Description: The discount rate is one of the most critical topics in IFRS 17, which may have important repercussion on product profitability. Having a low discount rate may indicate a low profitability of a group of contracts, while a realistic expectation may differ. A similar issue was prevalent especially for U.S. companies when discount rates were set using a market consistent framework. The session is intended to help develop a discount rate framework that aligns with the business practices and address the concerns around the market consistent framework. This session will cover practical implementation considerations to set and apply IFRS 17 discount rates. The panelists will discuss alternative approaches to allow for a level of illiquidity premium for business supported by fixed assets with credit risks. Discussions will also cover other implementation considerations including granularity of setting the discount rate, application to new business, implications on asset and liability modeling, and a planning aspect for a successful implementation of the discount rate setting process. The panelists will share case studies to illustrate different approaches of setting the discount rate and their potential financial impacts. At the conclusion of the session, attendees will be able to: understand key requirements of setting discount rates under IFRS 17; understand how to align the discount rate to the actual business practices; understand implications of the discount rate in actuarial modeling; understand potential impacts on financial results; and develop a realistic plan to set discount rates appropriate to the business practices.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. The panelists discussed issues arising from current financial trends that have had a more profound impact in restructuring our professional life than in any similar period in memory.

Description: This presentation, session number 6PD, took place at the 2000 Annual Meeting of the Society of Actuaries, held October 15-18 in Chicago. The panelists discuss recent and potential developments in statutory reserving for annuity products, including reserves for variable annuities with guaranteed living benefits, NAIC Actuarial Guidelines 33, 34, and 35, new annuity valuation table update, proposed revisions to NAIC Actuarial Guideline 9-A on substandard annuity reserves, reserves for annuities linking returns to general account asset pools, reserves for guaranteed investment contracts with bailouts triggered by downgrades, changes to NAIC Model Actuarial Opinion and Memorandum Regulation, and unified valuation system update. Discussion from participants is included. From the Record of the Society of Actuaries, Volume 26, No. 3.

Description: From the Valuation Actuary Symposium Proceedings January 1986 Discussion of the development of the valuation actuary concept, various aspects of current regulation, and major features of the valuation actuary concept. Also discussion of the nature of professional liability and the specific legal liability of the valuation actuary. Finally an overview of some methods of limiting that liability.

Description: 1996 Valuation Actuary Symposium. In this session regarding state variations from standard law, the following topics were addressed: 1. The origin of the problem of state variations in valuation laws and an approach to resolve the problem. 2. Practical challenges faced in annual statement preparation. 3. The view of smaller companies and why some of the suggested solutions may not be appropriate for the smaller companies.

Description: 1993 SOA Meeting, Quebec. Actuaries doing reserve testing under new valuation standards face decisions as to how to test for the C-1 or asset default risk. Related topics discussed: 1. The different purposes of evaluating C-1 risk. 2. Some of the evaluation methodologies used. 3. The sources of data to make your assumptions. 4. Some real-life issues and problems, focusing specifically on mortgage loans. 5. An overview of the Society's Credit Risk Study which looked at private placement and mortgage loan credit losses. 6. Practical considerations in modeling C-1 risk and living up to the applicable professional standards.

Description: In session 148PD of the Washungton Annual Meeting the Panel discusses changes in current accounting practices and identifies issues that might directly impact actuaries. From the Record of the Society of Actuaries, Vol. 23, No. 3.

Description: This session at the SOA 1990 Annual Meeting is about techniques, methods, and assumptions for projecting cash flows for reserve analysis with emphasis on year-end reporting and communicating results. New York Regulation 126, proposed changes to the Standard Valuation Law, and actuarial standards of practice are discussed.

Description: This session from the 1995 SOA Spring Meeting discusses the latest developments at the NAIC including Nonforfeiture Law, annual statement changes, the newly passed model requlation on life and health reinsurance and XXX reserves. From Record of Society of Actuaries Vol. 21, No. 1.

Description: This session at the SOA 2004 Annual Meeting provides updates on statutory reporting issues of current interest, such as state adoption of the 2001 CSO Mortality Table, tax issues related to adoption of the 2001 CSO table, reserving for variable products, and other significant developments at the NAIC.