Description: This article briefly summarizes the history of the Passive Foreign Investment Company (PFIC) tax regime. Then it provides a detailed description of the PFIC proposed regulations issued in July of 2019.

Description: The article analyzes Private Letter Ruling 202031008, which considers how Internal Revenue Code sections 72(q) and (u) apply to an annuity contract issued to a trust. In particular, the Ruling interprets the terms “taxpayer,” “holder” and “held by” in those Code sections in situations where a non-qualified deferred annuity contract is issued to a grantor trust or a non-grantor trust. The Ruling’s analysis and conclusions differ in some respects depending on which of these types of trusts is involved. In addition, although the Ruling does not address sections 72(s) or 72(e)(4)(C), the Ruling has potential implications under those provisions because they also use the term “holder” and “holds,” respectively.

Description: This article is about papers submitted in response to a Retirement 20/20 call for submission of papers about Tier II retirement systems, i.e. those that are employer-provided retirement benefits that fit between social insurance and private savings.

Description: This article discusses how the SOA exams have changed over the years and the reasons for the changes. The current system focuses on actuarial education, balances examination rigor with educational experience, and uses technology - where appropriate - to facilitate and enhance learning outcomes.

Description: The October/November 2013 edition of The Actuary magazine—the Society of Actuaries’ flagship publication.

Description: Crossword puzzle for the readers of Risks & Rewards newsletter.

Description: A number of vendors have developed mortality scoring systems through various predictive modeling algorithms. They significantly alter the underwriting and mortality assessment landscape. You have been charged with evaluating these scoring systems. How should you go about doing it to maximize the value of your analysis and minimize the disruption to your product?At the conclusion of the session, attendees will:Learn about the types of scoring systems now available;Learn to create an action plan for evaluation; Learn how to navigate the pitfalls of evaluating something entirely new; andLearn how to integrate the score in your existing processes.

Description: The presenter will discuss North American actuarial careers. He will provide an overview on actuaries in the United States and Canada, including his personal experiences. He will also discuss supply and demand of actuaries in North America.

Description: Reinsurance has been available for VA Guarantees for over 20 years. During that time, the reinsurance market for VA Guarantees has undergone frequent and sometimes violent transformations. Where does the market stand today? What forms and structures of reinsurance are available? Which VA Guarantee designs and features are easier to reinsure? Is reinsurance offered on both newly issued policies as well as in force/legacy books, and which vintages are difficult to reinsure? In an age of sophisticated hedging programs, what role does a reinsurer play in helping a VA writer manage this highly volatile risk? In this session, we will hear from a reinsurer that is actively writing new VA Guarantee reinsurance treaties in the U.S. and around the world, and from a VA writer that has successfully partnered with a reinsurer to enhance its VA product offering

Description: The actuarial profession is marching into the age of Big Data. Increasingly, employers in various actuarial fields are requiring new hires to have sophisticated knowledge in statistics and data science. To meet the new demands from the industry and the profession, one of the key additions to the SOA’s new curriculum is an exam in Statistics for Risk Modeling (SRM) which includes modern statistical and data science techniques. There is also a new proctored project on Predictive Analytics, as a capstone requirement following the completion of the SRM Exam. At the University of Toronto, we recently underwent a major actuarial science curriculum redesign, in order to stay current with new trends and demand from the profession and in line with the new professional curriculum.