Description: The Joint Risk Management Section is trying to develop better estimates of policyholder behavior in the tail [PBITT]. The mission of the PBITT working group is to examine and ultimately give guidance to actuaries on how to set policyholder assumptions in extreme scenarios. As part of its work, the PBITT working group issued its sixth survey to gather the range of assumptions actuaries use in pricing, reserving, and risk management of minimum guarantees on Variable Annuity products, such as death benefits, income benefits, withdrawal benefits and maturity benefits. This document contains the results of that survey.

Description: Discusses the results of the SOA’s 2009 UL secondary guarantee study conducted by the Policy Behavior in the Tail PBITT working group.

Description: Full version of Risk Management, March 2006, Issue No. 7.

Description: This article provides an excerpt of the results of a survey on policyholder behavior in the tail with respect to variable annuity guaranteed benefits. GMIB is specifically addressed.

Description: From a panel discussion session at the 2002 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, September 19–20, 2002 Panelists discuss the embedded value process, including discount rate, uses for embedded value reporting and implementation issues. Also included a discussion of fair value accounting methodology.

Description: This presentation is a panel discussion, session number 43PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists provide an overview of the current risk-based-capital [RBC] requirements for life insurers, as well as recent and potential changes to RBC. They discuss reinsurance, including off shore solutions. Recent changes they discuss include Phase I C-3, interest-rate risk for annuities and single premium life, common stock changes, and deferred-tax recognition. The panelists also discuss the proposed stochastic modeling standard C-3 Phase II for variable annuities. Discussion from participants is included.

Description: Presented at May 2002 Spring Meeting. This session covers NAIC 2001 changes to RBC requirements, the impact they have had on regulators, the rating agency reaction and proposed changes for 2002.

Description: Dynamic Financial Condition Analysis Update by James F. Reiskytl from The Financial Reporter, October 1999, Issue No. 40.

Description: At this session 138OF of the New York Annual Meeting panelists provide a brief history of the unified valuation system concept, including objectives, and discuss intended users of the output from the system. A progress report on the proposed valuation law is also presented. From the Record of the Society of Actuaries, Vol. 24, No. 3.

Description: Panelists at this session of the SOA 1998 Maui I Spring Meeting discuss a proposed American Academy of Actuaries Life and Health Actuarial Task Force study of current valuation methods applicable to life insurance, annuities, and health insurance. As a result of new products, such as equity indexed annuities, the current formula driven reserving system is in need of basic change.

Description: 1998 Valuation Actuary Symposium. Dynamic Financial Condition Analysis is analysis and sensitivity testing and stress testing. Stated another way it is measuring the ability of a company to support future operations. The panelists provided an update on recent Society research that has been done and examples in practice.

Description: In session 120IF of the Washington Annual Meeting panelists discuss latest developments related to Dynamic Financial Condition Analysis. From the Record of the Society of Actuaries, Vol. 23, No. 3.

Description: Presented at October 1996 Annual Meeting. Discusses the latest additions to the Handbook, recent developments/requirements in Canada, and current research to support the Dynamic Financial Condition Analysis Handbook.

Description: 1994 SOA Spring Meeting, San Francisco. This session provided an overview on the following issues regarding solvency analysis: 1. Will the actuary perform a financial condition analysis or provide an opinion on solvency? 2. Will the analysis be for internal use only or for public reporting? 3. Progress on the SOA's Dynamic Solvency Handbook. 4. Dynamic solvency research. 5. Canadian experience with solvency testing.

Description: 1994 SOA meeting, Orlando. This session is about the committee's dynamic solvency handbook and their progress to date. Topics discussed: 1. Should this report be a required opinion/report? 2. Should it be an internal confidential analysis? 3. What are the actuary's role and responsibilities?

Description: 1993 SOA Annual Meeting in New York. This session is about Dynamic Solvency Handbook developed by The Financial and Investment Management Practice Education Committee. The handbook is for actuaries who prepare solvency reports, and the targeted completion date was December 31, 1994.

Description: 1992 SOA Annual Meeting, Washington, D.C. This session discussed the 1992 status of NAIC risked-based capital. Topics included: 1. An update of the formula and the model law. 2. The regulatory viewpoint, which addressed the need for RBC and how the model law was to be implemented. 3. The rating agency viewpoint on RBC and its use.

Description: This session at the SOA 1990 San Francisco Spring Meeting is about the relationship between product design and investment policy. The focus is on a review of investment metircs, discussion of option adjusted spreads, and the use of total return from equity investments to support insurance products.

Description: Panelists, who are on the NAIC Special Advisory Committee – Valuation Law, discuss the current status of efforts to revise the SVL and the requirements for the actuarial opinion. They also solicit, and get, audience participation and questions. From the 1988 Record of Society of Actuaries, Vol. 14, No. 4B.

Description: Discusses the MSVR: its purpose, how it has [or has not] met its purpose – especially for a company invested in high-risk securities – how it will be affected by the proposed valuation-law changes, and how to treat it in the actuarial opinion required by New York Regulation 126. From the 1988 Record of Society of Actuaries, Vol. 14, No. 3.

Description: This session from the 1983 SOA Hollywood, Florida Meeting discusses investment strategy, new investment instruments, investment strategy for flexible cash value policies, investment strategy for traditional policies and an example of investment strategy for a SPDA. Record of Society of Actuaries Vol. 9, No. 4