Description: The article addresses treatment of products with indirect participating features (e.g. declared credited rates) under IFRS 17. Some of the questions that are answered include classification, stochastic modeling requirements, application of the illiquidity premium, methods to systematically allocate between P&L and OCI, and use of locked in discount rates for CSM purposes.

Description: Institutional investors such as pension plans and insurance companies have enjoyed strong equity returns for a length of time with few historical precedents. Nearly a decade after the end of the financial crisis, strategies to provide downside protection remain expensive and the performance of traditional risk-managed funds has disappointed investors.

Description: With the halfway point of the transition period in the rear view mirror, many companies are well underway with their VM-20 implementation and analysis efforts. Beyond attempting to master the new rules of the road, actuaries have discovered new effects of product design and assumption setting. Panelists in this session will discuss their experiences with VM-20 reserves for various products and designs, their applications of actuarial judgement and the areas where even they don’t have all the answers. The audience is encouraged to bring their questions and also to share their insights.

Description: As companies implement PBR, this article outlines challenges regarding the treatment of accelerated underwriting under VM-20 and in light of future innovation.

Description: The article describes changes to the computation of tax reserves as a result of the Tax Cuts and Jobs Act.

Description: Describes a process for identifying relevant industry experience to credibility-weight with relevant company experience to set modeling assumptions and margins.

Description: Describes a process for identifying relevant industry experience to credibility-weight with relevant company experience to set modeling assumptions and margins.

Description: Describes using the new multi-risk scenario generator to create sensitivity tests at moderately adverse probability levels, resulting in margins to use for PBR.

Description: How do combo products fit in the new statutory valuation framework?

Description: Formulas for changes in GAAP liabilities and liability accrual rates are shown for three assumption update methods—retrospective, prospective and immediate.

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: Metadata for entire issue

Description: In physics and engineering education, Fermi problems require solutions based on good approximate calculations with little or no actual data, involving making justified guesses and deducing bounds without using sophisticated tools. The idea of Fermi problems are of particular relevance to today's actuaries, as pricing, reserving, and financial reporting involve more and more complex stochastic components. The paper discusses some approximate solutions developed in academia in the spirit of Fermi problems.

Description: This article provides some insights into the creativity employed in cash flow testing to help ensure the sound survival of small companies that have limited means.

Description: Author discusses the treatment of current life insurance reserves under the tax code in determining a life insurer's taxable income, and what challenges are ahead in the era of principles-based reserves.

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 article provides an update on principles-based reserves for life insurance.

Description: This session at the 2004 Valuation Actuary Symposium provides an overview of statutory valuation issues for life and annuity products including the Actuarial Opinion and Memorandum Regulation, variable products reserving standard, adoption of 2001 CSO, C-3 Phase II RBC project and nonforfeiture changes.

Description: This session at the 2004 Valuation Actuary Symposium offers a basic understanding of how to calculate statutory reserves, GAAP reserves, and deferred acquisition cost for a universal life product.

Description: 2003 Valuation Actuary Symposium, San Diego, CA. This session provided an overview of current statutory valuation issues pertaining to life and annuity products. Topics included: 1. Actuarial opinion and memorandum regulation amendments. 2. Progress on variable products reserving standards. 3. Regulation XXX mortality factors. 4. Adoption of the 2001 CSO. 5. Progress on the C-3 Phase II RBC project. 6. An update on annuity and life nonforfeiture.

Description: Reflections of a Regulatory Actuary by Larry Gorski

Description: Setting the X Factor Percentile— Commentary by G. Thomas Mitchell from The Financial Reporter, October 1999, Issue No. 40.

Description: 1998 Valuation Actuary Symposium. This session about strengthening reserves based on cash-flow testing provided some practical solutions to reserve-strengthening issues using reinsurance and a look at the issue from a small company perspective.

Description: Presented at September 1995 Valuation Actuary Symposium. This presentation will cover differences in Regulation XXX and Regulation 147, possible new XXX designs, and consumer reaction to NAIC's adoption of XXX.

Description: Summary of Part II of the survey of Appointed Actuaries, sponsored by the American Academy of Actuaries Committee on Life Insurance Financia1 Reporting and the Society of Actuaries Financial Reporting Section, which asked appointed actuary various questions on methodology and assumptions employed for asset adequacy testing.

