Description: This article describes how there are many kinds of plans and arrangements under which qualified annuities are issued, and the rules governing them differ considerably.

Description: In this paper, Chapter VII of the 1987 Valuation Actuary Handbook, the author, an attorney with the American Academy of Actuaries, discusses the valuation actuary concept, starting with the current regulatory system. The potential legal implications, including personal liability, are explored. The author notes that “perhaps most significant is the fact that by increasing the scope of the valuation actuary’s duties, the nature and scope of potential professional liability also increase.”

Description: Discusses some of the new and different ideas being considered by the Wilcox Committee that is working on the Unified Valuation System, UVS, especially as they relate to smaller companies.

Description: A change in the way in which statutory life insurance and annuity reserves are determined in the United States is heading toward adoption. Currently, the Actuarial Opinion and Memorandum Regulation AOMR combines formulaic factor-based minimum reserves with reserve adequacy testing. The American Academy of Actuaries Academy is working with the National Association of Insurance Commissioners NAIC to finalize the basic framework of a principles-based reserve PBR methodology, based on a gross premium valuation, for life insurance products. The NAIC Life and Health Actuarial Task Force LHATF has also been considering Actuarial Guideline VACARVM that would introduce a PBR method for the valuation of variable annuity contracts.

Description: This is a summary of the NAIC meeting held in September of 2008.

Description: The use of Other Comprehensive Income OCI is receiving its moment in the sun. It is being considered for housing some of the earnings volatility in the International Accounting Standards Board IASB current approach to measuring insurance contracts’ performance.

Description: The new 2001 CSO regulation requires the filing of an asset adequacy opinion when the table is utilized - which can be a significant issue for small insurers.

Description: The latest draft ORSA Guidance Manual was released on Oct. 14, 2011. An overview of the requirements from a qualitative, quantitative and governance perspective was provided in the December edition of the Financial Reporter. Several trade associations and com- panies commented on the draft.

Description: The New 2001 CSO: Implications for Universal Life Plans

Description: The current life insurance development with a focus on the latest regulation change from actuarial perspective and its possible impact to the Vietnam industry.