Description: In this paper, chapter V of the 1987 Valuation Actuary Handbook, the authors start with a discussion of how the recent economic environment with volatile interest rates has changed the valuation and surplus management process to one more dependent on actuarial judgment. In a discussion of surplus policy, the authors identify four “layers” of surplus which have been identified by scenario testing. These surplus layers, along with policy reserves, are based on specific invested assets. The paper discusses implications for the future and notes the actuary’s ability to advise management on surplus adequacy is a basic tool of risk management.

Description: This material, Appendix I of the 1987 Valuation Actuary Handbook, is an appendix to Chapter II of the Handbook, ‘Methods of Analyzing cash Flows to Test for Reserve Adequacy.’ The author provides additional support in his appendix which discusses the theory behind MacAulay duration and provides illustrative examples.

Description: discussion of risk management and proper pricing of life insurance products.

Description: An introduction to the Product Development Section's new subgroup supporting interested in the practice of in force management.

Description: The ideal business situations for securitization would be those where a company faces significant risks or has significant growth opportunities and where conventional sources of risk hedging or financing are not available or are too expensive. Ultimately, securitization should be able to provide hedging and/or financing that is more effective and less expensive than the alternatives.

Description: This article discusses the new Investment Section. The initial targeted areas are expected to be: Modeling, Corporate Finance, Capital Management and Investment Instruments.

Description: This article discusses how insurers that focus on their core competencies and astutely outsource other functions will become more competitive and improve their performance.

Description: This is an interview with Prakash Shimpi who talks about enterprise risk management, research and development. From News Direct, September 2005, Issue No. 51.

Description: Letter From The President column for the October/November 2012 edition of The Actuary magazine discussing the importance of actuaries staying relevant in today’s and the future’s work force.

Description: This article discusses the pending book entitled 'Dynamic Risk Modeling Handbook.' The proposed scope and outline of the book is reviewed. This is a revision of the 'DFA Handbook' which was published in 1995.