Description: The article discusses the impact of changes made to Internal Revenue Code Section 7702 by the ConsolidatedAppropriations Act, 2021. The Consolidated Appropriations Act made changes to the interest rates used calculatethe Section 7702 premium and cash value funding limitations for life insurance contracts

Description: This article reviews some of the highlights of th 2010 SOA Annual meeting including the impact on pricing resulting from Solvency II, Market Consistent Valuation of New Business - MCVNB, the latest on mortality, Standards of Practice in product development, managing risk in product design and a regulation update.

Description: This article discusses the Own Risk and Solvency Assessment ORSA Guideline that is being developed by the NAIC Group Solvency Issues working group as part of the Solvency Modernization Initatitve SMI. It looks at the purpose of the ORSA, the three sections of the NAIC ORSA and issues with current U.S. ORSA draft.

Description: 2011 Enterprise Risk Management Symposium, Chicago. This study investigates whether simulation-based models can be used to predict liquidity risk for banks, which must comply with Basel III by January 2015. The paper looks at the process of developing a measurement framework using Black-Scholes and Merton’s asset-based models to measure liquidity risk.

Description: 2011 SOA Enterprise Risk Management Symposium, Chicago. The stated purpose of this paper is to consider whether a more comprehensive and timely measurement framework for risk exposure is now needed and to examine one possible approach. This paper proposes a new approach to risk measurement that, along with capital measurement and more rigorous oversight, will allow banks an ability to manage risk.

Description: In this article, the author discusses the need to create a systemic risk regulator.

Description: The main elements of the current US, Canadian and proposed Solvency II regulatory capital regimes for property and casualty insurance companies are compared in this paper.

Description: A collection of essays written on the current financial crisis, lessons learned and future implications.

Description: U.K. life insurers writing participating business are required by the Financial Services Authority to value their assets and liabilities on a market-consistent basis. The purpose of this paper is to: • Explain the valuation approach based on market-consistent values and its rationale. • Set out the issues faced by life insurers in implementing the regime. • Explain how insurers addressed these issues. • Explain the importance of the modeling techniques they used.

Description: This session from the 2003 SOA Orlando Meeting focuses on WL and UL insurance products offered in the U.S. and Canada, market and regulatory differences and similarities, the comparison of product offerings and an overview of current issues in product development. From the Record of the Society of Actuaries, Volume 29, No. 3.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. The panelists discussed issues arising from current financial trends that have had a more profound impact in restructuring our professional life than in any similar period in memory.

Description: This presentation is a panel discussion, session number 3PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists, including an attorney, a rating agency representative, and a state examiner, discuss regulatory and accounting issues relating to reinsurance, focusing on statutory accounting. They discuss risk transfer and other requirements, which if not met can cause the loss of reinsurance credit, how rating agencies evaluate the quality of reinsurance, what state examiners look for when reviewing reserve credits, how to perform due diligence on reinsurers, how to structure transactions to provide maximum security, and special issues associated with international reinsurance.

Description: The purpose of paper is to outline and illustrate some of the more important differences among the current US and Canadian regulatory capital regimes and the standard formula of the Solvency II framework using a hypothetical term-life insurance portfolio as an example.

Description: This panel discussion session explored alternative methods for accounting recognition of the costs of policyholder dividends. The theoretical bases, as well as the impact on anticipated earnings patterns, are discussed. Implementation issues are also discussed. Discussion of participating products in the UK and accounting methods used for them is also included.

Description: This article addresses the need for overhauling the present system of life insurance regulation in the US and how the Optional Federal Charter would address this need.

Description: This presentation is an open forum, session number 12OF, from the 2000 Valuation Actuary Symposium, held September 14-15 in Washington, DC. The National Association of Insurance Commissioners [NAIC] has proposed a requirement that certain products have risk-based capital [RBC] C-3 determined as the greater of a calculation based on fixed factors, and results of a formalized cash-flow test. The panelists provide a summary of the requirements of C-3 testing, followed by an open discussion regarding implementation issues and other questions.

