Description: This article is about the Course 8 series. Course 8 provides candidates with essential advanced specialized education in one of seven practice areas: individual insurance, group life and health, managed care, U.S. pensions, Canadian pensions, finance, and investments.

Description: Discussion of NAIC efforts to amend the annuity nonforfeiture laws to respond to falling interest rates.

Description: Prepared for the Society of Actuaries by STATLAB at the University of Western Ontario, this report contains the results of a cash flow testing, ‘CFT,’ software survey performed in 2004. The results were based on the responses of 110 life insurance companies in the U.S. and Canada. The goal of the survey was to produce a report that will serve as a reference for comparing the available CFT packages and lead to better software and modeling techniques. CFT refers to analysis which is used to support both the Asset Adequacy Analysis for the Actuarial Opinion for U.S. companies, and the ALM Provision for Adverse Deviations in applying the Canadian Asset Liability Method to determine reserves for Canadian companies.

Description: Panelists discuss the ongoing influence and long-term implications of the Health Insurance Portability and Accountability Act on the health insurance market in the U.S. From the Record of the Society of Actuaries, Vol. 24, No. 3.

Description: The next evolution of actuarial systems in the U.S. will likely be a move toward a single system solution. This article defines a single system solution and illustrates how models can be shared across actuarial functions, the potential benefits of a single system solution, and describes potential mitigation strategies to address typical actuarial concerns.

Description: New Zealand is about to launch its first variable annuity with guaranteed lifetime withdrawal benefits. The product design is mindful of the lessons from the financial crisis in the United States, Europe and Japan.

Description: This article addresses the growing need for critical illness insurance in the U.S. and the opportunities for insurance companies in this market. The article discusses product design both as stand-alone health insurance and accelerated benefits on life insurance policies, managing the risk through contract wording, and underwriting.

Description: A review of the development of the 2005 Version of the Generally Recognized Expense Table GRET, to be used to show compliance with the NAIC Life Insurance Illustration Model Regulation and the associated Actuarial Standard of Practice

Description: Guaranteed Annuity Options GAOs are options available to holders of certain pension policies. This paper studies GAOs using two models for the interest rate the Vasicek and the Cox-Ingersoll-Ross models. An actuarial approach is used to value the GAOs and compared with the value of a replicating portfolio.

Description: From a teaching session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 Discussion of realistic liability models for use in asset adequacy analysis, asset/liability management, pricing/repricing, financial reporting, or other purposes.