Description: A pension actuary and a life actuary collaborate to express public pension liability and asset issues in terms and figures that an insurer would use

Description: This article provides the reader with some insights regarding tax planning under the new required methodology.

Description: After nearly a decade of work by ACLI and representatives of its member companies, the Society of Actuaries SOA, the American Academy of Actuaries Academy, and the NAIC’s Life and Health Actuarial Task Force LHATF, on Sept. 24, 2008, the NAIC adopted a new actuarial guideline for applying the method of computing statutory reserves for variable annuity contracts AG VACARVM.

Description: Panelists discuss: [1] the tax implication of NAIC changes to reserving requirements, [2] the new NAIC Valuation of Life Insurance Policies Model Regulation [Reg. XXX], [3] Actuarial Guideline 33 [AG 33], [4] AG 34, and [5] highlights of an actual IRS audit involving these NAIC actuarial guidelines and regulations. From the 1997 Record of Society of Actuaries, Vol. 23, No. 3.

Description: This article analyzes, understands, and discusses the impact of the upcoming Principle-Based Reserving (PBR) on non-variable deferred annuities.

Description: This session will cover assumption determination for annuities under VM-21 with emphasis on contract holder behavior assumptions, prudent estimate mortality assumptions and measuring credibility.

Description: Interplay of §807(f) and the stat cap in §807(d) as there continues to be uncertainty as to whether a change to the stat reserve could be subject to §807(f).

Description: ASU 2018-12 introduced a new concept called “market risk benefits” (MRBs). MRBs are a new accounting classification for benefits within deposit contracts, offering protection from “other than nominal market risk.” This applies to products with account values, including variable and indexed annuities with guaranteed living or death benefits attached (aka GMxBs). ASU 2018-12 Section 944-40-30-19D mentions both a non-option and an option-based valuation approach to account for MRBs. This article considers the option-based approach. The purpose is to highlight weaknesses in the current application of the option approach to MRBs, propose an alternative method, and consider the benefits of the new approach. The intent of this article is to persuade practictioners / actuaries / accountants that this is a better approach for applying the fair value option method to market risk benefits.