Description: T3: TAXING TIMES TIDBITS

Description: This is an extensive, detailed, manual designed to implement Principles-Based Reserves. It includes an introduction, reserve requirements, actuarial opinion and report requirements, experience reporting requirements, and valuation manual minimum standards.

Description: Milliman, Inc. Milliman was retained by the Society of Actuaries SOA to perform certain actuarial analyses with respect to the Z-Factor methodology under a principles-based approach PBA to statutory reserve and capital. Under PBA, the Z-Factor is a measure of margin in excess of the best estimate assumptions embedded in the statutory reserves of a life insurance product or block of business.

Description: A research paper that outlines a seamless method of deriving assumptions for modern reserving and solvency capital requirements from a company’s own data.

Description: Author discusses the treatment of current life insurance reserves under the tax code in determining a life insurer's taxable income, and what challenges are ahead in the era of principles-based reserves.

Description: Panelists discuss many developments over the year 1991 that impact the valuation actuary. Session 1 of the 1991 Valuation Actuary Symposium.

Description: In physics and engineering education, Fermi problems require solutions based on good approximate calculations with little or no actual data, involving making justified guesses and deducing bounds without using sophisticated tools. The idea of Fermi problems are of particular relevance to today's actuaries, as pricing, reserving, and financial reporting involve more and more complex stochastic components. The paper discusses some approximate solutions developed in academia in the spirit of Fermi problems.

Description: Results of a company practice survey is presented. Among the areas to be addressed include the structure of accelerated underwriting programs, how programs are monitored, how accelerated underwritten business is performing relative to expectations, and how companies are considering accelerated underwriting cohorts in the context of VM-20 assumption setting.

Description: 1992 SOA Regional Meeting, Anaheim. In this panel discussion of the evaluation of the adequacy of capital, the speakers addressed the NAIC risk-based capital proposal, rating agency techniques, and valuation actuary views.

Description: 1992 SOA Annual Meeting, Washington, D.C. This 1992 session on the Statutory Valuation Opinion covered the following topics: 1. Regulatory issues and the amendments to the standard valuation law. 2. Practical considerations, such as accumulating data, setting assumptions and creating models. 3. Issues and considerations involved in cash-flow testing.