Description: 1999 SOA Annual Meeting, San Francisco. Presenters discussed the proposed NAIC model regulations dealing with guaranteed investment contracts. Covered topics: 1. Products subject to regulations. 2. Reserving methodologies described in the regulation. 3. Assumptions. 4. Required actuarial certifications.

Description: 1999 Valuation Actuary Symposium, Los Angeles. This session provided a brief overview of a variety of financial reporting topics most of which were discussed in more detail at later sessions. Topics included: 1. NAIC Life and Health Actuarial Task Force developments and directions. 2. XXX Implementation Status. 3. New annuity valuation tables. 4. Statutory codification project. 5. AAA developments, including practice notes. 6. Unified Valuation Systems. 7. FASB and SEC developments. 8. Recent tax developments.

Description: 1999 Valuation Actuary Symposium, Los Angeles. This session discussed issues of particular interest to valuation actuaries in smaller insurance companies. Topics included: 1. Regulation XXX. 2. Actuarial Guidelines 33 and 34. 3. Illustration actuary. 4. Current regulatory proposals. 5. Proposed new Section 7 requirements. 6. C-3 RBC Based on Cash-Flow Testing. 7. Use of outside consultants.

Description: This presentation is an open forum, session number 37OF, from the 1999 Valuation Actuary Symposium, held September 23-24 in Los Angeles. A panel of regulators share their perspectives on valuation actuary related issues, including the hot issues from a regulatory concern, their attitudes on relying on the judgment of company actuaries, their assessment of how the valuation actuary concept is working, comments on peer review, and comments on the NAIC Life and Health Actuarial Task Force. Discussion from participants is included.

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.

Description: 1999 Valuation Actuary Symposium, Los Angeles. This session focused on how the industry has responded to the financial management challenges associated with Equity-Indexed products. Topics included: 1. Investment hedging and market volatility. 2. Product modeling. 3. Participation rate competition. 4. Product evolution. 5. GAAP for Derivatives - FAS 133.

Description: From session 63 PD at the Spring regional meeting of the Society of Actuaries held in Atlanta, Georgia, May 24-25, 1999, panelists discuss current issues including adoption status and proposals for various regulations critical to product development efforts. Impact of XXX on product design and reserves is also discussed. From the Record of the Society of Actuaries, Vol. 25, No. 1.

Description: From a session at the Spring regional meeting of the Society of Actuaries held in Atlanta, Georgia, May 24-25, 1999 Panel examined the failure of three major life insurance companies in North America: Executive Life, Mutual Benefit, and Confederation Life, changes that have taken place in the aftermath of these failures, and the likelihood of future failures.

Description: 1998 SOA Spring Meeting, Maui. Panelists addressed recent, current, and proposed activity in the life insurance company financial reporting environment. Actuarial Guidelines 33, 34, and ZZZ were discussed as were equity-indexed products.

Description: 1998 Valuation Actuary Symposium. The panelists provided background about the Unified Valuation Law model, how we got here, what's going on today in 1998, and what we can look for in the future.

Description: One of the most important influences on the development of an insurance market and on the development of professions, such as the actuarial profession, is the nature of regulation. This paper looks at four main economic models of regulation: 1. Market socialism, 2. Freedom with publicity, 3. Public interest, and 4. Public choice theory. The role of profession and other sophisticated products of the market order are also analysed.

Description: This article from SOA president David Holland, speaks to the need of the actuarial profession to consistently evolve with the needs of the 21st century.

Description: This session from the 1995 SOA Boston Meeting Panelists will review the Canadian experience in adopting dynamic solvency testing DST and the impact of DST on how companies do business, changes which have been made and the changes suggested to the DST. From the Record of the Society of Actuaries, Vol. 21, No. 4a.

