Life insurers in Canada have over 10 years of experience using a principle-based approach to reserving known as the Canadian Asset and Liability Method (CALM). What insights can be gained by comparing the two methods? Listen as presenters compare, contrast and discuss the merits of the principle-based approaches to reserving in the United States (VM20) and Canada (CALM), including specific details on assumptions setting and updating, working with regulators, external peer review requirements, income patterns, negative reserves and more. At the conclusion of the session, attendees will be able to better interpret the practical implications of the U.S. principle-based reserving method detailed in VM20 and compare it to the Canadian Asset and Liability Method (CALM).

Regulatory change is nearly constant for the life insurance industry. Keeping up with the latest developments is challenging, but key for product actuaries. This session will update attendees on the latest U.S. life insurance and annuity regulatory and/or tax code changes affecting product development. At the conclusion of the session, participants will be able to understand the latest regulatory and tax developments in the industry.

Capitalization and reserve requirements for life insurance companies continue to evolve in the US, Canada, and Europe. Multi-national companies face the challenges of dealing with different requirements today and anticipating what the requirements may be in the next few years. The panelists will discuss the challenges of dealing with evolving requirements and offer their perspective on what may be ahead. At the conclusion of the session, attendees will be able to describe the challenges presented by evolving reserve and capital requirements.

Discusses latest developments in the U.S. financial-regulatory arena that impact life companies: Dodd–Frank financial regulation, the NAIC’s Solvency Modernization Initiative [SMI], Principles-Based Reserves and Capital requirements for life and annuity products, and lessons learned from VA CARVM. Session is from the Society of Actuaries December 2010 Advanced Financial Reporting Seminar in New York.

This paper considers the risk that actual mortality will be lower than the mortality assumed when pricing life annuities on impaired lives. It develops a method for managing this risk through a Provision for Adverse Deviation PAD.

The Internal Revenue Code defines federally prescribed reserves for annuities as the Commissioners' Annuity Reserve Valuation Method (CARVM) in effect on a contract's date of issue. However, recent developments in statutory reserve methods for annuities, including Actuarial Guideline 43 (AG 43), have caused companies to revisit their tax reserve methods. Join industry experts for a roundtable discussion of current issues related to tax reserves for annuities. Topics will include: Actuarial guidelines and their implications for tax reserves. Developments for in-force variable annuity guaranteed living benefits (VAGLB) reserves. AG 43 post-implementation issues. American Financial and CIGNA litigation issues. Annuity reserve current IRS audit issues.

2010 Seminar - How Will PBA Rock Your World?, Tampa. This session discussed??margin definitions in PBA reserve and capital standards and margins assumed by companies in SOA research project. AG-43 margin language, VM-20 margin language, and C3 Phase 2 margin language were each examined.

2010 Seminar - How Will PBA Rock Your World?, Tampa. This session discussed VA CARVM lessons learned and the next steps. Topics included: 1. AG-43 requirements and implications. 2. Review of December 31, 2009 implementation experiences. 3. AG-43 challenges with respect to standard scenario calculations and hedging. 4. Next steps as they relate to competing work and demands, technology, staffing, product design, audiences, modeling issues, experience studies, reserve reporting issues, tax issues, and hedging.

2010 Seminar - How Will PBA Rock Your World?, Tampa. This session discussed AG-43, the revised Standard Valuation Law which enabled principle-based life reserves, and other issues which are on the horizon.

Slides from a session at the seminar: International Financial Reporting for Insurers, held August 29-31, 2011, in Hong Kong. Outline of different methods of Actuarial Valuation of insurance company assets and liabilities