Description: This article discusses the effects of a reduction in the life valuation interest rate and the adoption of the 2001 CSO table. From Small Talk Newsletter, November 2005, Issue No. 25.

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: Background information on the calculation of the statutory valuation and nonforfeiture maximum interest rates and a brief discussion on the effect that changing interest rates will have on some typical life insurance products.

Description: This meeting session covered proposed amendments to valuation and nonforfeiture laws, which included a new mortality table and the dynamic interest rate concept, and the SEC's scrutiny of annuities and Guaranteed Investment Contracts.

Description: Discussion about: A. New forms of policies and riders, and new options which have been introduced and their level of success, B. Changes in the use of: i Settlement options? ii Special conversion options? iii Automatic premium loans? C. Recent changes in settlement option bases D. The experience of smaller companies with respect to replacement problems, and compliancecwith state replacement regulations? Discussion about new forms of policies, changes in the use of settlement options and what other smaller companies are doing about replacement problems.

Description: The author notes “the last major change in the Valuation and Non-forfeiture Laws occurred during the 1940's when the work of the Guertin Committee resulted in the adoption by the National Association of Insurance Commissioners NAIC of the Standard Valuation and Non-forfeiture Laws. While there have been a number of amendments to these laws since their adoption, both insurance department and company actuaries have concluded that there is need for a general overhaul of these standard laws to make them more responsive to today's business and regulatory needs.” The article goes on to discuss recent developments, recommendations, and legislative action, including the work of the Society of Actuaries Special Committee on Valuation and Non-forfeiture Laws, and the NAIC Technical Task Force.

Description: Discussion of the necessity of nonforfeiture laws for life insurance and the inconsistencies in the laws between comparable products.

Description: This article is is an excerpt from a concept document submitted to the NAIC as a possible framework for drafting the new Standard Nonforfeiture Law. The document incorporates comments from the NAIC’s Life and Health Actuarial Task Force into a concept document prepared by the American Academy of Actuaries’ Nonforfeiture Work Group.

Description: This presentation is an overview of the Meeting from the Record of the SOA Vol.6 No. 1. The session summarizes points from each concurrent session of the meeting and includes issues about the effect of governmental actions and consumerism on product design and pricing of the future, risk classification in the 1980's, nonforfeiture and valuation concerns in the 1980's and effect of taxation in the 1980's.

Description: Suggestions have been made that life insurance cash values should depend on the prospective mortality, based on underwriting, of the insured evaluated at the time a cash value is applied for. This paper explores a simple model for determining cash values on such a basis and some practical problems associated with it.