Description: A description of the controversy surrounding Actuarial Guideline 38 (AG38) and the joint working group that was formed to address the controversies.

Description: Illustrates the effects of different approaches to updating GAAP valuation assumptions for traditional life contracts.

Description: This article summarizes five key lessons we have learned in implementing LDTI and shares our insights on practical ways to address them. This is not an exhaustive list of implementation challenges, but companies that can successfully tackle the issues we describe should have a smoother data and systems implementation transition.

Description: The 2020 edition of the Valuation Manual permits mortality data aggregation thereby enhancing credibility but also has accompanying requirements and addresses calculation of company experience rates.

Description: Setting the X Factor Percentile— Commentary by G. Thomas Mitchell from The Financial Reporter, October 1999, Issue No. 40.

Description: Under non-Aristotelian logic, there are multiple values, or shades of gray. Indeed, there may even be unexpected results from logical combinations, like “both” and “neither.” This article discusses how this insight should be applied to the current debate between formula-driven reserves with limited assumption flexibility and the reserve principles approach. For reserve standards, we do need both actuarial judgment grounded in reserving principles and restrictive formula methods or safe harbors.

Description: Current status and initiatives related to PBR regulation

Description: Summary of the SOA research project on PBR Simplified Methods. Describes the multi-risk scenario generator, central estimate assumptions, assumption objectivity measures, and regulatory demonstrations per VM-20.

Description: This article discusses issues with ties to principle-based valuation.

Description: This article summarizes key aspects of the Economic Balance Sheet (EBS) framework with respect to valuation of long-term liabilities. It highlights key implications of the EBS framework for life insurers and actuaries.