Description: This presentation is a panel discussion, session number 2PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists introduce major life and annuity statutory and GAAP valuation issues, which are covered in depth at subsequent sessions. There is also a brief update on activities of the International Accounting Standards Board [IASB]. Statutory topics include the draft National Association of Insurance Commissioners [NAIC] Actuarial Guideline MMMM for variable products with guaranteed living benefits, amendments to the Actuarial Opinion and Memorandum Regulation [AOMR], Regulation XXX mortality factors, and codification update, potential changes to the Standard Valuation Law, risk-based capital, and adoption of the 2001 CSO Mortality Table for valuation. GAAP topics include Statement of Financial Reporting Standards [SFAS] 133, 141, and 142, and two draft AICPA Statements of Position [SOP], one on nontraditional, long-duration products and another on internal replacements. Discussion from participants is included.

Description: This panel discussion is from the 1991 Meeting of the Society of Actuaries, held May 16-17 in New York. The panelists discuss various aspects of accelerated benefits, also known as “living benefits riders,” such as types of benefits, marketing, tax issues, pricing, valuation, and reinsurance. Regulatory issues are discussed, including the work of the American Council of Life Insurance, ‘ACLI,’ and the National Association of Insurance Commissioners, ‘NAIC,’ and their committees, in developing a Model Regulation. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 2.

Description: This session at the SOA 1998 Maui I Spring Meeting presents an overview of equity-indexed product features and discusses related regulatory issues with respect to illustrations, nonforfeiture benefits and reserving.

Description: Presented at September 1995 Valuation Actuary Symposium. Regulators discuss their expectations from the Actuarial Report based upon asset adequacy analysis.

Description: From the 1986 Valuation Actuary Symposium, held in Washington DC in October 1986 Discussion of emerging practice and regulations of the NAIC and New York Insurance Department with respect to requirements placed on the methods and assumptions used by the valuation actuary in producing the support for the Actuarial Opinion as to the adequacy of reserves for life insurance companies

Description: This presentation is from session number 2, presented at the 1999 Valuation Actuary Symposium, held September 23-24 in Los Angeles. The panelists discuss current statutory valuation issues pertaining to life and annuity products. They provide updates on the Unified Valuation Law [UVL] Task Force, equity-indexed products [including NAIC actuarial guidelines ZZZ and ZZZZ], NAIC actuarial guidelines XXXIII and XXXIV, variable annuity guaranteed living benefits VAGLB, the NAIC Model Regulation for Group Annuity Separate Accounts, Actuarial Opinion and Memorandum Regulation [AOMR] revisions, and other current topics.

Description: Panelists at this session of the SOA 1998 Maui I Spring Meeting discuss the most current information on issues in the regulatory area that impact individual life and annuity products.

Description: Panelists discuss major pricing issues with immediate annuities: [1] mortality assumptions, including improvement projections and substandard risks, [2] investment strategy, [3] expenses, and [4] valuation. Also discussed separately is a description of structured settlements and special issues with marketing such products. From the 1988 Record of Society of Actuaries, Vol. 14, No. 4A.

Description: This presentation made up Sessions 1 and 2 at the 1987 Valuation Actuary Symposium. The presenters discuss cash flow analysis in light of the valuation actuary concept. Asset and liability cash flows are looked at under different economic scenarios. Future interest rates, investment and reinvestment strategy are included in the discussion of scenario generation. Stochastic scenarios and the number of scenarios are discussed.

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.