Description: Milliman, Inc. Milliman was retained by the Society of Actuaries SOA to perform certain actuarial analyses with respect to the Z-Factor methodology under a principles-based approach PBA to statutory reserve and capital. Under PBA, the Z-Factor is a measure of margin in excess of the best estimate assumptions embedded in the statutory reserves of a life insurance product or block of business.

Description: This report summarizes a research project examining the proposed principle-based framework for reserves and capital for life insurance. The report is a review and analysis of case studies submitted by participating companies in response to proposed changes in individual life insurance statutory reserve and risk-based capital methodologies.

Description: This paper discusses some of the main principles of classical life contingencies generalized and formulated in the language of probability theory and develops generalized and exponential reserves. From Transactions of Society of Actuaries 1976, Vol. 28.