Key takeaways

• The required 42 jurisdictions representing at least 75% of premium volume have adopted principle-based reserving legislation. The Valuation Manual will become “operative” on January 1, 2017, with a three-year phase-in period.
• The NAIC has begun to explore issues relating to the uses of big data by the insurance industry, the potential impacts on consumers and how insurance regulators can use big data to enhance the efficiency and effectiveness of regulation.
• The NAIC is moving forward with its effort to construct a U.S. group capital calculation using an RBC aggregation methodology, which will be used as an additional tool to assist regulators rather than a model law or regulation.