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: 1999 SOA Annual Meeting, San Francisco. This panel discussion dealt with several new product types and the accounting profession's efforts to provide guidance. The five product types below do not fit neatly into the rules set forth in Statement of Financial Accounting Standards 50 and 97: 1. Variable annuities with guaranteed living benefits. 2. Equity-indexed products. 3. Market-value-adjusted annuities. 4. Annuities with a front-end bonus feature. 5. Investment contracts with no significant source of profit other than interest spread.