During the National Association of Insurance Commissioners (NAIC) meeting in August, adoptions of several amendment proposal forms are expected to be confirmed. These changes will then appear in the 2023 edition of the Valuation Manual. Our recap of the proposed changes includes:

• A new section providing assumption guidance and requirements for assumptions
• Clarification of assumption requirements for variable annuities without minimum guaranteed benefits
• Modifications to prescribed mortality margins
• Clarification to a section on non-guaranteed yearly renewable term insurance
• New language around implied volatility scenarios