Description: A summary of a preliminary report from the Committee on Valuation and Related Problems, on guidelines for quantifying balance sheet items in an insurance enterprise.

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: One of the most fundamental concepts in actuarial practice is the time value of money. For any work in which future cash flows are allowed for, such as reserving or pricing, it is natural to discount to present values so that an appropriate amount of money can be set aside today, allowing for future investment returns. This article discusses yield curve extrapolation methods along with the benefits and drawbacks of these methods.

Description: From the 1985 Valuation Actuary Symposium. A discussion of the principles that should be part of a life insurance valuation. Also discussion of emerging actuarial professional standards of practice and regulatory requirements with respect to methodology for assessing reserve adequacy.

Description: From the 1986 Valuation Actuary Symposium, held in Washington DC in October 1986 Discussion of the process for setting assumptions for cash flow testing of interest sensitive products for reserve valuation analysis under statutory accounting in the USA and Canadian GAAP.

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

Description: August Zilmer 1831-1893, a Prussian actuary best known for the development of preliminary term valuation, also made some observations on life insurance accounting that seem quite contemporary. Zillmer also wrote the first comprehensive German actuarial mathematics text in almost a century.

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: Article discusses VM-31 requirements and actuarial report overview.

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.