• The valuation actuary concept is a form of dynamic valuation.
• It's becoming increasingly clear that the traditional formula-driven valuation standards cannot deal with the many variations and products, and the pace and development of new products.
• This has become more obvious to me over the last year as I've chaired a joint industry task force addressing reserves for nonlevel premium and benefit policies, sometimes referred to as Guideline XXX.

--  Reed P. Miller, Vice President and Corporate Actuary at Lincoln National Corporation

1990 - SOA - Emerging Issues, Society of Actuaries - 38p