Description: Discusses the recent developments with RBC requirements. At the forefront of the RBC changes is the stochastic exclusion test.

Description: This presentation is an open forum, session 68OF, from the 2004 Spring Meeting of the Society of Actuaries, held June 14-15 in San Antonio, TX. The panelists, investment professionals and an actuary, discuss strategies that life insurance companies use for their capital account [surplus] assets. From the Record of Society of Actuaries, Volume 30, No. 2.

Description: From the Record 1977 Vol. 3, No. 1, this presentation is from a concurrent session at the Society of Actuaries 1977 Regional Meeting, held in Atlanta March 31-April 1. The presentation is an “interdisciplinary examination of techniques, considerations and methodology associated with evaluation of acquisitions, mergers and new ventures.” The presenters focus on the investment, legal, tax, accounting, and actuarial aspects of externally directed activities.

Description: In this article, the author discusses the report on Insurance Holding Companies recently published by the New York Insurance Departmentconcerning surplus levels. The author questions whether a complicated mathematical approach using risk theory will produce a better result than traditional rules of thumb and experience.

Description: This session at the SOA 1990 San Francisco Spring Meeting is about aspects of surplus management including objectives of a structured capital management program, surplus management for a stock versus mutual company, and sources and costs of raising capital.

Description: Increased attention was paid to regulatory capital with the global financial crisis in 2008. Whilst companies may not have the incentives to retain a large amount of capital in the absence of regulatory capital requirements, overcapitalized entities can have drawback such as its impact on competitiveness. There are other weaknesses in the regulatory capital model such as its limitation in facilitating risk-based decisions as regulatory capital does not necessarily reflect the economic reality and risks an entity faces. Nonetheless, there are ways for regulators and/or companies to handle the weaknesses in the regulatory capital model. For instance, granularity can be introduced in determining regulatory capital. Economic capital can be used to encourage entities to implement risk management controls and facilitate risk-based business decisions (e.g., risk-adjusted performance assessment and risk-based capital allocation). Ultimately, hav ing effective risk management and risk-based capital determination are ways to prevent company failures and bankruptcies.

Description: In an age of accelerating transformation—technological, financial, and regulatory —reinsurance continues to be an important component of capital management strategy across the insurance industry. This is true in spite of, and sometimes because of, the evolving ecosystems of ceding companies and reinsurers. Direct writers and reinsurance carriers are coping with a number of critical challenges that are undermining growth potential and threatening profitability. Waning demand and increased capacity for traditional products have, in some instances, led companies to struggle to achieve traditional profit targets. An increase in commoditized pricing, internal expenses related to increased regulation, inefficiencies in internal infrastructure, and the sustained low interest rate environment are additional factors impacting the top and bottom lines of reinsurers and primary carriers alike. In this session we will explore these critical challenges and highlight prevailing practices that organizations are using to deal with the changing landscape.

Description: This article summarizes the recent changes to the C3 Phase III proposal, initial industry comment letters to the proposal and outstanding issues identified by the regulators.

Description: In session 38PD of the San Francisco Annual Meeting panelists discuss the pros and cons of the recent development of securitization in the U.K. life insurance industry, and the applicability of these issues to the North American life and health market. From the Record of the Society of Actuaries, Vol. 25, No. 3.

Description: This article focuses on the motivation and trends, rather than mechanics, in Life Insurance Securitization.