Description: This presentation is a Teaching Session, number 6TS, from the 2000 Valuation Actuary Symposium, held September 14-15 in Washington, DC. Late in 1999, the National Association of Insurance Commissioners [NAIC] adopted Codification of Statutory Accounting Principles. With a targeted uniform compliance date of January 1, 2001, insurers need to focus their attention on the implementation impacts associated with codification. The instructors provide a brief introduction to codification, and discuss the impacts that codification might have on life insurance companies, including: changes in accounting treatment and their impact on surplus and risk-based capital required changes in operational policies and procedures and changes in the annual and quarterly statement reporting process. Discussion from participants is included.

Description: Provides an overview of the proposed regulations for calculating risk-based capital [RBC] C-3 Phase II and statutory reserves [VACARVM] on death- and living-benefit guarantees provided by variable annuities, and their status. Panelists also discuss the conceptual and practical considerations involved with mapping investment options to modeled funds, setting assumptions for revenue-sharing, mortality, and other prudent best-estimates, selecting model points and major design decisions, coordinating the required calculations, and handling the workload at year end along with documentation requirements. Session 25PD of the 2005 Valuation Actuary Symposium.

Description: This paper discusses gain and loss analysis for group insurance under the following headings: Nomenclature and General Principles, Sources of Gain and Loss under Theoretical Conditions, Gains and Losses Arising in Practice, Comparison with Annual Statement Results and Effects of Changes in the Company's Dividend Formula. Discussions of this paper are included.

Description: Presentation of some of the factors to be considered, and approaches which might be employed, in valuing a life insurance company.

Description: The report examines various benchmarks for analyzing option adjusted spreads of the major fixed income asset classes of life insurance companies.

Description: The paper sets forth a procedure, based on actual experience, for determining extra life insurance reserves for term insurance conversion rights for annual statement purposes. Followed by several submitted discussion papers.

Description: This article intends to provide some background on how and when the state variation issues came about, why these issues present a challenge to the valuation actuary, what seems to be the current practice in dealing with these challenges, and how these issues can be addressed more effectively and efficiently in the future. From Society of Actuaries Financial Reporting Monograph, M-AS99-1.

Description: This panel discussion, which occurred at the May 1982 Society of Actuaries meeting in Colorado Springs, presented a discussion on developments related to Generally Accepted Accounting Principles- GAAP. The discussion included: FASB reformulation of audit guide, treatment of single premium deferred annuities, problems of applying GAAP principles to Universal Life, and a discussion of papers titled: a. A Policy-Year Model for GAAP Valuation of Coinsurance and Modified Coinsuranee, by David N. Becker and Michael V. Eckman and, b. GAAP for Nonguaranteed Premium Life Insurance, by Kriss Cloninger III.

Description: This articles discusses the questions - should statutory profits be discounted at an after-tax rate, or at a pre-tax rate?

Description: Synopsis of Issue Brief prepared by Tax Work Group of the Academy-LTD Claim Reserve Assumption Basis: Use of date of incurral/date of issue of original policy.