Description: FASB's Statement of Financial Accounting Standards No. 97 contains wide-sweeping changes to the preparation of GAAP financials for insurance companies. The focus of this article will be on the ramifications of the interest rate FASB has decided to use to amortize deferred acquisition costs.

Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings, including implementation trends, analysis to date and recent discussions and decisions on the treatment of non-guaranteed reinsurance.

Description: This article summarizes the presentations on December 7th, 1981 at the Los Angeles Actuarial Club. The discussion was on regulating universal life products by several actuaries prominen tin that field - John 0. Montgomery, David R. Carpenter, Allan L. Chapman, and Lynn C. Miller.

Description: This article discusses the profitability of universal life policies over time as interest rates and policyholders become more knowledgable.

Description: This article discusses how the proposed actuarial guideline XYZ attempts to address secondary guarantees on minimum nonforfeiture values.

Description: The article discusses the continued popularity of indexed UL insurance and possible reasons why a company's actual indexed UL earnings may be below their original pricing expectations for the product. The article discusses several key items that may be the source of that underperformance (e.g., hedge ineffectiveness, policyholder behavior) and the need to monitor earnings and perform analyses to better understand those potential sources.

Description: Discusses PLR 201046008, regarding addition of a rider to a variable life policy that provides a minimum annual amount of withdrawal or policy loan. Includes discussion of impact on NSP under CVAT, and Guideline Premium.

Description: This article describes that some companies are ‘approaching the problem of how to accommodate Universal Life in GAAP statements by using a simple method which produces not unreasonable results and waiting for consensus on appropriate methodology to develop. This describes so of the methodology currently in use.

Description: Mandatory implementation of life principle-based reserves (PBR) is just around the corner and there is no shortage of work to do, as most products have yet to be moved to PBR. Oliver Wyman recently completed its 2019 PBR survey, with more than 40 participants covering 85 percent of the individual life market, including 23 of the top 25 life writers and five reinsurers. This article will expand on the key survey findings, including implementation trends, analysis to date, model robustness and common simplifications.

Description: The authors set forth a generalized model describing the application of current law [1976 NAIC model Standard Valuation Law and Standard Nonforfeiture Law] to products of the universal life type. Includes discussion and author’s review of discussion. From Transactions of Society of Actuaries 1983 Volume 35.