Description: This article discusses the changes occurring in the illustrations systems market.

Description: Q&A with Neil Sprackling, President, US Life & Health, Swiss Re, on next-generation underwriting.

Description: One of the most fundamental concepts in actuarial practice is the time value of money. For any work in which future cash flows are allowed for, such as reserving or pricing, it is natural to discount to present values so that an appropriate amount of money can be set aside today, allowing for future investment returns. This article discusses yield curve extrapolation methods along with the benefits and drawbacks of these methods.

Description: This paper provides guidance to employers who are contemplating the use of COLI as a means for funding employee benefits. Commentary will be provided on critical issues to consider when analyzing the benefits of COLI, including product characteristics, cost considerations, legal considerations, representations and warranties, investments, and accounting. “Best Practices” pricing guarantees, representations, warranties, and indemnities will be provided as examples and are generally indicative of the stronger positions taken to date on each issue. This paper does not provide guidance on group term life or other non-COLI products.

Description: The original purpose of this paper was to review the principles and practice of life-office valuations in the light of modern conditions. The author discusses the theory of matching assets and liabilities, or immunization and reviews gross premium valuations, net premium valuations and bonus reserve valuation. He also covers the different purposes behind the valuations.

Description: Article describing some of the significant changes occurring in Poland after the fall of the Berlin Wall with a focus on life insurance and conversion to a private pension market.

Description: The current insurance maket in Malaysia and the potential for future growth is described.

Description: Recap of the Brazil Insurance Markets in 2008.

Description: This article discusses Internal Revue Code, ‘IRC,’ Sections 7702 and 7702A with respect to the implementation of the 2001 CSO Mortality Table, which must be used in the calculations for policies issued on or after January 1, 2006. “The insurance industry has requested guidance from the Treasury Department and the Internal Revenue Service on the proper application of the current computational rules to the 2001 CSO Mortality Table but, to date, such guidance has not been provided. Therefore, the Taxation Section established the 2001 CSO Maturity Age Task Force, the members of which authored this article, to propose methodologies that would be actuarially acceptable under Sections 7702 and 7702A of the Code for calculations under contracts that do not provide for actual maturity before age 100.” This article summarizes the task force recommendations.

Description: This article explores the complexities and potential problems with respect to tax reserves that could result from a retroactive application of a principle-based reserves PBR approach for life insurance reserves.