Description: This article describes methods for addressing technical challenges related to modeling asset cash flows for PBR reserve projections.

Description: Designing and Pricing LTCI Combination Products by Carl L. Friedrich from Long-Term Care Newsletter, December 2004, Issue No. 13.

Description: This article summarizes the key changes to VM-31 requirements in the 2020 version of the Valuation Manual for both life and variable annuities, and compares and contrasts the requirements for each. In addition, the article offers insights into common issues and recommendations for VM-31 reports from the viewpoints of a regulator, consultant, and company actuary.

Description: Update on Principles-Based Reserving

Description: Background information on the calculation of the statutory valuation and nonforfeiture maximum interest rates and a brief discussion on the effect that changing interest rates will have on some typical life insurance products.

Description: The purpose of this article is twofold. Number one, to estimate the growing level of statutory reserves that are being reinsured offshore, supported by Letters of Credit, as well as by assets held within a trust. Number two, to quantify the redundancy in the reserves due to the conservative nature of the required methodology, combined with the utilization of an outdated mortality table.

Description: This article summarizes the findings of the 2020/2021 Milliman UL/IUL/VUL survey. The survey covers a range of specific product and actuarial issues and the results provide a good tool for benchmarking

Description: This article is aimed to cover the following: 1) Provides an assessment of income volatility under Long Duration Targeted Improvements (LDTI) for several key types of long duration contracts along with select illustrations, and compares against those under current GAAP, 2) Discuss areas where accounting policies or methodologies can influence income volatility, and 3) Show how a company's management reporting can be adapted to help explain income variances under LDTI.

Description: The Occidental Life Insurance Company position paper: Mortality Fluctuation Reserve for Stock Life Insurance Companies is reproduced. The methods chosen are considered to conform to the Audit Guide for Stock Life Insurance Companies issued by the AICPA in December, 1972.

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.