Description: The article provides an overview of the federal tax treatment of long-term care insurance contracts, including a brief history of the tax treatment of long-term care insurance, the requirements that must be satisfied in order to be treated as qualified long-term care insurance under the Internal Revenue Code, and a brief discussion of qualified long-term care combination products and chronic and terminal illness accelerated death benefits offered under life insurance contracts.

Description: This article demonstrates that the alternative method of adjusting DAC amortization for actual experience fails to serve its purpose if amortization is based on amounts in force at the end of a reporting period. In that situation, the method would increase the amortization rate for excess terminations. Applying that increased rate to a lower basis, however, does not reliably reduce the unamortized DAC balance as required.

Description: York University will host the 2025 Actuarial Research Conference (ARC) from July 29 to August 1, 2025, bringing together scholars, industry leaders, and regulators to exchange ideas and present cutting-edge research in actuarial science. The conference will feature keynote speeches, research presentations, panel discussions, and networking opportunities, fostering collaboration between academia and industry. York’s actuarial program, recognized as a Center of Actuarial Excellence, will showcase its vibrant research environment and strong partnership with the Risk and Insurance Studies Centre (RISC). The event also highlights Toronto’s dynamic cultural scene, with planned activities such as a visit to the historic Casa Loma, enhancing the experience for attendees. ARC 2025 promises to be an enriching and memorable event for all participants.

Description: This article provides an update, as of October 2023, on Financial Reporting Section research projects in process and those recently completed.

Description: The 2021 Society of Actuaries Generations Survey offers results by race and ethnicity. This article is an interview with Alan Newsome and shares the results of the survey as well as broader issues to understand the differences in retirement security by race and ethnicity. It documents that there are major differences, and that the COVID-19 pandemic affected different groups very differently. It also raises issues related to societal conditions.

Description: Discussion of the challenges actuaries face in selecting an interest rate for the purpose of calculating Withdrawal Liability for a Multiemployer pension fund in the US. Recent court cases are referenced.

Description: An overview of how the VM-31 requirements for documenting PBR approaches and assumptions can/should reflect the Actuarial Standard of Practice on Modeling, ASOP No. 56

Description: Family caregivers are a critical link in providing long-term services and supports (LTSS), but they have significant unmet needs. To better support family caregivers, Congress authorized the Recognize, Assist, Include, Support, & Engage (RAISE) Family Caregivers Act in 2018 and created the RAISE Family Caregiving Advisory Council. The Council identified recommendations to serve as the backbone of a national strategy to improve the physical, emotional and financial well-being of family caregivers. A new report, "Asking Directions: Mapping a Course to Support Family Caregivers," identifies specific actions across a variety of players for meeting the Council’s recommendations. It summarizes insights from a year’s worth of strategy sessions and interviews with representatives of over 100 organizations. The report brings together thoughts on best practices and the most critical action steps from national and state organizations, county health providers, the direct care workforce, large and small employers, aging and disability organizations, faith-based groups, respite care providers and more. This article summarizes the research methods and key findings of the report and the work conducted by the Leading Age LTSS Center @UMass Boston and Community Catalyst’s Center for Consumer Engagement in Health Innovation.

Description: To inform and educate stakeholders for health plans and insurers on novel ways to optimize reinsurance structures to meet capital related goals and boost RBC and liquidity ratios. In lieu of traditional market-based financial instruments involving equity and/or debt, a quota share transaction can be used with potentially far more attractive terms and achieving essentially the same result.

Description: After research involving auto insurance is retracted due to fraud, I revisit my own book review and unskeptical quoting of that now-debunked research. A lesson in ASOP 23, on Data Quality, ensues, as it seems data in the research was falsified. There is also a lesson in ASOP 56, Modeling, which includes aspects of relying on outside experts for model input. At the end of it all, the value of our actuarial professional standards, in light of other professions seemingly having no standards (or no serious repercussions for breaching said standards), shines through. Also, be skeptical of 'one simple trick' approaches to transform the insurance industry.