Description: The purpose of this research is to a) identify regulatory structures and influences in North America, b) provide examples that illustrate regulatory risk, and c) suggest mitigation ideas for both insurers and their regulators. The audiences for this paper are a) actuaries who must price policies, value policies, or manage capital, b) other insurance professionals who deal with operational risk, strategic risk, and capital planning, and c) regulators who protect the interests of policyholders and address the solvency of insurers.

Description: This presentation is an Interactive Forum, session number 20IF, from the 1999 Valuation Actuary Symposium, held September 23-24 in Los Angeles. The panelists discuss the American Academy’s Valuation Task Force and its committees working on the proposal to revise the Standard Valuation Law, referred to as the Unified Valuation Law [UVL], to update participants as to the status of the committees’ work. They provide a description of the activities currently taking place, and an update of where the revisions process stands and what the next steps are. The current system versus what is proposed are discussed, including concerns of regulators. Discussion from participants is included.