Description: The IRS released the details of a program to allow life insurers to correct inadvertent failures to comply with the modified endowment MEC rules under section 7702A of the Internal Revenue Code the “Code”.

Description: This article reviews the definition of “cash surrender value” in section 7702f2A and in the regulations proposed under that provision but never finalized. The discussion then recaps the 2005 Rulings and describes the recently issued letter rulings.

Description: A discussion of the proposed safe harbor with respect to calculations for contracts where the insured reaches age 100.

Description: The Internal Revenue Service issued its seminal ruling interpreting Internal Revenal Code section 7702A[c][3][B][i], commonly referred to as the Necessary Premium Test [NPT]. The purpose of the NPT is to shelter certain death benefit increases from material change status, avoiding the 7 pay test's reapplication on their account.

Description: Article examines a proposed amendment to the MAP-21 Act that would have changed a number of tax requirements regarding so-called life settlements.

Description: This paper applies the research in Prospect Theory of Kahneman and Tversky to explain why sales of annuities lag sales of life insurance products. The author theorizes that life insurance is easier to sell because customers perceive themselves to be in the domain of losses, while potential annuity customers perceive themselves to be in the domain of gains. Kahneman and Tversky showed us that people are mostly risk averse in the domain of gains and risk seeking in the domain of losses. Purchase of an annuity or life product is a risky investment. Customers will find it easier to take the risk in the life insurance domain of losses than the annuity domain of gains. The author then proposes a hybrid life annuity product that might address both mortality and longevity risk in one product that would allow both products to be more competitive than stand-alone products.

Description: This is the second article in a four–part series. In this article, the industry's products are examined.

Description: This article is a discussion about the trends and changes affecting the life insurance industry by impacting product growth. Read how today's ideas can become tomorrow's successes.

Description: Discusses Product Development Section activities at the upcoming SOA Annual Meeting in the fall.

Description: Refocus, the premier life insurance industry conference, will be celebrating 10 years of continuous growth. The next conference will be in March 2016. This interview discusses how the founding committee members evolved the conference from a Reinsurance focus to a broader focus.