The Committee on Life Insurance Financial Reporting (CLIFR) and the Actuarial Guidance Council (AGC) have been committed to closely monitoring the continued appropriateness of calibration criteria for stochastic risk-free interest rate models guidance. Due to the persistent low interest rate environment and the deferral of IFRS 17, CLIFR and the AGC felt that it was appropriate to review and update the calibration criteria for stochastic risk-free interest rate models to reflect experience through the middle of 2020. This revised educational note supplement supports the Actuarial Standards Board (ASB) updates to the various economic promulgations.
