February 2021 – Page 5

IAIS – International Association of Insurance Supervisors iaisweb.org IAIS – Index IAIS – Documents IAIS – Holistic Framework IAIS – Universal Life Insurance COB – Conduct of Business NTNI – Nontraditional and Non-insurance Corporate Governance AAA – IAIS NAIC – IAIS iaisweb.org//supervisory-material/ Activities-Based Approach (ABA) Behavioral-Based Approach Comframe ComFrame Standards ComFrame Guidance Entity-Based Approach…

Actuaries Actuarial – Index Actuaries are thought by many to be the problem solvers of the insurance industry. — Charles Trowbridge, Editor 1987 05 – SOA – The Actuary – 2p Richard S. Schweiker*: I’ve heard actuaries described as the engineers of the life insurance business, and I guess that’s a pretty good description. *President of…

Mortality 1949 – REPORT OF THE COMMITTEE ON MORTALITY UNDER ORDINARY INSURANCES AND ANNUITIES, Society of Actuaries – 12p 1999 – Mortality Rates as a function of Lapse Rates – Society of Actuaries California Legal Case – No Difference between Term and Perm

Select and Ultimate The select and ultimate term product is an example of a poorly designed product. The low going-in rate with increasing premium in later years, obviously encourages replacement. (Recall that select and ultimate term are mortality and tax driven, not persistency driven.) — Lawrence Silkes, Vice President and Chief Actuary of New Jersey…

Assets https://www.acli.com/-/media/ACLI/Files/Fact-Books-Public/02FB19FChap2Assets.ashx?la=en#:~:text=Life%20insurer%20holdings%20of%20corporate,(Table%202.1%2D2.2). https://fred.stlouisfed.org/release/tables?rid=52&eid=804724#snid=804747

Investment-Oriented Products In contrast, many of the investment-oriented products marketed in the last decade have shorter duration and require greater liquidity than was needed in earlier … 1992 – World Bank – The Life Insurance Industry in the United States: An Analysis of Economic and Regulatory Issues, by Kenneth M. Wright – 54p 1987 – SOA -…

ACLI – Systemic Risk 2009 – 2009 1026 – InsuranceNewsNet – Relieved to Have Survived a Dangerous Year, ACLI Members Look Ahead, By Ron Panko, senior associate editor, Best’s Review – [link] The year certainly tested the ACLI leadership. Frank Keating, its president and CEO, related the many actions he and his team took to…

Non-Traditional Life Insurance Products GICS – Guaranteed Investment Contract Investment-Oriented Products NTNI – Nontraditional and Non-insurance Q: Is Universal Life Insurance a Traditional Product? 1996 – SOA – Legal Issues Affecting Nontraditional Products, Society of Actuaries – 14p A new exposure draft of a revised model regulation has been prepared by the staff of the…

Derivatives Derivatives, Options, Swaps etc – Government Hearings Commodity Futures Modernization of 2000 1984 – SOA – Options and Futures — A Teaching Session, Society of Actuaries – 26p 1994 0518 – GAO – Financial Derivatives: Actions Needed to Protect the Financial System – GGD-94-133 – 200p 1994 – SOA – NAIC Model Investment Law…

Property Casualty How about an observation based on the United States? Property casualty companies can give us a lesson here. How many years ago was it that we could go to our auto insurance company to buy a five-year policy? Not terribly long ago, but it’s difficult now to find a policy that’s not repeated…