[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-173258-en":3,"doc-seo-173258-105":30,"detail-sidebar-cat-1-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":11,"category_id":12,"category_name":13,"doc_title":14,"doc_description":15,"doc_content":16,"file_id":17,"file_url":18,"file_type":19,"file_size":20,"view_count":4,"is_deleted":4,"is_public":11,"is_downloadable":11,"audit_status":11,"page_count":21,"language":22,"language_code":23,"site_id":24,"html_lang":23,"table_of_contents":25,"faqs":26,"seo_title":27,"seo_description":15,"update_tm":28,"read_time":29},173258,8796096645457,"Arica Lee","https://ap-avatar.wpscdn.com/avatar/800003749518d68ffe3?x-image-process=image/resize,m_fixed,w_180,h_180&k=1779345340919836971",1,17,"Forms","VM-22 PBR - Requirements for Principle-Based Reserves for Non-Variable Annuities","VM-22 PBR sets out valuation manual requirements for calculating principle-based reserves for non-variable annuities. It defines the purpose, governing principles, and risk treatment approach, then specifies scope, effective date and transition. The methodology covers aggregate reserve construction, the SR and DR components, prudent estimate assumptions, modeling and projection efficiency techniques, and stochastic exclusion testing. Additional sections address reinsurance treatment, scenario generation, asset and benefit projections, and guidance for modeling hedges under non-index credit future strategies.","VM-22 PBR: Requirements for Principle-Based Reserves for Non-Variable Annuities\n\u0003\u0003\u0003Table of Contents\u0004\u0004\n\u0013 TOC \\o \"1-3\" \\h \\z \\u \u0014\u0013 HYPERLINK \\l \"_Toc195712263\" \u0014Valuation Manual Section II. Reserve Requirements\t\u0013 PAGEREF _Toc195712263 \\h \u00145\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712264\" \u0014Subsection 2: Annuity Products\t\u0013 PAGEREF _Toc195712264 \\h \u00145\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712265\" \u0014Subsection 3: Deposit-Type Contracts\t\u0013 PAGEREF _Toc195712265 \\h \u00148\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712266\" \u0014Subsection 6: Riders and Supplemental Benefits\t\u0013 PAGEREF _Toc195712266 \\h \u00148\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712267\" \u0014VM-01: Definitions for Terms in Requirements\t\u0013 PAGEREF _Toc195712267 \\h \u001410\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712268\" \u0014VM-22\t\u0013 PAGEREF _Toc195712268 \\h \u001412\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712269\" \u0014Section 1: Background\t\u0013 PAGEREF _Toc195712269 \\h \u001412\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712270\" \u0014A.\tPurpose\t\u0013 PAGEREF _Toc195712270 \\h \u001412\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712271\" \u0014B.\tPrinciples\t\u0013 PAGEREF _Toc195712271 \\h \u001413\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712272\" \u0014C.\tRisks Reflected and Risks Not Reflected\t\u0013 PAGEREF _Toc195712272 \\h \u001414\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712273\" \u0014D.\tMateriality\t\u0013 PAGEREF _Toc195712273 \\h \u001416\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712274\" \u0014Section 2:  Scope and Effective Date\t\u0013 PAGEREF _Toc195712274 \\h \u001416\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712275\" \u0014A.\tScope\t\u0013 PAGEREF _Toc195712275 \\h \u001416\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712276\" \u0014B.\tEffective Date & Transition\t\u0013 PAGEREF _Toc195712276 \\h \u001417\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712277\" \u0014Section 3: Reserve Methodology\t\u0013 PAGEREF _Toc195712277 \\h \u001418\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712278\" \u0014A. Aggregate Reserve\t\u0013 PAGEREF _Toc195712278 \\h \u001418\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712279\" \u0014B. Impact of Reinsurance Ceded\t\u0013 PAGEREF _Toc195712279 \\h \u001418\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712280\" \u0014C. The Additional Standard Projection Amount\t\u0013 PAGEREF _Toc195712280 \\h \u001418\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712281\" \u0014D. The SR\t\u0013 PAGEREF _Toc195712281 \\h \u001419\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712282\" \u0014E. The DR\t\u0013 PAGEREF _Toc195712282 \\h \u001419\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712283\" \u0014F. Aggregation of Contracts for the DR and SR\t\u0013 PAGEREF _Toc195712283 \\h \u001419\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712284\" \u0014G. Stochastic Exclusion Test\t\u0013 PAGEREF _Toc195712284 \\h \u001421\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712285\" \u0014H. Allocation of the Aggregate Reserve to Contracts\t\u0013 PAGEREF _Toc195712285 \\h \u001421\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712286\" \u0014I.