Authored by: Lynn Manchester, Director, Veronika Cooper, Consulting Actuary The VM-22 (A) Subgroup is requesting comments on the question of whether to include Guaranteed Investment Contracts (GICs), Synthetic Guaranteed Investment Contracts (SGICs), Funding Agreements, and Stable Value Contracts in the scope of VM-22 (the Exposure). RRC appreciates the opportunity to offer our comments on the...
Authored by: Dave Heppen, Partner, Lynn Manchester, Director, Veronika Cooper, Senior Associate, Becky Sheppard, Senior Manager The Risk-Based Capital Model Governance (EX) Task Force exposed a new document on February 10, 2026, requesting comments “…from interested parties to identify gaps and inconsistencies across the RBC framework”. Risk & Regulatory Consulting, LLC (“RRC”) regularly supports regulators...
Authored by: Edward Toy – Director, Investment Specialist, Crystal Brown – Senior Associate, Investment Specialist Markets experienced a higher level of volatility in 2025, which has been the norm since 2020. Overall trends continued but were punctuated by brief spikes in reaction to specific events. Inflation data rose slightly in the second half of the...
Authored by: Lauren Cavanaugh, FCAS, MAAA, Partner, Liz Wortman, ACAS, MAAA, Scott Merkord, FCAS, MAAA, CPCU and Sandeep Patil, FSA, CERA, MAAA The Big Data and Artificial Intelligence (H) Working Group has released a draft version of an AI Systems Evaluation Tool to identify and assess the AI-related risks of insurers. The Working Group has...
Authored by: Edward Toy – Director, Investment Specialist We have just passed the mid-year mark for 2025. Through 2024, inflation rates declined, interest rates declined, equity markets climbed, and credit spreads returned to pre-Pandemic levels reflecting lessening concerns about defaults and prospects for a recession. The first half of 2025 has seen a resurgence of...
Authored by: Patricia Matson, FSA, MAAA, Partner, Lynn Manchester, FSA, MAAA, Director and Janine Bender, ASA, MAAA, Supervisor The Risk-Based Capital Model Governance (EX) Task Force is requesting comments on the proposed preliminary Risk-Based Capital (“RBC”) principles and questions (“the Exposure”). Risk & Regulatory Consulting, LLC (“RRC”) appreciates the opportunity to offer our comments on...
Authored by: Edward Toy – Director, Investment Specialist 2024 was in many respects a continuation of the market volatility that we have seen since 2020. With reasonable moderation in inflation data, the Federal Reserve Board (the “Fed”) at the end of the year began to lower its target for the Fed Funds rate. The market...
Authored by: Tricia Matson, Partner and Lynn Manchester, Director and Janine Bender, Supervisor The Generator of Economic Scenarios (“GOES”) (E/A) Subgroup (“Subgroup”) is requesting comments on the GOES Model Governance Framework Draft (“the Exposure”). RRC appreciates the opportunity to offer our comments on the Exposure. Should you have any questions, we would be glad to...
Authored by: Tricia Matson, Partner and Ben Leiser, Director The Life Actuarial Task Force (LATF) is requesting comments on the AAT for Reinsurance Actuarial Guideline (AG) Draft (“the Exposure”). Per LATF’s request for earlier comments regarding the Scope and Aggregation sections of the Exposure, RRC provided prior comment letters on September 19th.and October 3rd. For...
Authored by: Tricia Matson, Partner and Ben Leiser, Director The Life Actuarial Task Force (LATF) is requesting comments on the AAT for Reinsurance Actuarial Guideline Draft (“the Exposure”). LATF has asked that comments regarding the Scope and Aggregation sections of the Exposure be provided by October 3rd. Originally, comments on the Scope section were due...
RRC Comments Regarding GIC Funding Agreements and Stable Value Contracts in Scope of VM-22