phone:        (516) 418-2549
fax:              (631) 582-1702
address:     245 Southlawn Avenue
                    Central Islip, NY, 11722

​​​​​PBR is Here- Are You and Your Company Ready?

PBR and Insurers must make important decisions:

  • Whether to use the "Company-Wide Exemption", if applicable 
  • Risk drivers to focus on, study, and understand in Product Design, Valuation, and Risk Management
  • How to implement and perform new complex processes and establish adequate reporting and controls
  • How to drive cultural changes to lower barriers between functional silos that exist at many companies

New PBR Governance rules REQUIRE that the Board and Senior Management:

  • Understand what goes on "under the hood" evidenced by regular reports from Senior Management and active discussion and responsive decision-making that is documented in corresponding "Board Minutes"
  • Provide adequate processes and controls over the PBR Valuation Function
  • Ensure that Valuation staff are Knowledgeable and Adequately Trained
  • Comply with the Model Audit Rule, explaining outcomes and deficiencies, to external stakeholders

The Solution- Experienced PBR Consulting:

Mr. Mangini is a regulatory expert who is the Chair of the Academy of Actuary's Life Reserve Work Group (LRWG) which is responsible for working directly with regulators to develop and improve Life PBR reserving.

Leonard has had direct experience as Deputy Global Chief Actuary and head of valuation risk for a multi-line insurer already subject to Principle-Based valuation where he supervised Principle-Based Assumption and Margin setting for more than 100 products in 19 business units across the US, Canada and Asia, explained Principle-Based earnings to stakeholders, and supervised Principle-Based valuation assumption and model governance in an ORSA environment.

In addition, he has served as a US Chief and Appointed Actuary with more than 10 years of reinsurance experience reviewing, pricing and valuing client's mortality, morbidity, lapse and policy-holder behavior- allowing him to help you with:

  • PBR Implementation Plan Review
  • Governance Advisory on Organization, Processes, and Controls 
  • Assumption and Model Validation
  • ​Experience Study and Credibility Analysis
  • Peer Review of Prudent Estimate Assumptions and Margins
  • Product-Design Optimization under PBR
  • Design and Implementation of PBR-optimized Reinsurance
  • Understanding and Communicating PBR results to External Stakeholders, the Board and Senior Management​​