Description: S&P reissued a second Request for Comment (RFC) in May 2023 that proposed changes to their insurer capital adequacy methodology and assumptions, and suggested these proposed changes may become effective at the end of 2023. This paper is to highlight the notable changes between the current capital model criteria and the proposed model. We also discuss major changes from the first RFC and the second RFC, as well as several key items that still require enhanced guidance and clarification. Our analysis is based on information gathered from S&P's public comments, conversations with industry participants, and publications released by S&P Global as of July 2023 when this paper was written. Most U.S. life insurers are rated by S&P using their U.S. Life Statutory Capital model, while other insurers use the GAAP/IFRS Capital Model. Statutory financials will remain the starting point for U.S. life insurers under the proposed model, however there will be additional adjustments made to these numbers in an effort to create consistency and comparability with other accounting and solvency regimes.

Description: This article addresses the issues of short-term volatility, the non-equivalency of traders and, how product development is being impacted by market consistency.

Description: This article discusses the potential impact that low interest rates can have on the Life Insurance industry, even if they occur for a short period of time.

Description: This article summarizes the findings of the 2020/2021 Milliman UL/IUL/VUL survey. The survey covers a range of specific product and actuarial issues and the results provide a good tool for benchmarking

Description: Article Society Seminars by Adams in The Actuary, February 1979, Volume 13, Number 2

Description: This article is a book review of Life Insurance Company Investment Activities, Huebner Foundation Lectures, edited by J. David Cummins, and published for the S.S. Huebner Foundation for Insurance Education by Richard D. Irwin, Inc. The author notes it has been 25 years since a similar work was published by the Huebner Foundation, and that the new book does a good job of capturing the many changes that have occurred in that time. The article summarizes the book’s discussion of various topics, including investment strategy, types of investments, the impact of inflation, and investment regulation.