Description: This panel will discuss the current status of NAIC activities with respect to risk-based capital RBC. The potential impact on financial reporting with respect to health products, specifically, indemnity, HMO, disability, and nontraditional products will also be discussed. From the Record of the Society of Actuaries, Vol.21, No. 4a.

Description: This session from the 1995 SOA Boston Meeting covers an update on the current status of the proposed new standard non-forfeiture law for life insurance. From the Record of the Society of Actuaries, Vol. 21, No. 4a.

Description: This session from the 1995 SOA Boston Meeting presents the issues in developing a reinsurance arrangement for fixed annuity products including rate crediting strategies, reinsurer solvency risk, fund management and regulatory issues. Also included is reinsurance of interest sensitive products, variable life and annuity and terminal funding. From the Record of the Society of Actuaries, Vol. 21, No. 4a.

Description: This session from the 1995 SOA Boston Meeting has former U.S. Senator Don Riegle speaking on the current government regime and an overview of banking and insurance. From the Record of the Society of Actuaries, Vol. 21, No. 4b.

Description: This session from the 1995 SOA New York City Meeting covers liquidity including the external view of liquidity, the internal view of liquidity and liquidity ratios and an actual liquidity stress situation. From the Record of the Society of Actuaries, Vol. 21, No. 2.

Description: This session from the 1995 SOA New York City Meeting covers the Society's research activities directly related to dynamic solvency testing, DST, a historical perspective of insolvencies and the uses of DST to determine financial impairment. From the Record of the Society of Actuaries, Vol. 21, No. 2.

Description: 1994 SOA Spring Meeting, Orlando. This session is about the actuary's developing role in regulating insurance worldwide.

Description: 1994 SOA Spring Meeting, Orlando. In December 1993, the NAIC adopted a risk-based capital formula for property and casualty insurers. This session is about the industry implications of the risk-based capital formula and model law.

Description: 1994 SOA Spring Meeting, Orlando. This panel examined the development and use of RBC requirements from an international perspective. Specific topics included: • Regulatory context and background. • Role of RBC in regulation. • Influence on industry practiceinvestments? products? • Problems, issues, and expected future developments.

Description: This session from the 1994 Valuation Actuary Symposium presents a question and answer format relating to various valuation topics.

Description: This session from the 1994 Valuation Actuary Symposium covers long term care and health related issues for valuation, an update from the Risk-Based Capital Task Force of the Academy on developing a risk-based capital formula for health coverages, an overview of the health practice notes.

Description: 1993 SOA Annual Meeting in New York. This session is about federal regulations versus state regulations. Topics included: 1. Status of Dingell/Metzenbaum bills and Industry response. 2. The McCarren-Ferguson Act, and recent developments in that area. 3. Bills that address the issue of redlining in insurance. 4. The Disclosure of Insurance Availability Information bill. 5. Heath care reform initiatives.

Description: 1993 SOA Annual Meeting, New York. This session provided an update on the appointed actuary. Topics included: 1. Provided preliminary results of a 1992 cash-flow-testing survey that was sent to a number of life companies in the U.S. 2. A discussion of the position taken by one actuary who did not do cash-flow testing in forming an opinion for his company's 1992 annual statement. 3. How to deal with failed scenarios. 4. The evolution of the appointed actuary's role at MetLife. 5. How the process currently works at MetLife. 6. Insights on where MetLife sees the process going.

Description: 1993 SOA Annual Meeting, New York. This session discussion is about the impact of RBC on product design. Topics included: 1. An overview of the regulatory aspects of RBC. 2. How to incorporate RBC into the pricing of insurance products. 3. The small company perspective 4. The application of marginal RBC analysis. 5. A preliminary analysis on RBC covariance between product lines.

Description: 1993 SOA Annual Meeting, New York. This session discussed problems of compliance for Canadian insurance companies. The passage of the Insurance Companies Act in Canada was the first sweeping overhaul of life insurance legislation in Canada since the 1930s. The Act included extensive changes in corporate governance, corporate powers and investment policies of companies.

