Description: This article examines the current number of active life insurance companies existing in the United States and the possible consolidation of the industry. Article from The Actuary, Volume 24, Issue 4

Description: This article analyzes the events leading to low interest rates and recommends careful asset/liability management and risk analysis to address future challenges with interest rates.

Description: Book review of a book on pensions written by Ralph Nader and Kate Blackwell. Review is relatively balanced, yet clearly points out the shortfalls of the analysis put together by Mr. Nader and Ms. Blackwell.

Description: The Veterans' Insurance Act of 1974, by introducing Veterans' Group Life Insurance VGLI, made major changes in the Servicemembers’ Group Life Insurance SGLI conversion privilege. The author discusses these changes and the role of the new VGLI.

Description: Background on U.K. insurance products, and overview of recent developments that are stimulating the previously stagnant U.K. insurance market.

Description: Feature article describing what makes a company a systemically important financial institution and the new rules those companies will have to follow.

Description: This editorial notes that a letter, appearing in this issue of The Actuary,’ may not be alone in maintaining that the vagaries of our regulatory system handicap companies to the point that United States policyholders get poorer value for their premium dollar than do those in other countries.’ The article goes on to discuss guaranteed surrender values, the state regulatory system in the U.S and other topics in addressing this question.

Description: The author discusses a perceived loophole in the Social Security system whereby an employer could reduce employees’ wages by all or a portion of their Social Security payroll tax and then pay this tax for the employees. This procedure, which had been little used through the years except by householders employing domestic workers, was dubbed “FICA-II,” and the article notes that 1980 legislation prohibited the practice other than for domestic workers and a few other limited exemptions.

Description: This article discusses the June 23, 1977 Supreme Court ruling that a life insurance company must include the net valuation portion but not the associated loading of deferred and uncollected premiums in its assets and gross premium income as well as in its reserves in computing its tax liability. Some companies have been using this procedure or a modification of it for the past few years. Other companies have been filing returns conforming to IRS regulations which required including gross deferred and uncollected premiums. These companies may need to file amended returns for open tax years if they paid taxes not due or understated usable operations/loss carry forwards. The author then goes on to review the implications of the court’s decision for companies filing amended returns.

Description: This article is an account of an actuary traveling to the International Congress of Actuaries in Tokyo and the experience and knowledge gained.