Description: A regulator's perspective on the changing insurance and financial services industry, including changes in the state regulatory environment driven by the regulators themselves, as well as potential changes in the competitive environment prompted by the Financial Services Modernization Act.

Description: The actuary’s key role in the ORSA process should be to quantify the uncertainty surrounding the future financial results of the firm. By providing relevant standardized reports that clarify the uncertainty in terms easily understood by all stakeholders, the actuary will provide an essential element in the ORSA process. The dictum, "You can't manage what you can't measure." demonstrates the need to quantify risk, not just describe it qualitatively. While the ability to provide firm estimates of aggregate risk for complex organizations may not exist currently, doing so should be a target for the profession. The end result will be to enhance the financial security of the insurance industry at a time when all financial institutions are facing stakeholders skeptical about their financial condition. Part of the essay collection "Risk Metrics for Decision Making and ORSA"

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 Prior to 1999, Glass-Steagall legally separated banking, brokerage, and insurance activities. Enactment of the Gramm-Leach-Bliley Financial Modernization Act brings “down the walls,” separating these financial industries. This session talks about the financial services modernization law and the impact it will have.

Description: This essay examines several key factors that have contributed to China’s success in the economic reform spanning the past three decades and the double-edged nature of these factors going forward.

Description: A discussion of issues and developments that threaten the collective confidence of the LTC insurance industry, including job cutting, changes in reporting requirements, and compliance audits.

Description: This article suggests Dodd-Frank's financial reform legislation doesn’t go far enough to reduce systemic risk. Paper provides suggestions that would improve outcomes if built into the regulations.

Description: This article reviews the experience and restructuring that has taken place in the life insurance industry since the Asian economic crisis reached Korea. It also discusses the recent trends of the life insurance industry.

Description: Updates on HPC activities, including new work groups for providing input to key players as health care reform moves on from the legislative phase into the regulatory phase, as well as ongoing activities of existing workgroups in financial reporting, long term care, stop loss, disease management, Medicare SUpplement, sovency, cancer claims experience, and risk adjustment.

Description: Lessons learned in the financial crisis - global ramifications and need for better financial reporting standards and market oversight.

Description: Explains how Dodd-Frank will impact activities of an insurance company in a number of ways.