Description: 1993 SOA Meeting, Quebec. Actuaries doing reserve testing under new valuation standards face decisions as to how to test for the C-1 or asset default risk. Related topics discussed: 1. The different purposes of evaluating C-1 risk. 2. Some of the evaluation methodologies used. 3. The sources of data to make your assumptions. 4. Some real-life issues and problems, focusing specifically on mortgage loans. 5. An overview of the Society's Credit Risk Study which looked at private placement and mortgage loan credit losses. 6. Practical considerations in modeling C-1 risk and living up to the applicable professional standards.

Description: 1993 SOA Meeting, Quebec. The new SVL has expanded the scope and responsibilities of the valuation actuary. Topics covered: • Risk of legal liability for actuaries? • Vagueness of actuarial standards related to adequacy testing? • Reliance on other company experts? • Consultants versus company actuary perspectives? • The science versus the art of the process?

Description: 1993 SOA Spring Meeting, Boston. This session is about trends in life company impairments and insolvencies. Topics included: 1. Recent insolvencies - are there similar situations waiting to be discovered? 2. How meaningful are current financial statements? 3. What do rating agencies say? How much confidence is there in their ratings? 4. The role of cash-flow testing, AVR/IMR, and risk-based capital formulas.

Description: This session from the 1993 Valuation Actuary Symposium introduces the Basic Issues and Principles Health Practice Note and provides some background information including cash flow testing, Section 7 opinions and an update on solvency issues.

Description: This session from the 1993 Valuation Actuary Symposium focuses on general modeling issues associated with the completion of the opinion and memorandum required by revisions to the Standard Valuation Law. It concentrates on liability modeling.

Description: This session from the 1994 Valuation Actuary Symposium provides an introduction and overview to the symposium including several NAIC-related activities, regulation XXX, proposed GGG regulation, and the entire life practice notes at the time.

Description: This session from the 1993 Valuation Actuary Symposium discusses opinion and memorandum issues facing the appointed actuary including the criteria used to form an opinion, analyzing year-end testing, documentation needed, reliances, how to handle a qualified opinion and options other than cash flow testing.

Description: This session from the 1993 Valuation Actuary Symposium focuses on problems and solutions observed by consulting firms including cash flow testing, modeling of assets and liabilities, who the valuation actuary relies upon and the software being used for valuation actuary work.

Description: 1992 SOA Annual Meeting, Washington, D.C. This session addressed the asset valuation reserve, the interest maintenance reserve, the RBC requirements, and the impact on the company's investment strategies of these reserves.

Description: 1992 SOA Annual Meeting, Washington, D.C. This 1992 session on the Statutory Valuation Opinion covered the following topics: 1. Regulatory issues and the amendments to the standard valuation law. 2. Practical considerations, such as accumulating data, setting assumptions and creating models. 3. Issues and considerations involved in cash-flow testing.

Description: 1992 SOA Regional Meeting, Anaheim. In this panel discussion of the evaluation of the adequacy of capital, the speakers addressed the NAIC risk-based capital proposal, rating agency techniques, and valuation actuary views.

Description: This session from the 1992 Valuation Actuary Symposium explores the new reserve adequacy provision for disability income that requires reserves be adequate in light of the assets held by the company with respect to those reserves.

Description: This presentation is a concurrent session from the 1991 Meeting of the Society of Actuaries, held April 18-19 in New Orleans. The panelists discuss real estate related assets and the position of insurance industry in light of the savings and loan crisis, and the regulatory structure and how it has changed and will continue to change. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 1.

Description: 1990 Valuation Actuary Symposium Proceedings is a workshop on statutory, GAAP and tax issues for the valuation actuary. Various specific state regulations are discussed.

Description: This Report presents the results of a three-year study on Demutualization by a Task Force of the Society of Actuaries. From Transactions of Society of Actuaries 1987, Vol. 39.

