Description: Addresses U.K. actuarial discussion regarding “maturity guarantees”, i.e., the reserves necessary to support promises contained in investment-linked contracts.

Description: The purpose of this article is to discuss potential issues and considerations that may be encountered with the implementation of VM 20. Crucial considerations include the modeling software used, validation effort, assumptions used, complexity of the process, documentation, and run time. A key takeaway is that an integrated modeling platform with solid automation and asset-liability capabilities is imperative for addressing the issues and considerations encountered.

Description: This paper demonstrates some of the basic principles and concepts inherent in the use of natural reserves to adjust earnings and to demonstrate differences in earning patterns obtained by several alternative approaches to a pure natural reserve adjustment of earnings.

Description: The article highlights key considerations as companies begin to reserve for their IUL products under PBR.

Description: This article describes methods for addressing technical challenges related to modeling asset cash flows for PBR reserve projections.

Description: In physics and engineering education, Fermi problems require solutions based on good approximate calculations with little or no actual data, involving making justified guesses and deducing bounds without using sophisticated tools. The idea of Fermi problems are of particular relevance to today's actuaries, as pricing, reserving, and financial reporting involve more and more complex stochastic components. The paper discusses some approximate solutions developed in academia in the spirit of Fermi problems.

Description: Panel discussion of the following topics: A. Recent revisions been made in the mortality, interest, and expense assumptions upon which life insurance premium rates are based. B. Factors considered in recent revisions of premium rates for substandard risks. C. The extent to which deficiency reserves been required as a result of recent decreases in nonparticipating premium rates for life insurance D. Recent changes in disability premium rates for women.

Description: This article describes the mortality tables that the Board of Governors of the Society of Actuaries is recommending to the NAIC as successors to the 1958 CSO Table

Description: The Occidental Life Insurance Company position paper: Mortality Fluctuation Reserve for Stock Life Insurance Companies is reproduced. The methods chosen are considered to conform to the Audit Guide for Stock Life Insurance Companies issued by the AICPA in December, 1972.

Description: Excerpts from Yee's presentation on the S-Curve reserve for Universal life. The S-Curve represents a distribution of amount of assets needed under 550 scenarios which, together with future premiums, will fund all future policy benefits and expenses. The reserve is a specific point on the Curve.