\tPrudent Estimate Assumptions\t\u0013 PAGEREF _Toc195712286 \\h \u001421\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712287\" \u0014J.\tApproximations, Simplifications, and Modeling Efficiency Techniques\t\u0013 PAGEREF _Toc195712287 \\h \u001422\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712288\" \u0014Section 4: Determination of SR\t\u0013 PAGEREF _Toc195712288 \\h \u001424\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712289\" \u0014A.\tProjection of Accumulated Deficiencies\t\u0013 PAGEREF _Toc195712289 \\h \u001424\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712290\" \u0014B.\tDetermination of Scenario Reserve\t\u0013 PAGEREF _Toc195712290 \\h \u001428\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712291\" \u0014C.\tProjection Scenarios\t\u0013 PAGEREF _Toc195712291 \\h \u001430\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712292\" \u0014D.\tProjection of Assets\t\u0013 PAGEREF _Toc195712292 \\h \u001430\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712293\" \u0014E.\tProjection of Annuitization Benefits\t\u0013 PAGEREF _Toc195712293 \\h \u001433\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712294\" \u0014F.\tFrequency of Projection\t\u0013 PAGEREF _Toc195712294 \\h \u001434\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712295\" \u0014G.\tCompliance with ASOPs\t\u0013 PAGEREF _Toc195712295 \\h \u001434\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712296\" \u0014Section 5: Reinsurance\t\u0013 PAGEREF _Toc195712296 \\h \u001435\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712297\" \u0014A. Treatment of Reinsurance in the Aggregate Reserve\t\u0013 PAGEREF _Toc195712297 \\h \u001435\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712298\" \u0014Section 6: Requirements for the Standard Projection Amount\t\u0013 PAGEREF _Toc195712298 \\h \u001438\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712299\" \u0014A.\tOverview\t\u0013 PAGEREF _Toc195712299 \\h \u001438\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712300\" \u0014B.\tAdditional Standard Projection Amount\t\u0013 PAGEREF _Toc195712300 \\h \u001438\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712301\" \u0014C.\tPrescribed Assumptions\t\u0013 PAGEREF _Toc195712301 \\h \u001440\u0015\u0015\n\u0013 HYPERLINK \\l \"_Toc195712302\" \u0014Section 7: Exclusion Testing\t\u0013 PAGEREF _Toc195712302 \\h \u001494\u0015\u0015\n\u0013 HYPER","cbCaivmPvJ4nhWJ4","https://ap.wps.com/l/cbCaivmPvJ4nhWJ4","docx",657079,172,"English","en",105,"# Valuation Manual Section II. Reserve Requirements\n## Subsection 2: Annuity Products\n## Subsection 3: Deposit-Type Contracts\n## Subsection 6: Riders and Supplemental Benefits\n## VM-01: Definitions for Terms in Requirements\n## Section 1: Background\n## Section 2: Scope and Effective Date\n## Section 3: Reserve Methodology\n## Section 4: Determination of SR\n## Section 5: Reinsurance\n## Section 6: Requirements for the Standard Projection Amount\n## Section 7: Exclusion Testing\n## Section 8: Scenario Generation\n## Section 9: Modeling Hedges under a Non-Index Credit Future Hedging Strategy\n## Section 10: Guidance and Requirements","[{\"question\":\"What is the purpose of VM-22 PBR in the valuation manual?\",\"answer\":\"It establishes requirements for calculating principle-based reserves for non-variable annuities, including the governing principles and how risks are reflected or not reflected.\"},{\"question\":\"What topics are covered in the reserve methodology?\",\"answer\":\"The methodology specifies aggregate reserve construction, impacts of ceded reinsurance, the additional standard projection amount, SR and DR components, contract aggregation, exclusion testing, allocation, and prudent estimate assumptions.\"},{\"question\":\"How does the document address stochastic exclusion and scenario generation?\",\"answer\":\"It provides exclusion testing requirements to pass stochastic exclusion tests, including ratio and demonstration tests, and details how to generate prescribed interest rate and total investment return scenarios.\"}]","VM-22 PBR - 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