Description: Randolph’s Bonanza Bigger Than Expected by M.D. Drysdale from Pension Section News, January 1998, Issue No. 35.

Description: A critical step in valuing a company for the purpose of financial reporting is the computation of the market value of economic surplus (MVES). This article provides a novel approach to the valuation of MVES that is stable and reasonably immune to “market noise.” Current approaches to the calculation of economic surplus of an insurance company generally define such surplus as the market value of the assets (MVA) supporting the liabilities less the market value of liabilities (MVL). While MVA is observable in the market, MVL is typically computed directly, without regard to the underlying supporting assets. Subtracting MVL from any value of assets that changes with market movements results in an unstable surplus. Consequently, a surplus that is not fully reflective of market sentiment has been rejected by many. This same approach is further used in the calculation of market consistent embedded value (MCEV) when a balance sheet approach is used .

Description: An article detailing four members’ diaries from November 1992 through March 1994 about their trips to Russia.

Description: This section contains biographies for authors with articles featured in the Transactions of Society of Actuaries 1995, Vol. 47.

Description: The Actuary Vol. 22, No. 7. This article describes the state of the insurance market in Japan in 1988. While traditional permanent policies abound, a variable life product was introduced in 1986.

Description: These are the minutes of the Annual Meeting of the Society of Actuaries held in White Sulphur Springs, WV on November 13-15, 1961. From Transactions of Society of Actuaries 1961, Vol. 13, No. 37.

Description: Opportunities frequently come in the guise of change within a company or the industry and the person who is willing and able to adapt to the changing environment can benefit from these opportunities. Whether the change is voluntary or involuntary, there will always be challenges faced and benefits reaped; and the more you prepare yourself for the possibility of change the quicker you’ll be able to adapt.

Description: This paper studies the theoretical and numerical convergence of Gram-Charlier series applied to the pricing of Asian options.

Description: The article provides an introduction to tax accounting for U.S. life insurance companies, with a focus on NAIC statutory accounting concepts. The author discusses permanent and temporary differences, the current tax provision, and deferred tax accounting requirements, including admissibility testing under SSAP No. 101.

Description: September’s Actuary contained an excellent summary by Drew Davidoff of renewal rating for small group medical business. Among the techniques he describes are age, sex, and area rating, experience rating using credibility, experience rating using tiers, examination of the diagnoses in the claim file, and initial and reentry medical underwriting.