Description: The editorial cautions that while the development of more sophisticated models may increase efficiency, it is important to consider the very real risk management costs associated with the increased complexity, efficiency and overconfidence in the predictive power of models.

Description: An exploration of Canada’s federal regulator of financial institutions (OSFI) and its more formal assessment of the actuarial function of insurers.

Description: The editorial provides an overview of articles in this issue that explore and illustrate solutions to current retirement challenges.

Description: Panelists discuss different aspects of self-selection among Medicare options. From the Record of the Society of Actuaries, Vol. 24, No. 2.

Description: From a session at the 2001 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, November 29-30, 2001 Panel discussion overview of current risk-based capital RBC requirements of life insurers, as well as insight into topical issues and potential changes to RBC. Items covered include: • Recap of RBC law and RBC calculation rules • Tax impact on the factors • Common stock issue • C-3 testing • Proposed C-3 testing for Variable Annuity Guaranteed Living Benefits VAGLB • Liquidity risk issue

Description: New Zealand is about to launch its first variable annuity with guaranteed lifetime withdrawal benefits. The product design is mindful of the lessons from the financial crisis in the United States, Europe and Japan.

Description: The article explores options for defined-benefit retirement plan sponsors to transfer pension risk, focusing on recent trends in the United Kingdom.

Description: Actuaries are accustomed to considering how much conservatism is appropriate in their estimates, whether made for pricing or for mea- surement of liabilities. In the proposals for a new standard on accounting for insurance contracts, this conservatism is referred to by the International Accounting Standards Board IASB and the Financial Accounting Standard Board FASB of the United States as the risk adjustment.

Description: Based on interviews with C-level executives, this report offers insights on the role and actions of the global insurance industry in addressing climate change

Description: This article discusses the risk-sharing arrangements provided by a number of different types of hybrid pensions, focusing on hybrid designs in the United States, Canada and the Netherlands, with particular emphasis on the New Brunswick (Canada) shared risk plan.