Description: U.K. life insurers writing participating business are required by the Financial Services Authority to value their assets and liabilities on a market-consistent basis. The purpose of this paper is to: • Explain the valuation approach based on market-consistent values and its rationale. • Set out the issues faced by life insurers in implementing the regime. • Explain how insurers addressed these issues. • Explain the importance of the modeling techniques they used.

Description: This paper illustrated one approach to the calculation of reserves on group life conversions and alerts the reader to its possible favorable income tax implications under current United States law. Followed by 2 discussion papers submitted

Description: View the COVID-19 Low Interest Rate Environment Cash Flow Testing Survey Summary of Results April 23, 2020

Description: This paper considers the question of whether or not the growth in the size of financial statements witnessed over the last several years has yielded an increase in the quality of disclosure around issues of financial risk and to what extent this disclosure is satisfying the perceived needs of readers of the financial statements, as represented by the investment analyst community. The question is addressed by presenting the results of research consisting of 1 the review and analysis of the disclosures addressing issues of financial risk contained within financial statements issued from 1999 to 2004 by 25 major insurance companies operating in the US and 2 the interviewing of 5 insurance industry analysts to understand their perceptions of what is good and bad about financial disclosure practices of life insurance companies.

Description: Healthcare costs have been rising faster than general inflation for many years. Early models that predicted this past pattern projected healthcare expenditure growth that continued to outpace total expenditure growth leading to the fallacious position that the whole of the US economy would ultimately be consumed by healthcare. The Society of Actuaries' Pension Section and Health Section Research teams commissioned Professor Thomas E. Getzen of Temple University to construct a resource model for the projection of long term healthcare cost trends that includes capacity constraints to ensure the long-term projection is rational. The motivation for creation of the model was driven by its potential usage as a resource for the estimation of reportable liabilities for retiree healthcare benefits as specified under FAS 106 and GASB 45 accounting statements. This is a zip file containing the following: 1. A background paper on the creation of the health trend model, 2. The model, programmed in Microsoft Excel [xls format], that projects per-person expenditures and growth rates through 2099 using baseline assumptions, but also permits the flexibility for user–inputted alternative assumptions, and 3. Technical documentation providing transparency and support for the ultimate results.

Description: This report provides a framework that actuaries can use to evaluate moderately adverse conditions.

Description: This paper addresses the extension of the theory of life contingencies to a stochastic interest environment and its application to solvency valuation and surplus. A discussion of the paper follows. From Transactions of Society of Actuaries 1990, Vol. 42.

Description: The purpose of this statement is to describe principles and considerations regarding the provision made by insurance organizations relative to life actuarial risks. From Transactions of Society of Actuaries 1995, Vol. 47.

Description: This paper identifies and discusses certain critical GAAP issues, such as the development of appropriate valuation assumptions, the applicability of the lock-in principle, and the evaluation of recoverability of deferred acquisition cost. In addition, the paper describes a valuation procedure that may be used to implement prospective changes to current valuation assumptions for in-force policies. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: This paper presents a new insight into the mathematical structure of asset share-type calculations. Asset shares are interpreted as accumulations of insurance cash flows, which along with their related investment income, are treated as Stieltjes integrals. From Transactions of Society of Actuaries 1978, Vol. 30.