Description: Panelists discuss the basics of modeling including: model point selection, appropriate model granularity, static and dynamic model validation, efficient model refresh processes, assumption development, and reconciliation to actual financials. Session 8TS of the 2005 Valuation Actuary Symposium.

Description: This report summarizes a research project examining the proposed principle-based framework for reserves and capital for life insurance. The report is a review and analysis of case studies submitted by participating companies in response to proposed changes in individual life insurance statutory reserve and risk-based capital methodologies.

Description: A paper outlining key considerations & issues that may be met when implementing VM-20, like product development resources, pricing models or product features.

Description: This research report is the result of a second phase examination of the impact of VM-20 on life insurance product development.

Description: Twelve companies field tested the proposed principle-based valuation manual for four different product lines: term life, universal life, whole life and deferred annuity. This report compares the reserves and C3 capital amounts under PBA versus current formulaic standard and discusses practical aspects in applying the proposed methodology.

Description: Companies can implement VM-20 as early as 2017. While there have been research and educational materials produced to help actuaries and others better understand the implications and implementation of the new requirements from a financial reporting perspective, little has been developed emphasizing the product development actuary perspective. This SOA research project examines the impact of VM-20 from a product development actuarial perspective. The research will help actuaries and others enhance current practices to optimize pricing and product development activities within a VM-20 framework as well as enhance intracompany communication and efficiencies related to VM-20. This session is a follow-up to the session at last year’s symposium and will focus on Phase 2 of the research project.

Description: Key excerpts from research recently performed by Milliman consultants for the SOA on the impact of VM-20 on life insurance product development.

Description: Key excerpts from research recently performed by Milliman consultants for the SOA on the impact of VM-20 on life insurance product development.

Description: Interview with Ryan Krisac, director of model controls at Penn Mutual Life.

Description: Explores the applications and techniques of model governance, focusing on benefits such as model literacy, efficiency, and confidence.