Description: Update on regulatory developments in the US and internationally

Description: A discussion of the Obama Administration’s fiscal year 2011 revenue proposals affecting life insurance companies and products.

Description: Author highlights historical nonforfeiture and federal tax law changes, as they have impacted life product designs, in prognosticating about future product designs.

Description: This article reviews proposals in the Carter Report for additional taxation on Canadian insurance companies and their policyholders.

Description: In the United States, the insurance industry is regulated by the individual states. To assist in uniformity, the National Association of Insurance Commissioners (NAIC) meets three times a year to review and propose model laws and assess emerging issues. This report examines the process from start to finish.

Description: This paper presents and examines the following cases: United States v. Manufacturers National Bank, Flemming v. Nestor, Commissioner of Internal Revenue vs. Minser, Schrader v. Prudential Insurance Company, Metropolitan Life Insurance Company v. Metropolitan Insurance Company, Friedman v. Markman and Pan American Life Insurance Company v. Andrews. From Transactions of Society of Actuaries 1960, Vol. 12, No. 34.

Description: Presenters will explore how climate risks are measured scientifically, and in what ways the insurance and reinsurance industries can play a larger role in managing risk. In an accessible manner and assuming no scientific background from the audience, we will review and discuss the background of climate science, and the unique role that the insurance industry can play. Specifically, we will discuss outcomes from a recent interdisciplinary workshop, 'The Nexus of Climate Data, Insurance, and Adaptive Capacity,' held November 2018 at The Collider in Asheville, NC. The workshop facilitated a national, interdisciplinary scientific research discussion on modeling and managing climate change risks between three different, but related research communities: the climate modeling and data community, statisticians, and researchers within the insurance and reinsurance industries. Co-sponsors of the workshop include the Society of Actuaries (SOA), the Casualty Actuarial Society (CAS), the National Science Foundation (NSF) and the Statistics and Applied Mathematical Sciences Institute (SAMSI)

Description: The presenters will discuss recent developments related to the federal qualification and taxation of life insurance and annuity contracts. Among other topics, there will be a focus on comparing and contrasting life insurance product qualification in the U.S. under IRC sections 7702 and 7702A versus qualification in Canada under the 'exempt test' of the Income Tax Act, which has been revised in recent years. Discussion will include comparisons of Canadian provisions to U.S. definition of life insurance and Modified Endowment Contract concepts.

Description: Recognizing the benefit for actuarial discussions about how COVID-19 will affect our work, the Smaller Insurance Company Section of the Society of Actuaries hosted “COVID-19: What a Smaller Insurance Company Actuary Needs to Know Virtual Town Hall” on April 17, 2020. The following delves into these presentations and discussions.

Description: A description of the current state of the Insurance Capital Standard under development by the IAIS, focusing on liability valuation.