Description: Discussion of an Actuarial Guideline dealing with the regulation of minimum cash values for return of premium term, a new product in life insurance.

Description: This article addresses the need for overhauling the present system of life insurance regulation in the US and how the Optional Federal Charter would address this need.

Description: Under non-Aristotelian logic, there are multiple values, or shades of gray. Indeed, there may even be unexpected results from logical combinations, like “both” and “neither.” This article discusses how this insight should be applied to the current debate between formula-driven reserves with limited assumption flexibility and the reserve principles approach. For reserve standards, we do need both actuarial judgment grounded in reserving principles and restrictive formula methods or safe harbors.

Description: Feature article discussing U.S. and international regulatory developments of interest to actuaries in the financial reporting field.

Description: Part 2 of a discussion of the Chinese life insurance market with an emphasis on regulatory, investment, tax, and professional development issues.

Description: Reinsurance is a global business, yet reinsurers suffer from widely disparate accounting and regulatory requirements from jurisdiction to jurisdiction, particularly in the areas of credit for reinsurance and collateral requirements. Recently, insurance regulators in the United States and worldwide have taken dramatic steps toward harmonization, mutual recognition and regulatory cooperation in connection with regulation of reinsurance, with a focus on modernizing collateral requirements.

Description: This article discusses a number of product variations seen in the market with respect to Universal Life products with secondary death benefit guarantees, factors leading to those designs and considerations regarding the adequacy of reserves that emerge under AXXX formulas. This article also identifies a series of factors that authors believe will make it difficult to quickly and equitably resolve these issues through formula-based changes.

Description: Discussion of the investigation of the Faculty and Institute of Actuaries in the United Kingdom relating to the events surrounding the closure to new business on December 8, 2000 of the UK’s Equitable Life Assurance Society.

Description: A discussion of the need to connect the interrelated requirements of reserve requirements, capital requirements, risk management, IASB requirements and so forth.

Description: This article summarizes key aspects of the Economic Balance Sheet (EBS) framework with respect to valuation of long-term liabilities. It highlights key implications of the EBS framework for life insurers and actuaries.