It started as a way to calculate reserves for increasingly complex life insurance products, but the principles-based approach is about to revolutionize reserving in other forms of insurance as well.
While the idea of principles-based reserves may be evolving in the United States, itís been a way of life for most Canadian actuaries for the past 15 years.
Itís been a long time coming, and itís not finished yet, but the international agreement on insurance accounting will change the landscape for actuaries. by Henry Siegel
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