Description: Discusses securitizing policyholder loans [PHLs], including the history, purpose, and benefits of such transactions. Then, using the example of Prudential's large $619 million PHL securitization, panelists discuss it from perspectives of the seller [Pru], actuarial cash flows of the PHLs being securitized, the securities issuer, and the marketing of the securities. From the 1988 Record of Society of Actuaries, Vol. 14, No. 3.

Description: From session 5PD at the Spring regional meeting of the Society of Actuaries held in Atlanta, Georgia, May 24-25, 1999. Panel discusses liquidity risk and the rating agencies' viewpoint on liquidity requirements.

Description: Recent reports have expressed concern over historically high levels of corporate indebtedness, with an increasing share of investment-grade debt now in the BBB category, just above speculative-grade. This session will explore trends in the corporate debt market, with a focus on the risks and opportunities for portfolios in the current environment.

Description: 1993 SOA Meeting, Quebec. This session is about life company solvency. The speakers discussed whether they believe the industry has stabilized and gave us their perceptions on what the future holds and what companies can do to remain solvent. Topics included: 1. A quick solvency review. 2. Summary of the Duff & Phelps rating process. 3. The key issue facing the life insurance industry today - real estate. 4. How a rating agency views and uses RBC. 5. How to use ratings or, basically, what ratings are and what they aren't. 6. The future of the life, health, and annuity industry with respect to solvency. 7. The capital markets generally and their view of the life sector specifically.

Description: This session discussion is about the actuary should be aware of techniques that are available to compare the expected returns from many different types of investments. Understanding these techniques will assist the actuary in pricing many of today's insurance products as well as measuring their ongoing profitability. From Record of the Society of Actuaries Vol. 15, No. 2.

Description: 1993 SOA Spring Meeting, Boston. This presenters in this session discussed the impact of lower interest rates. In 1993 the Moody's Aaa Corporate Yield were near 8%. Questions raised: • Are lower interest rates here to stay? • What are the product development implications? • What are the market share implications? • Are we recognizing the disintermediation risk?

Description: A controversial alternative to ERISA/FASB actuarial cost methods and assumptions is presented as a challenge from the discipline of financial economics. From the Record of the Society of Actuaries, Volume 27, No. 1, Session 37PD of the Dallas Spring Meeting.

Description: Many insurers preparing market consistent financial statements encounter the issue of developing volatility assumptions for equity options and guarantees that are longer than any observable market data. This presentation develops a generalization of the classical Black Scholes option pricing model that is consistent with the European CRO Forum's framework for valuing non-hedgeable risk. The presentation argues that, with reasonable parameter choices, the model fits observed volatility surfaces well enough that it can be used to estimate implied volatilities where no market data exists.

Description: Presented at October 1996 Annual Meeting. This discussion examines the National Association of Insurance Commissioners Model law regarding the use of assumption reinsurance.

Description: This presentation is a concurrent session from the 1991 Meeting of the Society of Actuaries, held April 18-19 in New Orleans. The panelists discuss securitization of assets as dividing future cash flows into tranches, which are then sold to insurance companies and pension funds. The cash flow traits of collateralized mortgage obligations, collateralized bond obligations, and asset backed securities based on automobile loans, credit cards, and receivables are discussed. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 1.