Description: Article discusses VM-31 requirements and actuarial report overview.

Description: Key findings from Milliman's 2019/2020 UL/IUL survey. Provides benchmarking for UL/IUL competitors relative to trends in the industry.

Description: Oliver Wyman surveyed the life insurance industry in 2Q 2018 on emerging life PBR practices. Key takeaways and a deeper dive on select practices are provided.

Description: Section 807d of the IRC provides that the deductible reserve for a life insurance contract is the greater of net surrender value or the Federally Prescribed Reserve FPR calculated under prescribed interest rate and mortality assumptions, but in no event can the tax reserve exceed “aggregate statutory reserves” i.e., the statutory cap. This article logically concludes that deficiency reserves are included in the calculation of the statutory cap.

Description: Author traces the tax treatment of deficiency reserves, beginning with the 1959 Act, illustrating how the decisions made in the development of the 1959 Act continue to affect the tax treatment of those reserves today.

Description: An interview with Sheryl Flum, chief, Branch 4, IRS Office of Associate Chief Counsel (Financial Institutions and Products) at the Internal Revenue Service, regarding her role at the IRS and current tax issues facing the life insurance industry.

Description: This article describes the mortality tables that the Board of Governors of the Society of Actuaries is recommending to the NAIC as successors to the 1958 CSO Table

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: Formulas for changes in GAAP liabilities and liability accrual rates are shown for three assumption update methods—retrospective, prospective and immediate.

Description: Perspectives on the Valuation Manual.