Description: 1987 Valuation Actuary Symposium. This session discussed the implementation of a solvency testing process, associated company considerations, and the ways in which the process might be viewed by other parties.

Description: 1987 Valuation Actuary Symposium. This session presented views regarding Professional Development of regulators from the states of California, Texas and New York as well as comments from the government actuary in the United Kingdom.

Description: This session from the 1984 SOA Toronto Meeting examines the current proposals, regulation and deregulation in the U.S. sector and Canada, The Baldwin-United problem and the implications for the life insurance framework in Canada. From Record of the Society of Actuaries Vol. 10. No. 4

Description: This session from the 1984 SOA Toronto Meeting discusses the Valuation Actuary, the changing role and the actuarial opinion. From Record of the Society of Actuaries Vol. 10, No. 4B

Description: This session from the 1984 SOA New York Meeting covers future trends in the regulation of life insurance company valuation with an accompanying discussion note, the responsibility of the valuation actuary, the actuarial opinon and the SOA and AAA support of the valuation actuary. From Record of the Society of Actuaries Vol. 10, No. 3

Description: This session from the 1984 SOA Salt Lake City Meeting discusses the latest Exposure Draft of the Committee on Theory of Dividends and other Non-Guaranteed Elements in Life Insurance and Annuities and of other related developments in this area.

Description: This session from the 1984 SOA Atlanta Meeting covers pending tax legislation with respect to life insurance companies, policyholder taxation and the current legislative outlook.

Description: This session from the 1983 SOA Hollywood, Florida Meeting discusses deregulation of life insurance, how much deregulation would be desirable, the regulatory environment in Canada and the desirability of state regulation versus federal regulation. Record of Society of Actuaries Vol. 9, No. 4.

Description: This session from the 1983 SOA Hollywood, Florida Meeting discusses the new standard non-forfeiture and valuation laws, specifically addressing the status of state approval, smoker/non-smoker mortality, 1980 CSO Tables, impact on product design and implementation issues.

Description: This article is an abstract of notes from a June 1983 meeting of the New York Actuaries Club which discussed the perceived disadvantages suffered by the mutual form of life insurance company organization.

Description: This session from the 1983 SOA Vancouver Meeting discusses current regulatory topics affecting life insurance and annuity product development including smoker/non-smoker mortality tables, unisex legislation being considered and life insurance without guaranteed cash values. From Record of Society of Actuaries Vol. 9, No. 3

Description: This session from the 1983 SOA Spring Meeting discusses regulatory topics affecting life insurance and annuity product development including Unisex rating, UL reserves and non-forfeiture values, policies without guaranteed cash surrender values, and smoker/non-smoker mortality tables. From Record of Society of Actuaries Vol. 9, No. 2.

Description: This document summarizes the meeting of the Individual Life Insurance and Annuity Product Design Section that occurred at the October 1982 Society of Actuaries Annual Meeting in Washington D.C. The meeting of this section consisted of a report to members, role and purpose of the section, and an open discussion.

Description: This session from the 1981 SOA Spring Meeting focused on return on investment in a rate-regulated environment. Topics included current rate-regulated environments, current use of ROI, ROI in price setting and future rate regulation controls. From Record of Society of Actuaries, Vol. 7, No. 2.

Description: In this 1981 discussion session, actuaries from the United States, Canada and Britain talk about insurance regulation.

Description: This 1980 session covers amendments to the SNL and SVL and the anticipated revision to the CSO Mortality Table. Questions discussed: 1. What changes can be expected in requirements in the1980's? 2. What changes in products design will likely emerge from these? 3. What will be the effect on future gross premium, cash value, and reserve levels? 4. Will these changes be compatible with all economic forecast scenarios? 5. Will these changes create a need for increased gross premium rates or for higher company surplus levels? 6. Should attention to solvency measures be increased? 7. Are the allowable valuation interest rates sufficiently liberal?