Description: This presentation is a panel discussion, session number 33PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists provide an update of the 2002 progress made by the International Accounting Standards Board [IASB] in moving to a type of fair-value reporting as presented in the IASB’s draft statement of position on insurance accounting. The panelists then present arguments supporting and opposing fair-value reporting, including comparison with U.S. GAAP accounting. Discussion from participants is included.

Description: The article warns against treating the results of a stochastic model with more deference than other actuarial analysis, and describes some hidden risks involved with choice of model and calibration.

Description: Discussion of the new scenario generator selected by the NAIC and its behavior at low interest rates.

Description: A discussion of setting margins for financial reporting of insurance contract liabilities, with a focus on the cost - of - capital approach.

Description: Scenario generators used in financial models to quantify risk are sometimes described as being as either “real-world” or “risk-neutral”. The difference is in the treatment of the market price of risk. This report explores the relationship between real-world and risk-neutral scenarios and when it is appropriate to use each type.

Description: Full version of The Financial Reporter, Issue No. 65, June 2006.

Description: Building on the Part 1 article, Introduction to the Representative Scenarios Method, this article describes testing the methodology with respect to four product types, fixed indexed annuities with GLIBs, level term life insurance, universal life with secondary guarantees, and variable annuities with GLWBs. This Part 2 article describes testing results, refinements to the RSM methodology, and next steps.

Description: The Society of Actuaries Smaller Insurance Company Section, the Financial Reporting Section, and the Committee on Life Insurance Research are pleased to make available new research investigating simplified methods for determining reserves under VM-20.

Description: At this session 7OF of the 2004 Valuation Actuary Symposium panelists discuss the conceptual and practical issues of modeling to reflect developing areas, including fair-value and embedded-value measurement, embedded guarantees and stochastically determined capital requirements.

Description: 1999 SOA Annual Meeting, San Francisco. This panel analyzed the choices between purchasing actuarial software and developing the software in-house. Topics discussed: 1. Determination of software needs. 2. Evaluation of software packages. 3. Combining in-house developed software with commercial software. 4. Modifying commercial software to the needs of the organization. 5. Staffing and training for in-house developments versus staffing and training for installation of purchased software.