Valuation Actuary

  • 1980s - SOA - Committee on Life Insurance Company Valuation Principles 
  • Pricing Actuary
  • The Valuation Actuary's job is to analyze the risks that we undertake in the insurance business and the way we need to deal with them in setting our reserves. We're going to talk about three forms of risk:
    • C-1, C-2, and C-3. The types of risks we face in the insurance business are the following.

1987 - SOA - Cash Flow Analysis Techniques - VASP, Society of Actuaries - 100p 

  • 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

  • As Chris indicated earlier, pricing actuaries are in a unique position relative to valuation actuaries since valuation actuaries spend their time monitoring reality.
    • Pricing actuaries, along with actuaries who work in the asset/liability modeling (ALM) area, can influence reality.
    • Their actions are highly leveraged in that if they incorrectly price a product, it can have enormous consequences for their company.
    • [Bonk: Chris = Christian J. Desrochers]

--  Mark A. Tullis

1992 - SOA - Strategic Product Development, Society of Actuaries - 36p

  • [VASP - Valuation Actuary Symposium]
  • 1985 - SOA - Using Deterministic Scenarios To Test Valuation Reserves For Universal Life, Valuation Actuary Symposium Proceedings, (VASP855), Society of Actuaries - 86p
  • 1986 - SOA - Actuarial Malpractice: An Analysis of the Legal Implications of Valuation Actuary Concept (U.S. Session), Society of Actuaries - 14p
  • 1986 - SOA - Corporate Modeling and Forecasting (Practical Aspects of the Valuation Actuary Recommendations), Society of Actuaries - 42p
  • 1986 - SOA - Setting Appropriate Assumptions For The Valuation Process, Society of Actuaries - 48p
    • Dennis L. Carr: Over the past couple of years, Tillinghast has been involved in doing asset/liability cash flow analyses for interest-sensitive life and annuity products.
      • Over that time period, we have learned a great deal about the assumptions involved in such modeling.
      • The assumption-setting process is not new to actuaries; however, setting assumptions that vary with different interest scenarios is rather new, so we are still very much in the learning mode.
  • 1987 - SOA - Status Of The Valuation Actuary In The United States, (vasp876), Society of Actuaries - 50p
  • 1987 - SOA - Valuation Actuary Handbook

    • 1987 - SOA - Valuation Actuary Handbook - Chapter I - Insurance Company Statutory Valuation, Society of Actuaries - 34p

  • 1988 - SOA - C-3 Risk and Liability Hedging, (vasp889), Society of Actuaries - 70p
  • 1993 - SOA - Valuation Actuary Symposium Proceedings (VASP) - Session 3 - Life and Annuity Valuation Issues, Society of Actuaries - 18p
  • 1993 - SOA - The Valuation Actuary: An Overview of 1993 Developments, Society of Actuaries - 146p
  • 1994 - SOA - Introduction and Overview: Current Activities of NAIC's Life and Health Actuarial Task Force, Society of Actuaries - 110p
  • 1995 - SOA - Valuation Actuary Symposium Proceedings (VASP) - Session 2 - Life and Annuity Valuation Issues, Society of Actuaries - 18p
  • 1998 - SOA - Valuation Actuary Symposium Proceedings - Table of Contents - 8p
    • 1998 - SOA - Valuation Actuary Symposium Proceedings - Regulatory Topics - 28p
      • Larry M. Gorski, FSA, MAAA - Actuary - Illinois Department of Insurance
      • Mark J. Greene, FSA. MAAA, Supervising Actuary, New York State Insurance Department
      • Kerry A. Krantz, FSA, MAAA, Valuation Actuary, Florida Insurance Department
  • 2015 - SOA - VASP - Reviewing, Validating and Auditing Actuarial Models, Society of Actuaries - 41p
  • Academy - Implementation of the valuation actuary concept for life insurance companies continues to be a major item on the Academy's agenda.
  • There are a number of regulatory, insurance industry and professional actuarial committees and task forces working on various aspects of the valuation actuary concept.

1986-2, NAIC Proceedings

  • Major Recommendation of the report of the Joint Committee on the Role of the Valuation Actuary in the U.S. 

1984 - AAA - Journal, American Academy of Actuaries