Description: As companies implement PBR, this article outlines challenges regarding the treatment of accelerated underwriting under VM-20 and in light of future innovation.

Description: Key excerpts from research recently performed by Milliman consultants for the SOA on the impact of VM-20 on life insurance product development.

Description: This article examines the impact of FAS 97 on the emergence of earnings for the most recent versions of UL products, those with interest rate and return of load kickers.

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: This article describes the effect of different valuation interest rates and levels of surplus on income tax paid by life insurance companies via Phase 1 of the Federal Income Tax Act of 1959.

Description: This article announces the availability of The Valuation Actuary Handbook. The purpose of this handbook is to provide assistance to all actuaries who need to use cash-flow testing to validate the appropriateness of reserves. It is a “how to” manual that contains the most up-to-date considerations and techniques for the valuation process.

Description: The author notes “the last major change in the Valuation and Non-forfeiture Laws occurred during the 1940's when the work of the Guertin Committee resulted in the adoption by the National Association of Insurance Commissioners NAIC of the Standard Valuation and Non-forfeiture Laws. While there have been a number of amendments to these laws since their adoption, both insurance department and company actuaries have concluded that there is need for a general overhaul of these standard laws to make them more responsive to today's business and regulatory needs.” The article goes on to discuss recent developments, recommendations, and legislative action, including the work of the Society of Actuaries Special Committee on Valuation and Non-forfeiture Laws, and the NAIC Technical Task Force.

Description: Documents the error in the Smoker/Nonsmoker CSO Tables accepted by the NAIC, and the expected approval of the NAIC to accept use of both the erroneous and the correct mortality rates for all regulatory purposes.

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