Description: This panel discussion is from the 1991 Meeting of the Society of Actuaries, held May 16-17 in New York. The panelists, a regulatory examiner, an independent accountant, and an industry representative examine and discuss the objectives and quality of today's financial examination process. They discuss objectives of each type of examination, guiding principles and procedures, how successful examinations are in protecting the public's interests, and whether the process needs fixing, and if so, how and what actuaries should do. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 2.

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 1978 presentation discusses the recommendation made by the Canadian Institute of Chartered Accountants to move to a GAAP basis for reporting for life insurance companies. The primary purposes would be to report earnings on a going concern basis, rather than on a basis dominated by solvency considerations, and to promote improved comparability of reported financial results among companies.

Description: 1993 SOA Meeting, Quebec. The new SVL has expanded the scope and responsibilities of the valuation actuary. Topics covered: • Risk of legal liability for actuaries? • Vagueness of actuarial standards related to adequacy testing? • Reliance on other company experts? • Consultants versus company actuary perspectives? • The science versus the art of the process?

Description: This presentation is a panel discussion, session number 2PD, from the 2000 Valuation Actuary Symposium, held September 14-15 in Washington, DC. The panelists provide an overview of current statutory valuation issues pertaining to life and annuity products, to be covered in-depth at subsequent sessions. Topics include: new valuation table for life insurance NAIC Actuarial Guidelines [AG] for variable product guaranteed living benefits and for equity-indexed universal life [ZZZZ] amendments to the Actuarial Opinion and Memorandum Regulation [AOMR] progress on Unified Valuation System [UVS] Model Regulations on Separate Accounts Funding Group Contracts with Guarantees, and on Synthetic Guaranteed Investment Contracts [GICs] regulatory concern over liquidity and Regulation XXX mortality X factors.

Description: This 1980 session covers amendments to the SNL and SVL and the anticipated revision to the CSO Mortality Table. Questions discussed: 1. What changes can be expected in requirements in the1980's? 2. What changes in products design will likely emerge from these? 3. What will be the effect on future gross premium, cash value, and reserve levels? 4. Will these changes be compatible with all economic forecast scenarios? 5. Will these changes create a need for increased gross premium rates or for higher company surplus levels? 6. Should attention to solvency measures be increased? 7. Are the allowable valuation interest rates sufficiently liberal?

Description: This session from the 1984 SOA Salt Lake City Meeting examines financial reporting for new generation life and annuity products, such as universal life, single premium deferred annuities SPDA's, and flexible premium annuities. Topics include statutory and GAAP reporting, NAIC proposed regulation for UL, management reporting and accounting treatment of rollovers and replacements.

Description: 1998 Valuation Actuary Symposium. The panelists provided background about the Unified Valuation Law model, how we got here, what's going on today in 1998, and what we can look for in the future.

Description: This presentation is an Interactive Forum, session number 20IF, from the 1999 Valuation Actuary Symposium, held September 23-24 in Los Angeles. The panelists discuss the American Academy’s Valuation Task Force and its committees working on the proposal to revise the Standard Valuation Law, referred to as the Unified Valuation Law [UVL], to update participants as to the status of the committees’ work. They provide a description of the activities currently taking place, and an update of where the revisions process stands and what the next steps are. The current system versus what is proposed are discussed, including concerns of regulators. Discussion from participants is included.

Description: This presentation is an open forum, session number 12OF, from the 2000 Valuation Actuary Symposium, held September 14-15 in Washington, DC. The National Association of Insurance Commissioners [NAIC] has proposed a requirement that certain products have risk-based capital [RBC] C-3 determined as the greater of a calculation based on fixed factors, and results of a formalized cash-flow test. The panelists provide a summary of the requirements of C-3 testing, followed by an open discussion regarding implementation issues and other questions.