Description: Full version of Risks and Rewards Newsletter, August 2006, Issue No. 48.

Description: The article is a re-cap of the Chairman's last three years as a member of the Investment Section Council.

Description: Feature article discussing hedging programs becoming a mainstay in the risk management arsenal of life insurers. It focuses on the significant stresses on variable annuity hedging programs.

Description: Update on section activities.

Description: This paper concludes that there are two index rates that could best replace the 30-year Treasury in the calculation of the Current Liability of a pension plan - either the 30 year swap rate or the benchmark 30-year FNMA bond.

Description: This chairperson’s corner will address many of the upcoming challenges for the Investment Section, how it might affect you, and how we will call upon you to help. There are a number of changes going on at the SOA, many that I am sure you are aware of. Specifically, the roles for the SOA sections are broadening to include many of the roles and responsibilities that used to reside in the practice areas. While there are some activities and functions that are still being developed further, many of our roles are now very clear. From Risks and Rewards Newsletter, August 2005, Issue No. 47.

Description: Article, Swaps and the Swaps Yield Curve by Joseph G. Haubrich, reprinted with permission. From Risks and Rewards, February 2004, Issue No. 44. This article was originally published in Economic Commentary in December 2001. Reprinted with permission.

Description: Feature article discussing how insurers have reflected volatility in asset return assumptions when determining capital requirements, but have largely disregarded the impact of mortality volatility on their liability assumptions when performing stochastic analysis.

Description: 1999 Market Triathlon Results by Frank M. Grossman from Risks and Rewards Newsletter, September 2000, Issue No. 35.

Description: A paper entitled “A Regime-Switching Model of Long-Term Stock Returns” appears in the April 2001 issue of the North American Actuarial Journal. In it, Dr. Mary Hardy describes a model for future equity returns and some reasons why that model might better reflect real equity price movements than the often-used lognormal model. The purpose of this article is to apply a two-regime model to variable annnuity GMDB pricing and compare the results to those from a lognormal model.