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VM-21 survey report: 2019 Q3 survey

ByMatt Cheung, Ian Laverty, Zi Xiang Low, Bill Matczak, and Zohair Motiwalla
17 January 2020

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In the third quarter of 2019, Milliman conducted a survey to establish market practice in the application of VM21: Principle-Based Reserves for Variable Annuities. This survey summarizes responses from 25 variable annuity carriers regarding decision points for the application of the standard that are at the discretion of the carrier.

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