Description: The objective of this statement of principles is to articulate the current understanding of the significant principles that form the scientific framework underlying all areas of actuarial practice. The intended audience includes practicing actuaries, researchers and others, such as representatives of standard-setting organizations. This articulation is not immutable and should be revised if changes arise in our understanding of the key concepts and phenomena relevant to actuarial science, or if a better expression of the ideas is developed. This statement is the culmination of an effort that begin with the October 1991 draft by the SOA Committee on Actuarial Principles entitled “Principles of Actuarial Science. After incorporating numerous comments, that statement was published in Transactions of the Society of Actuaries XLIV, 1992.

Description: This paper describes the use of the Moses software package to model variable annuities with multiple guarantees. Pricing and risk management are discussed.

Description: U.K. life insurers writing participating business have, since the end of 2004, been required by their regulator, the Financial Services Authority FSA, to value their assets and liabilities on a market-consistent basis. The purpose of this paper is to explain the new valuation approach based on market-consistent values and its rationale set out the issues faced by life insurers in implementing the new regime and explain how these issues have been addressed by insurers.