Description: This article is the second in a two part series that summarizes a longer paper that can be downloaded from the website of the Social Insurance and Public Finance Section. Both articles take the form of a point-counterpoint dialogue addressing important aspects of social insurance programs. The first part discussed their nature, desirability and advantages, as well as whether they can form a framework to achieve sustainable inter-generational equity. This article focuses on whether pre-funding of a social insurance program can occur and can contribute to the financial security of the participants. Fundamental differences of opinion exist regarding these programs, not only due to different personal and political values, but also as a result of the viewpoint taken (for example, assessment of the program in isolation, consideration of the sponsoring government's financial situation, or the overall national economy).

Description: Social Security poses a substantial financing challenge for the future, largely due to demographic changes. This article explores the reasons behind this issue and possible changes that will be needed in the future.

Description: This article describes the transfer pricing rules applicable to life reinsurance transactions generally, and then outlines a methodology for testing life reinsurance transactions to demonstrate compliance with transfer pricing standards applied by tax authorities.

Description: Presented at April 1965 Spring Meeting. This is a series of reports on various topics: federal charter of American Academy of Actuaries, formation of the Canadian Institute of Actuaries, formation of a special committee on pensions, discussion of Medicare Bill HR 6675, California requirements for formation of a new life insurer.

Description: Topics include: 1. Formation of the American Academy of Actuaries and governance 2. Federal tax developments - discount on life insurance advance premiums, group term life, imputed income factors under individual policy pension trusts, estate tax effect of assignment of group life coverage 3. Newly created Servicemen's Group Life Insurance - plan summary.

Description: This articles notes that there are fewer small insurance companies. It discusses how the impact of mergers and acquisitions and new regulations affect the declining number of small insurance companies.

Description: Legislation introduced in Florida senate to ban sale of Industrial Life and greatly restrict sales of other Small Face Amount Policies, SFAPs.

Description: Discussing how examinations of asset adequacy analysis, AAA, and risk-based capital, RBC, by state insurance department examiners can go much more smoothly with good preparation and documentation of both assumptions and derivation of assumptions.

Description: Article summarizing two conference calls from late 2011 on regulatory issues of interest to smaller insurance companies. From Small Talk Newsletter, Issue 37, January 2012.

Description: This paper responds to comments on a proposed compulsory savings program combined with transparent investment vehicles designed to promote competition based on expense levels, fund performance and customer service. At retirement 50% of the account is annuitized in Participating Variable Annuity (PVA) backed by TIPS. All investment experience, expenses, and pooled longevity experience is passed to annuitants through periodic benefit adjustments. Annuities are priced uniformly based on age at commencement.