PBR adoption in North America

Two days back I saw a screaming headline in reuters: "Regulators advance controversial insurance accounting change". The article was about NAIC adopting Principles Based Regulation for Valuation. NAIC has published a new Valuation manual. The write-up could've been similar to "Earth is NOT flat" article from centuries ago.

The tone of the article demonstrates the lag of NA regulators as compared to the ones in Europe and Asia.

The valuation manual can be accessed at http://www.naic.org/documents/committees_a_related_docs_valuation_manual.pdf.