Slides from a presentation at the Society of Actuaries 2007 Annual Meeting, held in October, 2007 in Washington, D.C. An introductory overview of the Life Settlements market. Includes discussion of considerations a life settlements investor should make.

The decrease in interest rates over the last several years has led to decreases in the maximum valuation rate and maximum nonforfeiture interest rate, and companies need to prepare for these changes.

An article from The Actuary that discusses the new non-forfeiture value. The secondary market for life insurance is redefining the way policies are valued. Paradign shifts don't occur overnight. Yet, somewhere along the line, there comes a convergence of factors that makes significant change inevitable. With regard to the secondary market for life insurance, this tipping point is already in the rear-view mirror.

Feature article discussing the Life Settlements business: recent growth, pricing, and future of the business.

discussion of March 2009 NAIC/LHATF meeting

Discussion of private letter tax rulings on the definition of Cash Surrender Value for purposes of interpreting the definition of life insurance for the policyholder's taxation of the contracts.

Discussion of the necessity of nonforfeiture laws for life insurance and the inconsistencies in the laws between comparable products.

Documents the error in the Smoker/Nonsmoker CSO Tables accepted by the NAIC, and the expected approval of the NAIC to accept use of both the erroneous and the correct mortality rates for all regulatory purposes.

Article Board Of Governors by Bog in The Actuary, March 1979, Volume 13, Number 3

The following commentary, after highlighting the strong linkage that currently exists between valuation reserves and nonforfeiture value requirements, discusses the origins of this relationship. It is concluded that this linkage is undesirable and should be severed. Editor’s Note: This report was prepared for use by the Committee on Non-forfeiture Values. Mr. Gardner is Vice Chairman of the Committee.