Description: Chairman’s letter comparing risk management profile of the games of Craps and Life Settlements

Description: Identifies current trends and considerations when setting the mortality improvement assumption for individual life insurance in the US.

Description: This article discusses the pricing of life insurance contracts in the risk-neutral world. Specifically it deals with three aspects: 1 the motivation for pricing contracts using a risk-neutral methodology in valuing life insurance contracts 2 development of some ‘intuition’ behind the risk-neutral valuation techniques and 3 some caveats which need to be recognized.

Description: Describes a process for identifying relevant industry experience to credibility-weight with relevant company experience to set modeling assumptions and margins.

Description: A discussion of the American Financial case in detail. Also includes background on what the statute requires and the Internal Revenue Service (IRS)’s ruling and litigating positions.

Description: This article is a detailed review and discussion of “The Report on Actuarial Principles and Practical Problems with Regard to Non-forfeiture Requirements, Society of Actuaries, January, 1976.” The author of the article notes that It is an important report which should be read by all members of the Society irrespective of their professional affiliations, and in its present form the report is primarily an exposure draft and the Committee will therefore, welcome comments as to its content and recommendations prior to the discussion of the report scheduled for the Houston and Chicago SOA meetings.

Description: Proposes alternatives for estimating the long term interest returns in Indexed Universal Life products. Defends expected return of 20%-45% on hedge budgets.

Description: Since solvency assessment depends on a financial reporting framework, one needs risk metrics for use in financial reporting. The essay argues that conceptually, the cost of capital is the appropriate metric for reserves, while a probability level is the appropriate metric for capital. Then the essay advocates stress testing on specific scenarios as a better practical approach to ORSA.

Description: This article discusses the details of being classified as cognitively impaired, particularly the relationship between being classified as cognitively impaired and subsequent mortality experience and the effect of cognitive impairment on mortality rates.

Description: Part I of a four-part series on insurance product regulations around the world. Provides a good high-level summary of the regulations as of 2002.