Description: discussion of the ongoing developments in reserving and risk-based capital RBC requirements for variable annuities including stochastic scenario projections

Description: This presentation, session number 6PD, took place at the 2000 Annual Meeting of the Society of Actuaries, held October 15-18 in Chicago. The panelists discuss recent and potential developments in statutory reserving for annuity products, including reserves for variable annuities with guaranteed living benefits, NAIC Actuarial Guidelines 33, 34, and 35, new annuity valuation table update, proposed revisions to NAIC Actuarial Guideline 9-A on substandard annuity reserves, reserves for annuities linking returns to general account asset pools, reserves for guaranteed investment contracts with bailouts triggered by downgrades, changes to NAIC Model Actuarial Opinion and Memorandum Regulation, and unified valuation system update. Discussion from participants is included. From the Record of the Society of Actuaries, Volume 26, No. 3.

Description: Update on statutory Valuation reserves and required surplus for variable annuities with living benefit guarantees

Description: This paper begins with an investigation of the conceptual profit model known as Anderson's formula, then it compares Anderson's formula with two alternative profit formulas and discusses some applications and limitations of each method. A discussion of the paper follows. From Transactions of Society of Actuaries 1979, Vol. 31.

Description: Panelists discuss the background and history behind NAIC Guideline 33, including changes from the original AG 33 to the new one. Also included are numerical and graphical examples to illustrate the intent of the new Guideline 33. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.

Description: This presentation is from session number 25, presented at the 1999 Valuation Actuary Symposium, held September 23-24 in Los Angeles. The panelists discuss Actuarial Guideline XXXIV, which was effective year-end 1998 and addresses reserving for minimum guaranteed death benefits associated with variable annuities, including the requirements of Actuarial Guideline XXXIII. Companies are now offering other guaranteed benefits such as guaranteed living benefits, and the National Association of Insurance Commissioners [NAIC] and the American Academy of Actuaries are working to address reserving for these benefits. The panelists describe the minimum guaranteed benefits in the marketplace and the risks associated with them. Current reserving practices and the latest NAIC and Academy developments are discussed. Discussion from participants is included.

Description: Provides an overview of the proposed regulations for calculating risk-based capital [RBC] C-3 Phase II and statutory reserves [VACARVM] on death- and living-benefit guarantees provided by variable annuities, and their status. Panelists also discuss the conceptual and practical considerations involved with mapping investment options to modeled funds, setting assumptions for revenue-sharing, mortality, and other prudent best-estimates, selecting model points and major design decisions, coordinating the required calculations, and handling the workload at year end along with documentation requirements. Session 25PD of the 2005 Valuation Actuary Symposium.

Description: Update on Total Asset Requirements for statutory reporting of reserves and surplus for Variable annuity products with guarantees