Description: Key considerations when modeling reinsurance to calculate reserves under PBR as well as a case study examining the impact of reinsurance structures on reserves.

Description: Author discusses the treatment of current life insurance reserves under the tax code in determining a life insurer's taxable income, and what challenges are ahead in the era of principles-based reserves.

Description: Describes a process for identifying relevant industry experience to credibility-weight with relevant company experience to set modeling assumptions and margins.

Description: Reflections of a Regulatory Actuary by Larry Gorski

Description: Describes a process for identifying relevant industry experience to credibility-weight with relevant company experience to set modeling assumptions and margins.

Description: Changes to AG 43 and what that might mean for tax purposes. Also, summary of IRS Notice 2016-63 (provides safe harbor tax guidance on use of 2017 CSO tables).

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: The article highlights key considerations as companies begin to reserve for their IUL products under PBR.

Description: This is the first of two articles discussing the model laws governing minimum reserves and non-forfeiture values that the NAIC adopted in December 1980. The author, Chairman of the NAIC Technical Task Force on Valuation and Nonforfeiture Value Regulation, in this first article describes the objectives of the revision, which include updating assumptions, increasing flexibility, and improving the ability to deal with new types of products, the cooperative effort entailed, the actuary’s role and responsibilities in doing business under the new law, and the financial impact.

Description: Discussion of solvency problems and the actuary's role in addressing them in the life insurance industry.