Description: 1993 SOA Meeting, Quebec. The new SVL has expanded the scope and responsibilities of the valuation actuary. Topics covered: • Risk of legal liability for actuaries? • Vagueness of actuarial standards related to adequacy testing? • Reliance on other company experts? • Consultants versus company actuary perspectives? • The science versus the art of the process?

Description: 1993 SOA Spring Meeting, Boston. In this session the panelists discussed the new standard valuation law. Areas covered included: 1. Risk of legal liability? 2. Vagueness of actuarial standards? 3. Reliance on other company experts? 4. Consultants versus company actuary perspectives? 5. The science versus the art of the process?

Description: 1992 SOA Annual Meeting, Washington, D.C. This 1992 session on the Statutory Valuation Opinion covered the following topics: 1. Regulatory issues and the amendments to the standard valuation law. 2. Practical considerations, such as accumulating data, setting assumptions and creating models. 3. Issues and considerations involved in cash-flow testing.

Description: 1992 SOA Regional Meeting, Anaheim. In this panel discussion of the evaluation of the adequacy of capital, the speakers addressed the NAIC risk-based capital proposal, rating agency techniques, and valuation actuary views.

Description: Panelists discuss many developments over the year 1992 that impact the valuation actuary. Session 1 of the 1992 Valuation Actuary Symposium.

Description: Panelists discuss the new Guideline XXX for reserves for term products, including re-entry term, and in the context of HIV/AIDS. Session 5 of the 1991 Valuation Actuary Symposium.

Description: Panelists discuss many developments over the year 1991 that impact the valuation actuary. Session 1 of the 1991 Valuation Actuary Symposium.

Description: Provides a how-to session on modeling assets and liabilities in the Valuation Actuary's work to comply with the Standard Valuation Law. Comparisons of the methods discussed are occasionally made with the requirements of New York Regulation 126. Session 12 of the 1991 Valuation Actuary Symposium.

Description: The main focus of this report is the presentation of information and methodologies to support the analysis of the financial impact of AIDS on individual companies writing life insurance in the U.S. Topics include reserving and development of valuation tables used for both statutory and GAAP accounting. From Transactions of Society of Actuaries 1990, Vol. 42.

Description: Reports on the Florida winter meeting of the NAIC’s Life and Health Actuarial Task Force, LHATF, regarding an agreement that was reached on an approach to be taken to reconstitute the Standard Valuation Law, SVL, applicable to life insurers.

Description: From the 1986 Valuation Actuary Symposium, held in Washington DC in October 1986 A summary of the history, current, and anticipated direction of future regulatory requirements applicable to the role and methodologies of the Valuation Actuary in the USA and Canada.

Description: This is the first of two articles discussing the model laws governing minimum reserves and non-forfeiture values that the NAIC adopted in December 1980. The author, Chairman of the NAIC Technical Task Force on Valuation and Nonforfeiture Value Regulation, in this first article describes the objectives of the revision, which include updating assumptions, increasing flexibility, and improving the ability to deal with new types of products, the cooperative effort entailed, the actuary’s role and responsibilities in doing business under the new law, and the financial impact.

Description: The 1980 CSO Tables were developed by the Special Committee to Recommend New Mortality Tables for Valuation to replace the existing 1958 CSO Tables as the minimum standard for valuation. This paper presents the new tables and recommendations. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: This is a panel discussion on new and proposed valuation and non-forfeiture standards for individual life insurance including dynamic interest rates, new mortality tables and actuarial opinions.

Description: This meeting session covered proposed amendments to valuation and nonforfeiture laws, which included a new mortality table and the dynamic interest rate concept, the NAIC's activities around profitability and early warning tests, A&H rate filing guidelines, and SEC activity around annuities..

Description: This meeting session covered proposed amendments to valuation and nonforfeiture laws, which included a new mortality table and the dynamic interest rate concept, and the SEC's scrutiny of annuities and Guaranteed Investment Contracts.

Description: This 1979 session is about the New Valuation Mortality Tables for Individual Life Insurance. Topics included: I. The Recommendation of Sex-distinct Tables 2. The Development of Basic Tables - Data Selection, Construction, Graduation 3. Margins and the Development of Loaded Tables 4. Implications for the Industry

Description: This 1977 panel discussion focused on the implications of proposed revisions of the standard valuation and nonforfeiture laws. Areas discussed included: 1. A regulator's perspective 2. Applications to Life and Annuities 3. applications to Pensions