Description: The author discusses an interpretation of the surrender charge limitations specified in New York’s Regulation 77 which increases the maximum allowable surrender charges for renewal years. This interpretation was presented to and accepted by the New York State Insurance Department.

Description: Read the February 2020 issue of Product Matters! published by the Product Development Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: The current coronavirus pandemic has caused a number of challenges for life insurers and this article summarizes the operational challenges, namely in two areas. First, the article will discuss the challenges companies are facing to collect traditional underwriting evidence and potential short-term solutions used to overcome these limitations. Second, the actions companies are taking to alleviate the financial difficulties customers may have paying premiums will be addressed.

Description: A review of product and sales trends for variable, indexed and fixed annuities against the current backdrop of low interest rates and record equity market valuations

Description: This article addresses the issues of short-term volatility, the non-equivalency of traders and, how product development is being impacted by market consistency.

Description: This article discusses the potential impact that low interest rates can have on the Life Insurance industry, even if they occur for a short period of time.

Description: Product development is variously described as a science, an art, or a philosophy. Six Sigma suffers from the same ambiguity—it is a statistical measure, a business philosophy, a process, a methodology, and a way of living! But by combining the two, we are able to apply structure to creativity and enable product success

Description: Guidance and interpretation regarding reasonable mortality charge requirement of Section 7702, based from IRS Notice 2004-61, 2004-41 I.R.B. 596 of October 12, 2004.

Description: This article helps illustrate that a guaranteed income stream in retirement has much more value than merely longevity protection. Used properly, a payout annuity is also a hedge against one's retirement nest egg evaporating, leaving the retiree living check to check on a fixed income only. The article will be of interest to those involved in product development and design, sales and marketing, and payout annuities or guaranteed withdrawal benefits in general.

Description: This article briefly describes the guarantees available within the segregated Fund products sold in Canada along with the associated risks and cost factors.