Description: The Internal Revenue Code (IRC) sets forth a set of complex rules affecting life insurance companies and the products they sell. This session will explore the company and product tax related requirements imposed by the IRC that are of interest to actuaries, with the session in two parts:Part 1 - Company Tax Overview Federal income taxes are often one of the largest expense paid by a U.S. life insurers, but they tend to be overlooked or simplified in actuarial work. The presenters will provide an overview of key actuarial items impacting the determination of taxable income for life insurers, including the requirement for calculating tax reserves, the impact of changes in reserve basis, and the basics of capitalization of policyholder acquisition expenses (aka "Tax DAC").Part 2 - Product Tax Overview Life insurance and annuity contracts provide for favorable tax benefits. However, in order for policyholders to receive tax benefits, life products need to satisfy certain qualification requirements imposed by the Internal Revenue Code. The presenters will provide an overview of (1) the policyholder tax treatment of life insurance and annuity contracts and (2) the qualification requirements imposed by the IRC in order for policyholders to receive these benefits.This session is intended for actuaries with low to moderate knowledge of company and product tax related requirements and will help you learn key aspects of life insurance company and product taxation that can affect product design, pricing, valuation and modeling.

Description: From the 1986 Transactions Vol. 38, this document is the minutes of the Regional Meeting of the Society of Actuaries, held in Kansas City June 12-13, 1986.

Description: This is the financial report for the 1992-1993 year and contains the statement of financial condition for assets and liabilities and membership equity, statement of revenues and expenses, statement of cash flows, and the notes to the financial statements prepared by Seldon, Fox and Associates, LTD. From Transactions of Society of Actuaries 1993, Vol. 45.

Description: These are the meeting minutes from the Eastern Spring Meeting held in Philadelphia, PA on April 10-11, 1958.

Description: Discusses the reasons for changing emphasis on reserve strengthening programs and looks at methods adopted to emphasize the reserve character of undistributed surplus.

Description: This article summarizes the following insurance-related legal cases from 1951 and 1952: 1. Incontestable Clause-Effect of Death Within Period: Prudential Insurance Company v. Ruby, 2. Premium Tax-Annuity Considerations: Corporation Commission v. Equitable Life Assurance Society, 3. Murder of Insured by Beneficiary-Rights of Contingent Beneficiary: Beck v. West Coast Life Insurance Company, 4. Double Indemnity-Right to Autopsy-Demand within Reasonable Time: Reardon v. Mutual Life Insurance Company, 5. Insurance Commissioner-Limitations of Authority-Revocation of Company's License to do Business: Bankers Life and Casualty Company v. Cravey, 6. Effective Date of Policy-Date for Payment of Renewal Premiums: Lentin v. Continental Assurance Company, 7. Group Insurance-Bank Depositors: Mutual Bank & Trust Company v. Shaffner, 8. Killing of Insured by Beneficiary-Rights of Contingent Beneficiary: Bullock v. Expressmen's Mutual Life Insurance Company, 9. Aviation Exclusion-Conflict with Incontestable Statute: Jordan v. Western States Life Insurance Company, 10. Creditors' Rights-Endowment Contract-Exemption Statute: Fox v. Swartz, 11. Settlement Option-Testamentary Disposition: Hall v. Mutual Life Insurance Company, and 12. Aviation Exclusion-Aeronautic Flight: Aetna Life Insurance Company v. Reed. From Transactions of Society of Actuaries 1952, Vol. 4, No. 8.

Description: What are the possible future implications to insurance companies of significant improvements in mortality? How can futurism techniques be used in research? The formation of the mortality improvement study group at the Principal Financial Group was the first step toward examining the issue of mortality improvement. In an interactive format, we will present what we learned about mortality and futurism techniques by participating in this group.

Description: This is the presidential address by former SOA president, Robin B. Leckie. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: The purpose of this paper is to provide an introduction to mathematical principles applicable to pension funding under dynamic conditions of population growth, inflation, and automatic adjustment of benefits. From Transactions of Society of Actuaries 1976, Vol. 28.

Description: This report has been organized into the following principal sections: The Profession, Society of Actuaries Internal Organization, Education, and The Immediate Future. From Transactions of Society of Actuaries 1977, Vol. 29.