| AXIS
Update Information |
| Update
Summary: |
Experience Refund - Reserve Adjustment by PV of ER |
| Update
Type: |
Enhancement
|
| Version
# : |
12101001 (09 Aug 07) |
| Modules
Affected: |
Regular Life , Disability , Higher Level |
| Changes
Results: |
No
|
| GGY
Job # |
20361 |
| Detailed
Update Description |
In the Fund and in Regular Life and Disability Subfunds, we have extended Experience Refund functionality to allow reserves to be adjusted by the present value of future experience refunds. A table of interest rates is added for this present value calculation.
In the Experience Refund section, we have added:
1/ A new "Additional reserve adjustment" switch and related switches, to specify which reserves should have the present value of experience refunds added to them.
2/ A new "ER discount rate" table containing interest rates used to calculate the present value in 1/. The existing "ER discount rate" field is converted to the "Flat" scalar for this table.
3/ In the Experience Refund Formula table, we have made available new Input Variable "Valuation Year" and new Input Constants
"NO_OF_POL_FOR_EXP_NEW_BUSINESS" and "NO_OF_POL_FOR_EXP_INFORCE
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