IAA - International Actuarial Association

  • 2002 02 - IAA (International Actuarial Association) - Report of Solvency Working Party, Prepared for IAA Insurance Regulation Committee - 99p
  • 2004 - ACLI/ IAA - Renewal Premiums and Discretionary Participation Features of a Life Insurance, A Joint Research Project - 52p
  • 2007 - IAA (International Actuarial Association) - Measurement of Liabilities for Insurance Contracts: Current Estimates and Risk Margins, IAA ad hoc Risk Margin Working Group - 170p
  • 501. International Actuarial Association International
    • The IAA notes that the exercise of any power to implement a stay on surrenders may have a cost to the reputation of the insurance industry and may result in conflicting positions between the prudential and conduct supervisors if they are separate.  (Page 180 of 264)

2018 - IAIS - Compiled Comments on Holistic Framework for Systemic Risk in the Insurance Sector 14-Nov-18 to 30-Jan-19 - 264p

  • 2007 - IAA (International Actuarial Association) - Measurement of Liabilities for Insurance Contracts: Current Estimates and Risk Margins, IAA ad hoc Risk Margin Working Group - 170p
    • (p156) - E6.2.3 - The following are some considerations that can affect expected discontinuance assumptions.
      • Most of these factors are portfolio-specific, although some are applicable on an entity-specific or type of products pecific basis, with many the result of contract features, policyholder characteristics, and overall conditions that affect the market or overall industry.
    • The way the contracts were sold and marketed (e.g., a universal life contract sold as low premium term insurance or primarily for investment purposes).
  • As a result of the declining interest rates during the first ten years, the amount accumulated in the deposit fund after ten years is less than anticipated when the contract was issued, and less than necessary to keep the contract in force for the long term if the original "target premium" assumptions were continued.
  • Industry experience indicates that policyholders will increase their renewal premium payments in order to maintain their valuable insurance and minimum deposit interest rights.
  • For purposes of these Illustrations, we assume that the policyowner wishes to keep the UL contract in force and increases the renewal premium payments from duration ten.
  • Therefore, after the tenth year, an increase in the rate of premium payments into the deposit fund is illustrated sufficient to provide funds to maintain the contract in force under the changed financial conditions.|
  • In practice, policyholders are continually modifying their behavior to reflect changing circumstances.  (p88)

2004 - ACLI/ IAA - Renewal Premiums and Discretionary Participation Features of a Life Insurance, A Joint Research Project - 52p

  • Financial Option Risk
    • Many investment products offered by life insurance companies, primarily universal life and deferred annuities, grant significant options to policyholders.
    • The degree of risk posed to a company through policyholder exercise of these options, to the detriment of the insurer, depends upon detailed technical wording in the contract, the
      manner in which the product has been marketed and sold, the financial sophistication of the policyholder, and the volatility in the underlying economic environment.  (p48-49)

2002 02 - IAA - Report of Solvency Working Party, Prepared for IAA Insurance Regulation Committee - 99p