Description: This session is about the Report on Actuarial Principles and Practical Problems with Regard to Nonforfeiture Requirements but it also includes a summary of written responses to the Report, developments on the regulatory scene, and recent work of other committees studying nonforfeiture or related areas. From the 1976 Record, Vol. 2, No. 3.

Description: Key considerations when modeling reinsurance to calculate reserves under PBR as well as a case study examining the impact of reinsurance structures on reserves.

Description: Since solvency assessment depends on a financial reporting framework, one needs risk metrics for use in financial reporting. The essay argues that conceptually, the cost of capital is the appropriate metric for reserves, while a probability level is the appropriate metric for capital. Then the essay advocates stress testing on specific scenarios as a better practical approach to ORSA.

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

Description: Reflections of a Regulatory Actuary by Larry Gorski

Description: Discussion of the 1958 CSO Mortality Table: 1. Considerations regarding continuous functions, age last birthday and changing reserve methods 2. Likelihood of Canadian adoption 3. Impact on extended insurance and automatic premium loan provisions.

Description: This is authors' Fellowship Credit Research Paper. This paper will develop a model for cash flow testing traditional participating insurance that utilizes pricing tools and assumptions to project reserve liabilities. The model makes use of finance and accounting tools to monitor the reasonableness of ending and intermediate surplus results that emerge under the various interest rate scenarios imposed.

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

Description: Changes to AG 43 and what that might mean for tax purposes. Also, summary of IRS Notice 2016-63 (provides safe harbor tax guidance on use of 2017 CSO tables).