Description: Under non-Aristotelian logic, there are multiple values, or shades of gray. Indeed, there may even be unexpected results from logical combinations, like “both” and “neither.” This article discusses how this insight should be applied to the current debate between formula-driven reserves with limited assumption flexibility and the reserve principles approach. For reserve standards, we do need both actuarial judgment grounded in reserving principles and restrictive formula methods or safe harbors.

Description: Current status and initiatives related to PBR regulation

Description: Recently, the IRS eliminated one of the more amorphous tax rules that at times was a stumbling block in Triple-X securitization transactions. Unfortunately, however, the IRS left an equally amorphous consolidated return rule untouched.

Description: Key excerpts from research recently performed by Milliman consultants for the SOA on the impact of VM-20 on life insurance product development.

Description: The current drafts of the principle-based reserves PBR model law and accompanying regulations appear to include credit life insurance within the scope. It is expected that once the scope of PBR is expanded to include accident and health insurance, credit disability will fall within its scope as well. This article describes how will this affect credit actuaries.

Description: This article is a follow-up article on the principles-based reserves PBR movement in the life and health insurance industry. It discusses more in depth the possibility of principles-based reserves determined stochastically and changes proposed in the SVL for preferred mortality.

Description: Summary of PBR Implementation Task Force June 21, 2013 call and June 25, 2013 LATF call.

Description: This article discusses many of the complexities of the new IDI valuation table and how they might impact the implementation process.

Description: The 2020 edition of the Valuation Manual permits mortality data aggregation thereby enhancing credibility but also has accompanying requirements and addresses calculation of company experience rates.

Description: July 2019 issue of Small Talk by the Smaller Insurance Company Section. Practical information for actuaries, trends that impact section, and section activities.