Description: This article reviews the topics discussed at the December 2004 meeting of the Life and Health Actuarial task force. The covered topics include Actuarial Guideline 38 and Reserves for Variable Annuities C-3 Phase 2 reserves.

Description: This article discusses a recently completed RGA in-depth study that looked at assumptions and experience for lapses and mortality at the end of the level premium period for level term business.

Description: The Universal Life Work Group ULWG of the American Academy of Actuaries’ AAA Life Valuation Subcommittee was formed in July 2004. Its charge is to develop a new “principle-based” approach definition follows for statutory reserves and capital requirements for life products with certain types of benefits and guarantees, where the value of the contract obligations vary significantly due to such things as future interest rates or equity returns.

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: This article highlights the interaction between pricing and corporate. There is a move toward principle-based reserving standards in the United States.

Description: In actuarial work, we are frequently confronted with problems with more than one apparently reasonable answer. This article deals with one of these, where the Federal DAC cost can be applied in an apparently reasonable, but incorrect, manner.

Description: This article discusses the characteristics of companies dedicated to being leaders in the Term market and the role that reinsurers play.

Description: This article is a summary of a debate at a Southeastern Actuarial Club meeting that looked at the appropriateness of secondary guarantees in UL products.

Description: This article discusses the proper slope of mortality tables, especially at the high attained ages.

Description: Highlights from the 2002 Inter-Company Expense Study of U.S. Individual Life Insurance and Annuities.