Description: This article discusses the adoption of the AICPA Statement of Position SOP 03-1 altering the way earnings emerge under FAS 97 and the impact of the enactment of SOX control requirements.

Description: This article on recent developments in insurance regulation, is a discussion of the new Model Nonforfeiture and Valuation Laws the continuation of an article from the November, 1981 issue of The Actuary, and to be continued in next month’s issue. It covers topics including mortality assumptions and the new 1980 CSO Mortality Tables, maximum valuation interest rates, and maximum nonforfeiture interest rates.

Description: This article discusses that “the investment returns earned by life insurance companies over the past decade have permitted the sale of contracts guaranteeing relatively high rates of interest. The contracts have given rise to problems in the areas of the federal securities laws, of federal income taxes, and of state valuation requirements,” as insurers, starting in the 1960’s began issuing annuity contracts that provided for the allocation of contributions to separate accounts.

Description: View the complete issue for the August 2014 Reinsurance News newsletter.

Description: Insurers in the European Union 'EU' were busy preparing themselves for the new Solvency II regulations when the European Court of Justice surprised the industry with its judgment on March 1, 2011, to end gender discrimination in insurance aimed at supporting the fight against unfair discrimination. This article provides background, industry reaction, and the possible effects on the life insurance industry.

Description: This article discusses the Financial Condition Examination Handbook and the Market Conduct Examination Handbook, both of which became effective January 1, 1977 after approval by the Executive Committee of the NAIC. The purpose of this new guidance is to update and simplify the examination process for all insurance companies.

Description: The author summarizes certain presentations at the ERM II Systemic Risk Workshop. The key objective of the workshop was to develop recommendations that could serve as input to regulators, legislators and other policy makers in designing and implementing systemic risk regulation that can prevent future financial crises.

Description: This report, prepared by Advisory Subgroup I, was included as Appendix 3 of the 1987 Valuation Actuary Handbook. This advisory subgroup, or committee, was appointed by the New York Insurance Department and chaired by Donna Claire. This committee was charged with developing suggested regulations to deal with the concept of the Qualified Actuary and Actuarial Opinion and memorandum in accordance with New York’s recently amended reserve and nonforfeiture laws for guaranteed interest contracts and annuities with and without life contingencies. The actual regulation, New York Regulation 126, combines the work of the committee with Subgroup II, which focused on minimum reserve standards.

Description: Observations from the author's experiences auditing blocks of LTCI business.

Description: Views of several actuarial participants in this lawsuit, regarding new buyer disclosure requirements, were printed in our May Issue. Mr. Murphy spoke for the plaintiffs, whose strongest objection to the disputed Wisconsin Regulation was its omission of the Equivalent Level Annual Dividend from the preliminary policy summary.