Principles of risk



Something of a sea change is taking place in the US life insurance industry at the moment. Faced with an increasingly innovative range of investment products, US regulators have been pushing for an equally sophisticated set of rules for determining statutory reserves and minimum capital for all life companies, based on a less formulaic methodology that draws on firms' own actuarial experience.

These have so far only been applied to so-called variable annuity (VA) products, which offer investors

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