Description: This Open Forum was Session 7A at the 1987 Valuation Actuary Symposium. In discussing taxes, it was noted that given that the valuation actuary concept has not been finalized, and that current tax reserves are formula driven, the ultimate tax implications are not known. The reinsurance discussion notes that “the most important reinsurance issue for the Valuation Actuary is the future collectability of reinsurance cash flows.” Discussion of asset/liability matching techniques from other industries included continuing care retirement facilities and the banking industry.

Description: This presentation made up Sessions 1 and 2 at the 1987 Valuation Actuary Symposium. The presenters discuss cash flow analysis in light of the valuation actuary concept. Asset and liability cash flows are looked at under different economic scenarios. Future interest rates, investment and reinvestment strategy are included in the discussion of scenario generation. Stochastic scenarios and the number of scenarios are discussed.

Description: This presentation is a panel discussion from the 1991 Annual Meeting of the Society of Actuaries, held October 20-23 in Toronto. The panelists discuss how some products have evolved in such a way that they are more compatible with available investments, that is the product design translates to a feasible investment strategy, which provides not only sufficient yield but also acceptable performance in various interest-rate environments. The panelists consider whether the trend will continue, and discuss the role of regulation, implications on educational activities for actuaries to understand better the asset side, and other issues. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 4A.

Description: This panel discussed studies of the risk of loss due to changes in the interest rate environment. It addressed why the C-3 risk is important and how inflation and stability in interest rates can affect the financial soundness of life insurance companies. There was also a discussion of the theoretical work being carried out to calibrate the C-3 risk of variation in interest rates and to what extent the valuation actuary can properly recognize the risk of loss from changes in the interest rate environment within the framework of valuations laws and regulations.

Description: From the 1985 Valuation Actuary Symposium Demonstration of the usefulness of the concepts of duration, interest rate sensitivity and, in particular, market values in analyzing the ability of assets to meet future liability demands.

Description: 1994 SOA Spring Meeting, Orlando. This teaching session introduced Course 230 to seasoned actuaries who missed the opportunity to study ALM material on their road to Fellowship. The focus of this session was to expose the various subjects covered, identify reading materials, and highlight a few topics.

Description: Presented at May 1986 Spring Meeting. This session discussion is about the purposes, tools and methods available, scenario testing, updating, special issues and problems. This discussion anticipates the development of new Valuation Actuary reserve adequacy opinion requirements.

Description: This panel discussion, which occurred at the October 1982 Society of Actuaries Annual Meeting in Washington D.C., presented information on the management of assets in relationship to liabilities. The information was based on a report from the C-3 Risk Task Force. Topics included: 1. Design of investment strategies to develop cash flow patterns appropriate with the liabilities. 2. Structuring the company to assure that investment returns are channeled to appropriate lines of business. 3. Valuing liabilities to appropriately recognize the relationship between assets and liabilities. 4. Should the actuary be concerned with certification of assets as well as liabilities? 5. Equity among lines contributing to investable cash flow.

Description: This presentation from the 1983 SOA Vancouver Meeting covers the actuaries' role in matching assets and liabilities, hedging, disintermediation risk and determining the appropriate level of surplus, the future of products with market value cash out adjustments and indexation in the construction of long term debt instruments. From Record of Society Of Actuaries Vol. 9. No. 3