Description: Initiated by the Financial Reporting Section, this paper explores rising interest rates. Following this path, the paper will look at implications of interest rate changes for the life insurance industry, current stress testing practices, and how a risk manager can proactively prepare for an uncertain future. A paper published in 2014 focused on why rates could stay low, and some aspects of this paper are similar (e.g., description of insurance products). This paper also uses a sample model office to help practitioners look at their own exposures. It includes typical interest-sensitive insurance products and how they might perform across various scenarios, as well as a survey to establish current practices for how insurers are testing interest rate risk currently.

Description: The SOA Research Institute engaged Milliman to perform a study examining life insurer practices on accelerated underwriting and how COVID-19 has impacted them. This effort included a separate outreach to actuaries working for twelve different state insurance departments. At the time of this report, three responses to our regulatory survey had been received. Therefore, the results of the three-question survey are discussed in broad terms, rather than using numerical measurements.

Description: Discussion of PBA VM20 requirements for minimum reserves and also current developments on Risk Base Capital C-# Phase III.

Description: Summary of the NAIC and SOA's PBR Survey.

Description: Regulatory Update

Description: Non-guaranteed elements are parameters of life insurance and annuity polices that are not fixed when the policy is issued but may be changed from time to time by the insurance company.

Description: This report examines options for analyzing periodic changes in VM-20 reserve amounts.

Description: The September 2014 Issue of the Financial Reporting Section's newsletter, The Financial Reporter

Description: Update of principle-based reserves for life insurance

Description: Recently, joint teams of SOA and American Academy of Actuaries (AAA) volunteers have been busy on several such projects, including individual annuity mortality basic, individual annuity reserve, valuation basic table, preneed insurance, and more. This article provides a summary of their work.