Valuation

  • 1979 - SOA - Discussion of the Preliminary Report of the Committee on Valuation and Related Problems, Society of Actuaries - 44p
  • 1987 - SOA - Valuation Actuary Handbook. Chapter I - Life Insurance Company Statutory Valuation - 34p
  • 1990s - State Variations and Their Impact on Valuations
    • AAA - State Variations in Valuation Laws Task Force of the American Academy of Actuaries
    • 1995 - JIR / NAIC - Diversity of State Valuation Laws and Regulations, by Kenneth W. Faig, Jr, Polysystems - 22p

    • 1995 0822 - Report - AAA - Report - State Variations and Their Impact on Valuation, Report of American Academy of Actuaries Task Force on State Variations to NAIC

    • 1995 1121 - Report - AAA - State Variations and Their Impact on Valuation: Follow-Up Report, Report of American Academy of Actuaries Task Force on State Variations to NAIC

    • 1996 - SOA - State Variations from Standard Law, (vasp9614), Society of Actuaries - 20p

    • 1996 0510 - Report - AAA - State Variations in Valuation Laws, Report Of American Academy Of Actuaries Task Force on State Variations to NAIC
    • 1996 05 - SOA - State Variations and Their Impacts on Valuation, Society of Actuaries - 28p
    • 1996 06 - SOA - State Variations and Their Impacts on Valuation, Society of Actuaries - 6p
      • Summary: Panelists discuss the impacts on preparing reserves and an Actuarial Opinion and Memorandum (AOM) caused by differing reserve requirements in each state. This session addresses compiling, analyzing, and opining on 50 sets of valuation laws, regulations, and procedures. The perspectives presented include those of an industry practitioner, a regulator, and a member of the AAA focusing on professionalism.
  • 2002 - AAA - Fair Valuation of Insurance Liabilities: Principles and Methods - American Academy of Actuaries
  • 2003 - SOA - Statutory Valuation Interest Rates for Life Insurance and Annuity Products - 2p
  • 202x - NAIC - NAIC Valuation Manual - [link]
  • Prior to the end of the nineteenth century it had been necessary for all companies to use the method of valuation of policies then provided by law on what was known as the net level premium plan.
    • Under this plan it was extremely difficult to organize and develop new companies and there has been very few new life insurance companies organized prior thereto.
  • Beginning with the twentieth century a number of the Western states provided by law for the valuation of policies of companies upon what was known as the preliminary term or modified preliminary term basis, and it was these laws that permitted the organization and rapid growth of many companies throughout the Western and Southern states, as shown by the growth of companies on the schedules attached hereto, marked Exhibit "A". (p168)

1940-0, NAIC Proceedings

  • Valuations Committee
  • In 1907, following the Armstrong investigation and as a result of the panic of that year, the N.A.I.C. adopted a resolution to set the stage to obtain uniformity in valuing securities.
    • Up to 1909, New York and Massachusetts, at their own expense, had prepared valuation lists which were used by other states. In that year, the Valuations Committee of the N.A.I.C. hired its own expert to prepare its list.
    • He was the first salaried staff employee of the N.A.I.C. Later the work was done by professional organizations for a fee; concerns like Moodys and Poor's were employed, with various state insurance departments contributing to the payment of this expense.
  • Several times over the years, the N.A.I.C., through its Valuations Committee, has taken steps to adjust values in times of national economic stress or emergency.
    • As stated above, this was done during the panic of 1907.
    • It was undertaken again during the market demoralization of 1914 and again in 1917.
    • As a result of the stock market crash of 1929, the N.A.I.C. adopted so-called convention values in 1931.
  • Thus, upon at least four different occasions, the N.A.I.C., by realistic and timely action, became a potent factor in protecting the public against insolvency. (p11-12)

1958 0211 - Insurance Regulation in the Public Interest: "A BETTER N.A.I.C." - by Robert E. Dineen - 122p

  • Mr. Dineen is:
    • a Vice President of the Northwest Mutual Life Insurance Company. 
    • a graduate of College of Law of Syracuse University. 
    • admitted to the New York and Wisconsin Bars. 
    • was Superintendent of Insurance of New York State from 1943 to 1950. 
    • served as President of the National Association of Insurance Commissioners (1946-1947).
  • Presented to Zone 4 of the National Association of Insurance Commissioners at a Seminar - Michigan State University