Description: The Actuary Vol. 22, No. 7. This article discusses the activities and goals of the Product Development Section of the SOA. Future activities will include joint sessions with other sections since product development issues sometimes relate to financial reporting. reinsurance, investments and nontraditional marketing.

Description: The Life Meeting, is the result of combining the Life & Annuity Symposium (LAS) and the Valuation Actuarial Symposium (ValAct). The Life Meeting will offer sessions specific to pricing and valuation as well as sessions on emerging issues relevant to both groups. These common themes include InsurTech, diversity, accounting change and the current economic environment.

Description: One of the most fundamental concepts in actuarial practice is the time value of money. For any work in which future cash flows are allowed for, such as reserving or pricing, it is natural to discount to present values so that an appropriate amount of money can be set aside today, allowing for future investment returns. This article discusses yield curve extrapolation methods along with the benefits and drawbacks of these methods.

Description: This year’s Life Meeting was unable to take place in person as planned in New York City. We are looking forward to the Life Meeting returning to New York City in 2024!

Description: This article summarizes the treatment of changes in the basis for determining life insurance tax reserves under prior law and describes the changes enacted by the Tax Cuts and Jobs Act. It further explains the procedures for changing the basis of computing reserves under the new rules as outlined in Revenue Procedure 2019-10, the IRS’s December 2018 guidance on the subject, and discusses the uncertainties that remain.