Description: The interaction of section 7702 cash value accumulation test [CVAT] and state nonforfeiture laws [SNFL] create a dual limitation on traditional life insurance contratcs. CVAT limiting the maximum permissible cash value and SNFL requiring a minimum cash surrender value. This article examines these dual limitations.

Description: The article discussing the differing tax definitions of life insurance in the US and Canada and relates them to new international tax reporting regimes such as FATCA.

Description: This paper derives exact expressions for the ultimate ruin probability and establishes the effect of correlation on ruin probability using the Wiener-Hopf factorization.

Description: The VBT Analysis Subgroup (“Subgroup”) of the Joint Academy Life Experience Committee and SOA Preferred Mortality Oversight Group (“Joint Committee”) recommends the approach documented in this report for determining when there is sufficient change in the emerging actual mortality experience relative to the current VBT to warrant changes to the table.

Description: This is the ninth experience study conducted by the SOA’s Committee on Life Insurance Company Expenses on inter-company expenses. Contributions of individual life and annuity expense data were received from 16 US life insurance companies.

Description: This report is an update of the U.S. Population Mortality Observations – Preview of 2020 Experience released in May 2021. This update is based on 2020 provisional death data released by the CDC.

Description: The Society of Actuaries and LIMRA have sponsored a Variable Annuity Guaranteed Living Benefit Utilization Study. This study is an annual update of earlier investigations conducted since 2006.

Description: This study and report have the following primary purposes: 1. Evaluate recent mortality experience relative to standard industry mortality tables, at a broad level. 2. Observe general trends in mortality experience by key policy characteristics. Where possible, provide insights into the industry changes contributing to the observed trends. 3. Provide the underlying data in spreadsheet pivot table format for further investigation by qualified actuaries. Provide data also in a delimited text file and Tableau dashboards for use with other software tools.

Description: Excel file to be attached to cover sheet on this same 2005-2007 individual life persistency study. Contains the actual persistency experience data from the study.

Description: This report explains the concept and construction of the Market Consistent Embedded Value (MCEV) measure, as well as its usefulness as a profit/risk measure relative to other profit/risk measures currently used by insurance companies for various products. The knowledge from this research will assist actuaries, corporate leadaers, risk management professionals and others in understanding, implementing and comparing MCEV to current risk assessment tools utilized by insurance companies.