Q3 2019 VM-21 survey results

In the third quarter of 2019, Milliman consultants and actuaries conducted a survey to establish market best practices in the application of VM-21: Requirements for Principle-Based Reserves for Variable Annuities. Written into the requirements are several decision points for the application of the standard which are at the discretion of the carrier. The survey summarizes responses from 25 variable annuity carriers regarding these decision points. The carriers surveyed are diverse in terms of total in-force account value and material account value exposure to living and death benefits.