Description: From the Valuation Actuary Symposium Proceedings January 1986 Discussion of the development of the valuation actuary concept, various aspects of current regulation, and major features of the valuation actuary concept. Also discussion of the nature of professional liability and the specific legal liability of the valuation actuary. Finally an overview of some methods of limiting that liability.

Description: Provides an overview of SFAS 60, 91, 97, and 120 and the importance of U.S. GAAP for Asian insurance companies with a country by country analysis.

Description: Looking to the upcoming 2024 year and looking back at the 2023 year in the International Section.

Description: In this third issue of International News in 2022, we feature a contribution by SCOR, a leading reinsurer, highlighting the Actuarial Awards that SCOR presents annually, since 1996, to the best academic work in actuarial science, with annual prizes in several countries throughout the world. We also feature an article by Jessica Leong, FCAS, on barriers that Asian women must overcome to become leaders. Jessica recounts her own experience and how in overcoming some challenges she became the first Asian president of the Casualty Actuarial Society.

Description: The chair of the International Section of the SOA reports to the section members.

Description: As China’s population officially ages, the government has now escalated reform of China's social security system to a national strategic level. The report of the 19th National Congress further mentioned construction of an old-age security system and social environment, painting a bright future for development of the pension industry. At the moment, development of China's pension industry is beginning a new journey. Learn about the current status and future development of pillar 2 pension, which is core to China's pension system; framework and operation management overview of Enterprise Annuity and Occupational Annuity; possible evolution paths in contribution payment methods’ investment operation models, and development of professional pension managers.

Description: This essay explores the role that the emerging defined contribution retirement system may be playing in the growth of wealth inequality in the United States. The current system leaves many Americans with little or no retirement savings. Those with higher accumulation levels appear to invest proportionally more in equities, which may have an exponential effect of balances over long time periods. The author hypothesizes that willingness to take investment risk involves the relationship between the amount an investor has accumulated and what she/he needs in order to cover basic costs of living. This is one reason that investors with greater accumulation levels may be able to earn higher rates of return. The essay concludes by suggesting that the U.S. defined contribution system should include all workers and provide additional fiduciary guidance. Examples reforms, both in the U.S. and other countries, are provided.

Description: Book review of the latest edition (4th) of Life, Health, and Annuity Reinsurance by John Tiller, Jr and Denise Fagerberg Tiller

Description: Learn about key actuarial and analytic tools and methodologies used by commercial health insurance to identify and quantify drivers of healthcare cost and utilization (including wasteful and low-value ones) and risks. Use case scenarios in which these tools and methodologies apply, such as underwriting, reinsurance, medical management for population health and chronic diseases, managed care contracting, insurance market reform, provider payment reform, etc., will also be covered. Experience from the U.S., China and other parts of the world will be shared.

Description: Vision and objectives and projects for the International Section.