Description: This panel discussion is from the 1991 Meeting of the Society of Actuaries, held May 16-17 in New York. Noting that “within the life insurance industry there is increasing skepticism as to whether illustrations of projected policy values will be met,” the panelists discuss the Illustration Problem. They consider whether the problem is real, and whether current disclosure standards are inadequate. Other topics include whether it is possible to design an understandable method which cannot be manipulated, what responsibilities actuaries have in developing adequate standards, and regulatory activities. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 2.

Description: Presented at October 1996 Annual Meeting. This session looks at experience with Actuarial Standard of Practice 'ASP' 24 regarding the NAIC Life Insurance Illustration model regulation. Additionally included is a discussion of the NAIC's possible extension of the model to include annuities and variable life insurance. This session also looks at possible revisions to ASP 15.

Description: Presented at May 1986 Spring Meeting. This session discussion is about how the profitability of distribution systems are measured, differences in underwriting and mortality or lapse levels by distribution systems, the levels at which to measure profitability, should the profitability of individual producers be reviewed, the best ways to manage the financial aspects of different distribution, the effect of replacement or rollovers on distribution systems, and how the costs of distribution system development is handled.

Description: Presented at October 1996 Annual Meeting. Topics to be discussed include possible standards of practice relating to demutualizations and to changes to nonforeiture laws.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 The National Association of Insurance Commissioners NAIC Valuation of Life Insurance Policies Model Regulation XXX sets forth the valuation requirements for life insurance with nonlevel premiums or nonlevel benefits, including term insurance and universal life with certain underlying guarantees. Panelists discussed the issues around implementation of the requirements. The issues discussed include: • Determination of X factors when no credible company mortality exists • Proper treatment of secondary guarantees in universal life insurance • Preparation of the mortality assumption opinion requirements • Impacts on product development and design

Description: Members of the Life Practice Council of the American Academy of Actuaries discuss the activity surrounding their key issues, and additional projects before the National Association of Insurance Commissioners. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.

Description: From a session at the 2000 Valuation Actuary Symposium held in Washington DC, September 14-15, 2000 In this session the panelists discussed the issues related to the actuarial aspects associated with the demutualization process. The issues discussed included: • Developing historical and prospective assumptions • Aligning the models used in the company’s philosophy regarding dividend determination and pricing • Creating experience assumptions when less-than-perfect data exist • Determining who gets what • Complying with actuarial and accounting standards