Description: This presentation is a Teaching Session, number 4A, from the 1987 Valuation Actuary Symposium. The subject of the session is Regulation 126, effective for year end 1986 for all companies doing business in New York, which requires an actuarial opinion and memorandum with respect to the adequacy of the assets to support the liabilities for annuities, guaranteed investment products, and related products. The instructor discusses areas of concern from New York as a result of the first year of filings, including completeness, call and prepayment assumptions, default assumptions [sometimes zero], surrender assumptions [too low], failure to reflect taxes, poor communication between actuary and investment department, length of projections, varying yield curves, reflection of reinsurance, and the most common reason for rejecting the opinion: using starting assets greater than liabilities. Other problems were illustrated through examples, and changes to Regulation 126 were discussed.

Description: This is a summary of the NAIC meeting held in September of 2008.

Description: 1992 SOA Annual Meeting, Washington, D.C. This session on repricing the in-force book of business addressed ASB requirements, data gathering, assumption setting, modeling considerations, coordination with financial areas, par versus interest-sensitive products, and communicating results to management.

Description: This report, prepared by Advisory Subgroup I, was included as Appendix 3 of the 1987 Valuation Actuary Handbook. This advisory subgroup, or committee, was appointed by the New York Insurance Department and chaired by Donna Claire. This committee was charged with developing suggested regulations to deal with the concept of the Qualified Actuary and Actuarial Opinion and memorandum in accordance with New York’s recently amended reserve and nonforfeiture laws for guaranteed interest contracts and annuities with and without life contingencies. The actual regulation, New York Regulation 126, combines the work of the committee with Subgroup II, which focused on minimum reserve standards.