Actuarially Sound

  • Mr. Koenig said the area where the working group could make the most impact was to set standards for the actuaries, to determine what is an actuarially sound illustration.

1994-3, NAIC Proceedings

2.3 Actuarial Soundness—The phrase “actuarial soundness” has different meanings in different contexts and might be dictated or imposed by an outside entity. In rendering actuarial services, if the actuary identifies the process or result as “actuarially sound,” the
actuary should define the meaning of “actuarially sound” in that context.

2013 - ACTUARIAL STANDARD OF PRACTICE NO. 1 - Introductory Actuarial Standard of Practice, Actuarial Standards Board (ASB)

2012 - Actuarial Soundness, A PUBLIC POLICY SPECIAL REPORT -  Actuarial Soundness Task Force, American Academy of Actuaries - 37p

  • Actuarial Soundness
  • Mr. HUFF. (John Huff, Missouri Insurance Commissioner - NAIC)
    • I guess I would add on the asset-based products, I
      would build on what Commissioner Voss just talked about, about the interstate insurance compact that we have on life and asset products—which actually Illinois has just joined that compact, one of our most recent members—that it is a great vehicle for speed to market as we term it, to get products through a vetting process to make sure consumers are protected, and that they are actuarially sound.
    • And so, I would say that is a very strong vehicle for new product development.

2011 0728 - GOV - Insurance Oversight: Policy Implications for U.S. Consumers, Businesses and Jobs -<Part 1>