discussions with both sources to ascertain their ability and desire to provide both LIBOR and SOFR through June 30, 2023, the date on which the publication of LIBOR rates is scheduled to cease.
If you have questions on the Valuation Manual transfer from LIBOR to SOFR, please contact Jim Stinson.
2024 Table H & I Long Term Spread
2024 Table J Current and Long Term Swap Spreads
VM-22 Table X spreads are now included in the Non-Jumbo and Jumbo Valuation Rates file.
Table A Default Costs
- 2014 Table A Default Costs
- 2015 Table A Default Costs
- 2016 Table A Default Costs
- 2017 Table A Default Costs
- 2018 Table A Default Costs
- 2019 Table A Default Costs
- 2020 Table A Default Cost
- 2021 Table A Default Cost
- 2022 Table A Default Cost
Table F-J Spreads
2015
- 2015 Table F & G Current Spreads
- 2015 Table H & I Long Term Spreads
- 2015 Table J Current and Long Term Swap Spreads
2016
- 2016 Table F & G Current Spreads
- 2016 Table H & I Long Term Spreads
- 2016 Table J Current and Long Term Swap Spreads
2017
- 2017 Table F & G Current Spreads
- 2017 Table H & I Long Term Spreads
- 2017 Table J Current and Long Term Swap Spreads
2018
- 2018 Table F & G Current Spreads
- 2018 Table H & I Long Term Spreads
- 2018 Table J Current and Long Term Swap Spreads
2019
- 2019 Table F & G Current Spreads
- 2019 Table H & I Long Term Spreads
- 2019 Table J Current and Long Term Swap Spreads
2020
- 2020 Table F & G Current Spreads
- 2020 Table H & I Long Term Spreads
- 2020 Table J Current and Long Term Swap Spreads
2021
- 2021 Table F & G Current Spreads
- 2021 Table J Current and Long Term Swap Spreads
- 2021 Table H & I Long Term Spread
2022
- 2022 Table F&G Currents Spreads
- 2022 Table J Current and Long Term Swap Spreads
- 2022 Table H & I Long Term Spread
2023
VM-31
Prescribed PBR Actuarial Report Templates
- Template A (Distribution of Direct Life Insurance Business)
- Optional Template B (Distribution of Assumed Life Insurance Business)
- Template C (Company Experience Studies)
Sample PBR Actuarial Report Templates illustrating how to complete Prescribed Templates A - C
VM-50 / VM-51
For Questions Please Contact: experience_reporting@naic.org
Mortality Data Collection Kick-Off Webinar July, 2024 - Recording
Mortality Data Collection Kick-Off Webinar July, 2024 - Powerpoint
Mortality Data Collection SharePoint Training Video
Mortality Data Collection SharePoint Training PowerPoint
Mortality Experience Data Collection Submission Check List
Mortality Data Collection Kick-Off Call 06152022 - Recoding
Mortality Data Collection Kick-Off Call 06152022 - PowerPoint
Questions from 2022 Kick Off Call 06152022
Mortality Data Collection Training: TPA Reporting 06292022 - Recording
Mortality Data Collection Training: TPA Reporting 06292022 - PowerPoint
Questions from TPA Reporting Training 06292022
2022 VM-51: Instructions, Questionnaires and File Formats (extracted from Valuation Manual)
Mortality Data Collection Kick-Off Call 04212021 - Recording
Mortality Data Collection Kick-Off Call 04212021 - PowerPoint
Questions from Kick-Off Call 04212021
Mortality Data Collection Training: Validations 04282021 - Recording
Mortality Data Collection Training: Validations 04282021 - PowerPoint
Questions from Validation Training 04282021
Mortality Data Collection Training: RDC File Submission Process 05122021 - Recording
Mortality Data Collection Training: RDC File Submission Process 05122021 - PowerPoint
Questions from RDC Submission Process Meeting 05122021
Mortality Data Collection Training: Company Administrators 05272021 - PowerPoint
Mortality Data collection Training: Company Administrators 05272021 - PowerPoint
ECONOMIC SCENARIOS
Economic Scenarios, Tools, Training Materials, and Documentation
Note: The above link directs to an external site.
INDUSTRY PUBLISHED DATA
Pat Allison | Jim Stinson (VM Tables) | Scott O'Neal (Valuation Manual) |
---|---|---|
Managing Life Actuary | PBR Life Associate Actuary | Life Examination Actuary |
Phone: 816-783-8528 | Phone: 816-783-8428 | Phone: 816-783-8814 |