Description: In this article, we explore key insights from Oliver Wyman's 2020 Life PBR Emerging Practices Survey, which provides a broad industry perspective with more than 50 companies participating representing 95 percent of the individual life market (by written premium). Insights include the impact of PBR on reserves and profitability in addition to emerging practices related to product design, assumption development, and methodology decisions.

Description: This paper expands on the traditional three-factor interest, mortality, and expenses dividend contribution formula to propose a new dividend structure. The structure and formula are derived from the most generalized equation of equilibrium, and each dividend class is treated as an ongoing microcosm. From Society of Actuaries Financial Reporting Monograph, M-AS99-1.

Description: This discussion at a 1967 Regional Meeting is about methods of allocating investment income using the investment year method, the treatment of unrealized capital gains, considerations in choosing interest assumptions, and challenges presented when comparing investment yields among companies.

Description: The Society of Actuaries are once again offering a seminar that investigates all aspects of life insurance, annuity and long term care product tax compliance. Developed by the Taxation Section, participants will be brought up-to-date on recent Internal Revenue Service (IRS) guidance and learn about the newest tax issues related to product design and administration. Legal, IRS and product development experts will provide vital insights into the challenges of developing and administering products within the requirements of the Internal Revenue Code (IRC), and allow ample opportunities for networking, questions and information exchange.September 12The optional “boot camp” will provide an intense introduction to the basics of product taxation. The boot camp will include sessions focused on life insurance, annuities, and long-term care combination products. The basis of the boot camp will be the authoritative textbooks, “Life Insurance and Modified Endowments Under IRC Sections 7702 and 7702A” and the “Annuities Answer Book.” Book authors will conduct these optional programs. September 13–14The general sessions will feature product, tax, legal and compliance experts as well as Internal Revenue Service (IRS) representatives. Recent changes in the qualification requirements of insurance products and a host of product tax issues beyond Internal Revenue Code (IRC) section 7702 and 7702A will be emphasized.

Description: This article is an update, as of March 2019, on Financial Reporting Section sponsored projects in process and those recently completed.

Description: This article summarizes the key changes to VM-31 requirements in the 2020 version of the Valuation Manual for both life and variable annuities, and compares and contrasts the requirements for each. In addition, the article offers insights into common issues and recommendations for VM-31 reports from the viewpoints of a regulator, consultant, and company actuary.

Description: The Smaller Insurance Company Section, the Committee on Life Insurance Research and the Product Development Section announce the release of a new report on the impact mortality credibility has on principle-based reserves.

Description: Presented at April 1985 Spring Meeting. This session discussed: Financial reporting systems as a source of information for product development, Interaction of pricing actuary, valuation actuary, and investment officer in designing interest-sensitive products, Allocation impact on product development - expense, investment income, tax, and capital, Financial reporting information on changing premium rates for nonguaranteed premium products, Maintaining consistency between pricing and financial projection models, and Reserve basis impact on product development.

Description: This discussion at the 1968 Philadelphia Regional Meeting focuses on issues for smaller companies including expense analysis, adjusted earnings, variable annuities, agency operations, and interim financial statements.