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: In July 1987, the Society of Actuaries [SOA] Committee on Life Insurance Company Valuation Principles released an exposure draft in which a distinction was made between valuation principles and standards of practice. Rather than including specific standards of practice in the valuation principles themselves, the Committee developed valuation principles to encompass current and future standards of practice. Panelists discuss the work of the valuation actuary in the context of these developments. From the 1987 Record of Society of Actuaries, Vol. 13, No. 4B.

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 solvency problems and the actuary's role in addressing them in the life insurance industry.

Description: Summary of the Life and Health Actuarial Task Force Meeting held in September, 2003

Description: This article reports the maximum statutory valuation and nonforfeiture interest rates for calendar year 2004 issues of life insurance products and the maximum statutory valuation interest rates for calendar year 2003 issues of annuity products.

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

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

Description: The decrease in interest rates over the last several years has led to decreases in the maximum valuation rate and maximum nonforfeiture interest rate, and companies need to prepare for these changes.

Description: Discusses the reasons for changing emphasis on reserve strengthening programs and looks at methods adopted to emphasize the reserve character of undistributed surplus.