Description: This presentation is an open forum from the 1991 Annual Meeting of the Society of Actuaries, held October 20-23 in Toronto. The focus from the panelists is on emerging trends and issues as they relate to the current market environment, discussing new products on the horizon, including market-value adjusted products, income products, and variable products, the importance of due diligence, and in-force annuity management. The panelists emphasize the importance of the public’s perception of and confidence in the insurance industry. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 4B.

Description: Panel discusses current topics relating to reserving for deferred annuities, including Actuarial Guideline 33 [formerly GGG], equity-indexed annuities [EIAs], variable annuity minimum death benefit guarantees [MDBGs], and Actuarial Guideline 34 [formerly MMM]. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.

Description: Panelists discuss the pros and cons of using a care manager in order to receive either benefits or enhanced benefits in long term care plans. From the Record of the Society of Actuaries, Vol. 24, No. 2.

Description: Panel discusses the effects of reduced payment levels to many Medicare managed care organizations. From the Record of the Society of Actuaries, Vol. 24, No. 2.

Description: Panel discusses trends in large health claims, recent experience, and future expectations, as well as the impact of managed care on large individual health claims under self-insured programs and under an HMO setting. From the Record of the Society of Actuaries, Vol. 25, No. 2.

Description: The measure of a health-care provider's quality and efficiency can be used to reward or penalize the provider through reimbursement strategies and plan designs. Panelists discuss the measures that are becoming available. From the 2002 Record of Society of Actuaries, Volume 28, No. 2. Session 24PD of the San Francisco Spring Meeting.

Description: Contained in Appendix 4 of the 1987 Valuation Actuary Handbook, this set of articles sets forth the positions of various industry groups with regard to the valuation actuary concept as of January 1987. It consists of four sections: 4.1 – Excerpts from the Report of the Task Force on the Valuation Actuary to the ACLI Board of Directors, August 1986 4.2 – Final Report of the Joint Committee on the Role of the Valuation Actuary in the United States 4.3 – Preliminary Report to NAIC Life & Health Actuarial Task Force from Surplus & Solvency Subcommittee of NAIC Standing Technical Advisory Committee, October 9-10, 1986 and 4.4 – Draft Recommendation 7 – American Academy of Actuaries paper. Views of the American Council of Life Insurance, ‘ACLI,’ the National Association of Insurance Commissioners, ‘NAIC,’ the American Academy of Actuaries, and the Society of Actuaries are all represented. Note that the final report in 4.2 above was adopted in 1984 by the boards of both the Academy and Society, the two organizations represented on the Joint Committee.

Description: In this paper, chapter V of the 1987 Valuation Actuary Handbook, the authors start with a discussion of how the recent economic environment with volatile interest rates has changed the valuation and surplus management process to one more dependent on actuarial judgment. In a discussion of surplus policy, the authors identify four “layers” of surplus which have been identified by scenario testing. These surplus layers, along with policy reserves, are based on specific invested assets. The paper discusses implications for the future and notes the actuary’s ability to advise management on surplus adequacy is a basic tool of risk management.

Description: This article discusses Internal Revue Code, ‘IRC,’ Sections 7702 and 7702A with respect to the implementation of the 2001 CSO Mortality Table, which must be used in the calculations for policies issued on or after January 1, 2006. “The insurance industry has requested guidance from the Treasury Department and the Internal Revenue Service on the proper application of the current computational rules to the 2001 CSO Mortality Table but, to date, such guidance has not been provided. Therefore, the Taxation Section established the 2001 CSO Maturity Age Task Force, the members of which authored this article, to propose methodologies that would be actuarially acceptable under Sections 7702 and 7702A of the Code for calculations under contracts that do not provide for actual maturity before age 100.” This article summarizes the task force recommendations.

Description: This article is a companion to “They Go Bump in the Night: Life Insurance Policies and the Law of Material Change,” an article written by John T. Adney and Craig R. Springfield (May 2012 Taxing Times Supplement) that describes the various material change rules found in the Code, highlighting the complexities insurers face in navigating through these rules when a life insurance contract is materially changed. The Adney and Springfield article also addresses the difficulties in interpreting the tax law requirements under the various effective date rules contained in the Code sections affecting life insurance contracts.