Description: In 2020, the Korean insurance regulator, Financial Services Commission (FSC), introduced a coinsurance structure allowing for full risk transfer—including investment risk, interest rate risk, insurance risk, and policyholder lapse risk—as a permitted practice. Expanding use of coinsurance in the Korean insurance market brings a suite of potential benefits to Korean insurance companies including increased financial flexibility, options to improve policyholder protection and shareholder value through optimization of business strategies. As such, FSC’s initiative and intention to introduce coinsurance opportunities to the market is commendable.

Description: This article was written in June 2008, prior to the financial crisis in the fall of 2008. It discusses the very complicated new world of financial insturments and derivatives and the risks that there may be in light of no strong capital requirements, no control on leverage and the high derivative volume.

Description: Provides background about Prescription Drug Plans, PDPs, and the standard benefit package offered under Medicare Part D. It also provides a basic overview of the bid-development process for a PDP and summarizes some general strategies and observations used in developing the 2006 bids that will likely be used for 2007.

Description: Feature article describing the need and reasoning for the new SOA Section, Social Insurance and Public Finance.

Description: This article from The Actuary Magazine discusses the paper issued by the Emerging Issues Advisory Group on fair value liabilities. A change in the method used for financial reporting is on the way. The questions, what are the changes and what they mean to you are answered here.

Description: Re/insurance rates have been increasing since 2018, although pricing momentum has decelerated recently. Insurers and reinsurers are working to enhance profitability and improve the value proposition for clients in an environment of uncertainty about natural catastrophes, COVID-19-related losses, and social inflation, among other factors. This article describes drivers of the current underwriting cycle, compares it with past cycles, and provides considerations for the future.

Description: Just in the recent two years, COVID-19 has demonstrated very impressively that a pandemic is not something for which one can fully prepare. However, what makes a pandemic so special and difficult to manage compared to other low frequency and high severity events such as volcanic eruptions or tsunami damage? Frank Schillerexplains what makes a pandemic so different, viz, information uncertainty, exponential growth, and time lags.

Description: An interview of the winning co authors of the SOA essay contest on how differences in wealth and retirement outcomes are experienced by people of different races and ethnicities and to promote a better understanding of the underlying issues surrounding the differences.

Description: Other Post Employment Benefits OPEB deals with the promise of providing coverage for post employment non-pension benefits such as health care and life insurance. This article focuses on the recent implementation of GASB No. 43 and 45 which requires public entities to value and recognize the liability of post employment non-pension benefits.

Description: Article from Pension Section News, May 2007, No. 64 on the pension reform in Jamaica. The government and private sector of Jamaica have been working hard to enable people who have worked a full career to receive pensions that can at least provide for minimum living requirements in their golden years.