Description: A discussion of some of the challenges the insurance industry will face as we move towards fair value and a comparison of the pros and cons of rules based vs. principles based reserves.

Description: Full version of The Financial Reporter, Issue No. 67, December 2006.

Description: The nature of life is one large balancing act. The act of leading any institution requires one to find the right balance of things to leave alone and things to change. My survey of the section’s current situation shows that things are humming along pretty smoothly. This is my way of saying, “Don’t expect dramatic changes.” I anticipate that we will continue the section’s mission of delivering a host of educational opportunities and funding research.

Description: Presented at October 1996 Annual Meeting. This discussion examines a few prototype annuity designs and mainly focuses on a typical single premium deferred annuity 'SPDA', a flexible premium deferred annuity, and a variable annuity.

Description: As my penultimate column, this is my opportunity to strike the existential pose and wax poetic about the fact that human nature has no history. Each generation born harbors the same hopes, dreams, and desires as the generation that preceded it. Following, in no particular order, are some observations related to this insight.

Description: This session at the SOA 2001 Toronto Spring Meeting focuses on FAS 133, which defines accounting for derivatives, embedded options and hedging activities. Details of FAS 133 and implementation issues are discussed.

Description: Panelists discuss the risks inherent in common variable and equity-indexed annuity designs, including Guaranteed Minimum Death Benefits [GMDBs]. The effects of changes in interest rates, market level, and implied and actual volatility on economic and accounting results, as well as reinsurance and various kinds of hedging, are discussed. From the 2002 Record of Society of Actuaries, Volume 28, No. 3. Session 121PD of the Boston Annual Meeting.

Description: A discussion of alternative meanings to “Best” in best estimate. When one is trying to estimate a result that is normally distributed, the mean, median and mode will all equal one another. However if the results are not normally distributed, different variance metrics will result in different “best” estimates. When different parts of a financial statement use different criteria for measuring best estimates and different processes for handling variances, the results can be volatile, unpredictable and perhaps unreasonable.

Description: In session 3PD of the New York Annual Meeting the panel discusses solutions such as data software and interface standards as possible solutions to the problem of having many different data storage and analysis systems that don't speak to each other. From the Record of the Society of Actuaries, Vol. 24, No. 3.

Description: Full version of The Financial Reporter, Issue 62, September 2005.