Description: This report presents the formal recommendation for a new mortality basis for individual annuity valuations. From Transactions of Society of Actuaries 1981, Vol. 33.

Description: discussion of the ongoing developments in reserving and risk-based capital RBC requirements for variable annuities including stochastic scenario projections

Description: The American Academy of Actuaries will present on current initiatives that impact the U.S. statutory reserving methodology for non-variable annuity contracts. In particular, the development of a principle-based reserving framework on non-variable annuity contracts will be discussed, including framework elements, assumptions, and methodology. The session will provide an update on the status of regulatory discussions and the timeline for future changes to reserves. By the end of the session, attendees will understand what changes are being made to non-variable annuity reserves, details underlying existing proposals, and the anticipated timing of such emerging changes. This session is intended to the meet the needs of actuaries focused on annuity reserve calculations, financial reporting, and valuation.

Description: This session at the 2004 Valuation Actuary Symposium provides an overview of statutory valuation issues for life and annuity products including the Actuarial Opinion and Memorandum Regulation, variable products reserving standard, adoption of 2001 CSO, C-3 Phase II RBC project and nonforfeiture changes.

Description: This abstract describes a paper that generalizes the Poisson process to a renewal process, especially Erlang (n) renewal processes.

Description: Discussion of the biases understatement of risk/reserves that arise when aggregating cells in modeling Variable Annuity Minimum Guaranteed Death Benefits

Description: The article discusses the developments thus far with the adoption of the NAIC Valuation Manual and what steps still lie ahead. It also discusses the NAIC Life Actuarial Task Force’s response to the NAIC’s VM-20 Impact Study. In general, outcomes of the Phase III testing support the suggestion that the modifications made to VM-20 as a result of the NAIC Impact Study made progress in addressing the excessive conservatism demonstrated in the Phase I and Phase II testing.

Description: A pension actuary and a life actuary collaborate to express public pension liability and asset issues in terms and figures that an insurer would use

Description: This paper provides illustrative examples of using a Paid Claims Projection model to estimate claim reserves for products in the runoff and a Cash Flow Testing model to determine longevity and profitability of existing products.

Description: Hear from companies & consultants that early adopted VM-21 for year-end 2019. Learn from their experiences in preparing for the significant additional work required for implementation - updating models, assumptions, documentation, etc. Hear about the NAIC review and feedback (if available).