Description: This paper studies the impact of improved advanced age mortality on the pricing and valuation issues of variable annuity contracts with guaranteed minimum death benefits. From 2005 Living to 100 and Beyond Monograph, M-LI05-1.

Description: The abstract for the paper Property/Casualty Insurer Economic Capital Using a VaR Model.

Description: Transcript of the Q&A period from general session 2.

Description: This paper examines past mortality trends in Canada and discusses how these trends may change over the next 75 years, thus influencing the growth of the elderly population. In addition, this paper describes the methods and assumptions used to project future mortality rates in Canada, and the results include assumed annual rates of mortality improvement and projected life expectancies. As well, this paper discusses stochastic time-series methods that are used to help quantify the variability in the mortality rate projections.

Description: The Indian economy is growing with the growth of national income and per capita income, while society is facing the problem of an increasing number of persons in old age and the gradual erosion of the joint family system. The existing social security schemes do not cover the large mass of the working population. Therefore, India needs micro-pension plans that cover the large segment of people from the unorganized sector.

Description: The history of life expectancy LE in India and its trend thus far as recorded in the various censuses over the decades. A study on the results of experience studies in the Indian context vis-à-vis the United States and European countries has been attempted since the LE in India is following more or less on the same lines with a time lag of about 50 years.

Description: New tools for managing insurance risk have particularly emerged in the 1980s and 1990s, usually with roots in the financial markets. A strong motivating factor has been the record number of natural catastrophes and their impact in insured losses. New organization or joint ventures have been created to meet this demand. From Securitization of Insurance Risk: The 1995 Bowles Symposium, M-FI97-1.

Description: Chapter 2 of the Price, Waterhouse study describes the sources, collection methods, and classification of the accumulated data. From Study of Public Financial Guarantee Programs, M-FI96-1.

Description: This paper examines the Guaranteed Investment Defined Contribution GIDC plan issues, including its general design, regulatory and nondiscrimination compliance, current liability properties, PBGC premium requirements, interplay between long-term investment guarantees and actual investment choices, and miscellaneous considerations. From Cash Balance Symposium Monograph, M-RS02-3.

Description: This paper calls for a reconsideration of ASOP 27 in the wake of the scandals that began with Enron and have rocked the world of finance. The paper argues for a tighter standard, perhaps based on the different approach taken in ASOP 35. From Current Pension Actuarial Practice in Light of Financial Economics Symposium, M-RS04-1.