Description: The NAIC Life Risk-Based Capital Working Group has been working on modifications to the C-3 interest rate risk component of the statutory risk-based capital formula. Changes being considered may have a significant impact on the work of the valuation actuary. From the Record of the Society of Actuaries, Vol. 25, No. 3. San Francisco Annual Meeting CA, October 17–20, 1999, Session 33PD.

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: The Society's Task Force to Study Risk of Loss from Changes in the Interest Rate Environment C-3 Risk Task Force was formed in March 1981 with the charge to quantify C-3 risk. The Task Force made a preliminary report as part of a panel discussion on C-3 risk at the Society's October 1981 meeting in Atlanta. This presentation provides an update on the progress to date and its future plans.

Description: In session 38PD of the San Francisco Annual Meeting panelists discuss the pros and cons of the recent development of securitization in the U.K. life insurance industry, and the applicability of these issues to the North American life and health market. From the Record of the Society of Actuaries, Vol. 25, No. 3.

Description: Actuaries and rating agencies increasingly believe that the NAIC's formulaic required capital standard does not adequately address a company's insurance, economic market and credit, reporting and pricing risk structure. Economic capital, based upon a stochastic evaluation of a company's total risk exposures, presents a new approach for accurately gauging a company's exposure to risk. Attendees learn what economic capital is, how it is calculated, what it tells company management about risk exposures and how it can serve as a valuable risk-adjusted measurement tool. From the Record of the Society of Actuaries, Volume 29, No. 1: Washington D.C. Spring Meeting, May 29–30, 2003, Session 24OF.

Description: This presentation is a panel discussion, session 54PD, from the 2004 Annual Meeting of the Society of Actuaries, held October 24-27 in New York. Asking the question ‘what's causing a scarcity of capital in the life insurance and life reinsurance industries?’ the panelists discuss emerging sources of capital, and the issues surrounding capital, looking at possible responses from ceding companies, reinsurers, regulators, and rating agencies. Discussion from participants is included. From the Record of Society of Actuaries, Volume 30, No. 3.

Description: This session features interviews with several authorities on the following current topics: How the rating agencies view capital management in determining company ratings How the rating agencies view the independent review process How capital management is addressed at a non-insurance company parent How financial reinsurance can be used to strengthen your capital. From the Record of the Society of Actuaries, Vol. 25, No. 3. San Francisco Annual Meeting, October 17-20, 1999, Session 65OF.

Description: This is a discussion of the future of the life insurance business in the USA. Specifically, it discusses corporate structure, marketing strategies, distribution approaches, product design, mergers and acquisitions, federal income taxation and reinsurance.

Description: This presentation, session number 79PD, took place at the 1999 Spring Meeting of the Society of Actuaries, held June 16-18 in Seattle. The panelists examine the history, growth, and the purpose of mutual life insurance companies, and the current interest in demutualization and the formation of the mutual holding company. They look at the current changing conditions—legal, economic, and market, and the search for alternative ways to access the capital markets. Topics include company management, advisors, regulators and their concerns, and recent activities among supporters and opponents of mutual company structure. Discussion from participants is included. From the Record of the Society of Actuaries, Vol. 25, No. 2.

Description: Presenters cover the outlook for credit defaults over the next 12 months and approaches used to price the debt market e.g., Merton's 1973 paper and subsequent developments. Attendees leave with an understanding of how the capital markets value debt issuance and knowledge of future trends in default risk. From the Record of the Society of Actuaries, Volume 29, No. 1: Washington, D.C. Spring Meeting, May 29–30, 2003, Session 10OF.