Description: After nearly a decade of work by ACLI and representatives of its member companies, the Society of Actuaries SOA, the American Academy of Actuaries Academy, and the NAIC’s Life and Health Actuarial Task Force LHATF, on Sept. 24, 2008, the NAIC adopted a new actuarial guideline for applying the method of computing statutory reserves for variable annuity contracts AG VACARVM.

Description: This presentation is a Teaching Session, number 4A, from the 1987 Valuation Actuary Symposium. The subject of the session is Regulation 126, effective for year end 1986 for all companies doing business in New York, which requires an actuarial opinion and memorandum with respect to the adequacy of the assets to support the liabilities for annuities, guaranteed investment products, and related products. The instructor discusses areas of concern from New York as a result of the first year of filings, including completeness, call and prepayment assumptions, default assumptions [sometimes zero], surrender assumptions [too low], failure to reflect taxes, poor communication between actuary and investment department, length of projections, varying yield curves, reflection of reinsurance, and the most common reason for rejecting the opinion: using starting assets greater than liabilities. Other problems were illustrated through examples, and changes to Regulation 126 were discussed.

Description: This presentation is from session number 25, presented at the 1999 Valuation Actuary Symposium, held September 23-24 in Los Angeles. The panelists discuss Actuarial Guideline XXXIV, which was effective year-end 1998 and addresses reserving for minimum guaranteed death benefits associated with variable annuities, including the requirements of Actuarial Guideline XXXIII. Companies are now offering other guaranteed benefits such as guaranteed living benefits, and the National Association of Insurance Commissioners [NAIC] and the American Academy of Actuaries are working to address reserving for these benefits. The panelists describe the minimum guaranteed benefits in the marketplace and the risks associated with them. Current reserving practices and the latest NAIC and Academy developments are discussed. Discussion from participants is included.

Description: Panelists discuss the background and history behind NAIC Guideline 33, including changes from the original AG 33 to the new one. Also included are numerical and graphical examples to illustrate the intent of the new Guideline 33. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.

Description: Discusses how AG 34 provides a clarification of CARVM for variable annuities with MGDB’s.

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: Feature article discussing the results of a recent ULSG AG38 Valuation Research Report.

Description: Update from the ACLI about its continued contact with Treasury relating to AG VACARVM and Life PBR.

Description: This article analyzes, understands, and discusses the impact of the upcoming Principle-Based Reserving (PBR) on non-variable deferred annuities.

Description: This article reports the maximum statutory valuation and nonforfeiture interest rates for 1999 issues of selected life insurance products and the maximum statutory valuation interest rates for 1998 issues of selected annuity products.