Description: Views of several actuarial participants in this lawsuit, regarding new buyer disclosure requirements, were printed in our May Issue. Mr. Murphy spoke for the plaintiffs, whose strongest objection to the disputed Wisconsin Regulation was its omission of the Equivalent Level Annual Dividend from the preliminary policy summary.

Description: This article describes some implications of increasing government intervention in the industry, such as the potential to eliminate the industry's ability to classify risk due to anti-discrimination laws and pressure to expand social 'insurance' programs

Description: This article discusses the Financial Condition Examination Handbook and the Market Conduct Examination Handbook, both of which became effective January 1, 1977 after approval by the Executive Committee of the NAIC. The purpose of this new guidance is to update and simplify the examination process for all insurance companies.

Description: This article on recent developments in insurance regulation, is a discussion of the new Model Nonforfeiture and Valuation Laws the continuation of an article from the November, 1981 issue of The Actuary, and to be continued in next month’s issue. It covers topics including mortality assumptions and the new 1980 CSO Mortality Tables, maximum valuation interest rates, and maximum nonforfeiture interest rates.

Description: Recently completed research studies from the Society of Actuaries.

Description: This article discusses that “the investment returns earned by life insurance companies over the past decade have permitted the sale of contracts guaranteeing relatively high rates of interest. The contracts have given rise to problems in the areas of the federal securities laws, of federal income taxes, and of state valuation requirements,” as insurers, starting in the 1960’s began issuing annuity contracts that provided for the allocation of contributions to separate accounts.

Description: 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.

Description: Discussion of a Society of Actuaries research report on cost comparison methods life insurance sales illustration support, prepared at the request of the NAIC

Description: A committee chaired by former Prime Minister, Sir Harold Wilson, has published its findings from a study on the functioning of British financial institutions and their value to the economy. This article reports on five of the report's topics that are of special interest to actuaries.

Description: Part 3 of Gray's summary of the Canadian report on taxation by the Carter Commission. One of the provisions would impose a 50% insurance company tax rate on the excess of surplus earnings over policy dividends disbursed.