LAUNCH OF NEW CONTENT MANAGEMENT SYSTEM BENEFITS MEMBERS 

It's here! The recent launch of the Society of Actuaries new Content Management System in support of the SOA website offers many new valuable benefits to members and others looking for research reports and data. The improved system provides:

• More detail in search results and the ability to sort search results by relevance, date or alphabetically.
• The ability to browse by topic and to have identified ALL material on the website related to that topic.
• The capability of refining results by a more specific topic, competency, content type, publication name, author and/or file type.

SOA ISSUES RESULTS FROM 2011 RISKS AND PROCESS OF RETIREMENT SURVEY  

The full report and an overview report highlighting key findings from the sixth biennial Risks and Process of Retirement Survey are now available. The survey was conducted by Mathew Greenwald and Associates and EBRI on behalf of the SOA's Committee on Post Retirement Needs and Risks. The survey offers insight into awareness of retirement risk, how this awareness has changed over time and how perceptions impact the way finances for retirement are managed. In this latest version of the survey, retirees appear more concerned about retirement risks than in previous years. Yet, there has been little change in their risk management strategy during the past two years. Additional highlights reports, dealing with longevity, working in retirement and the impact of the economy on retirement, will be released later this year.

NEW REPORT EXPLORES LINKAGE OF RISK APPETITE AND STRATEGIC PLANNING

In this new report, co-authors Kailan Shang and Zhen Chen explore the role of a risk appetite framework in effective risk management and how it can be used to make more informed strategic decisions. To help illustrate the concepts, the report includes several case studies. The authors hope that one outcome of the paper is a more formalized deliberative process of assessing the risks of strategic plans and reflecting them in a risk appetitive framework. The report is sponsored by the CAS, CIA and SOA's Joint Risk Management Section.

REPORT EXAMINES COMBINATION LIFE AND ANNUITY PRODUCTS LINKED TO LONG-TERM CARE INSURANCE

A recently released report, co-sponsored by the SOA's Long Term Care Insurance Section and ILTCI Conference Association, highlights the characteristics of combinations plans that serve to reduce the risk to insurers issuing these products. Observations are provided on the factors that explain the natural hedging against major risks present within the linked products. The report is co-authored by Linda Chow, Carl Friedrich and Dawn Helwig of Milliman, Inc.

SOA SOLICITING COMMENTS ON LATEST MORTALITY IMPROVEMENT RESEARCH FOR PENSION ACTUARIES

The Society of Actuaries' Retirement Plans Experience Committee has just released an exposure draft with its most recent research on mortality improvement. The draft introduces a newly developed mortality improvement scale, Scale BB, that pension actuaries are strongly encouraged to review. The new Scale BB has been developed as an "interim" scale that pension actuaries may choose to use until a formal successor to the widely used improvement scale, Scale AA, is completed. Please send your comments on this draft to Cindy MacDonald at cmacdonald@soa.org by June 30, 2012. Please include "Scale BB Comments" in the subject line.

RECENT CHANGES TO ACADEMY'S INTEREST RATE GENERATOR

The Joint Economic Scenario Generator Project Oversight Group of the Society of Actuaries and the American Academy of Actuaries (POG) has updated the Academy's Interest Rate Generator with historical yield curves through December 2011. An updated FAQ document is also available that provides important information on the generator along with more information about this latest release. See the April 2012 Updates under Related Links. Questions? Contact esghelp@soa.org.

MORTALITY AND OTHER RATE TABLES (MORT) UPDATE

The SOA's Research Department has been busy updating its new MORT tool during the last several months. We have added many new tables, including all of the 2001 VBT and CSO tables, the 1985 CIDA and the 1985 NAIC Cancer tables, as well as numerous foreign tables. More than 500 additional tables have been added, bringing the total to over 1,400! Each table can be easily downloaded to your desktop in a variety of file formats. To follow this project more closely, join the listserv. Any questions or feedback may be sent to MORT@soa.org.

PENSION RESEARCH REPORT PROVIDES CONSIDERATIONS IN THE EVALUATION OF GAIN SHARING PLAN DESIGNS

A new report from the SOA's Pension Section examines a number of design issues, along with methods for analyzing the likely cost of gain sharing plan provisions. A primary motivation for the report is to provide actuaries with ideas and a tool on how to value these designs. The report, co-authored by Colin England, Thomas Lowman and Ann Sturner of Bolton Partners, Inc. includes an accompanying Excel model.

ECONOMIC CONCERNS TOP 2011 EMERGING RISKS SURVEY RESULTS

Economic concerns, as in previous years, continue to top the list of emerging risks in the 2011 Emerging Risks Survey. Yet it also shows that as time passes from the financial crisis, their level of importance is stabilizing. The 2011 survey is the fifth one conducted by Max Rudolph of Rudolph Financial Consulting and sponsored by the Casualty Actuarial Society, Canadian Institute of Actuaries, and Society of Actuaries' Joint Risk Management Section. A 2012 survey is planned.  

SUBMIT PROPOSALS SOON FOR MORTALITY IMPROVEMENT RESEARCH 

The SOA's Retirement Plans Experience Committee (RPEC) is seeking researchers to compile the latest research on historical age, period and cohort effects and anticipated future mortality improvement trends in the US. The RFP also requests an assessment of the suitability of using a CMI-type approach for modeling mortality improvement experience in the United States. The results of this research will be used by RPEC in the development of a mortality improvement scale that will formally replace Scale AA, which has been widely used by actuaries in the United States and Canada for pension-related purposes since 1994. Intents are due May 15. Proposals are due May 31.

The SOA is seeking researchers to analyze the morbidity and health care cost of the newly insured entering the health insurance market in the United States in 2014 and beyond. The expected audience for this research is state exchange officials and administrators, actuaries working for health plans and assisting exchanges, and federal officials and administrators. Given the time sensitivity of this information, delivery of final report is required by the end of 2012. Intents are due May 11. Proposals are due May 25.  

How an institution models and accounts for credit behavior is one of the key inputs into projecting financial results and capital levels. Yet institutions often characterize credit risk through relatively simple default assumptions. The Society of Actuaries Committee on Life Insurance Research, Committee on Finance Research and the Financial Reporting Section are sponsoring new research to educate actuaries and other interested parties on the latest research on credit losses and defaults. A survey of current practice of life insurers with respect to actuarial modeling of credit losses is underway. Companies interested in participating in the study should contact Ronora Stryker at rstryker@soa.org.

SHARE YOUR PROPOSALS FOR VARIABLE ANNUITY GUARANTEE PRODUCT RISK EVALUATION APPROACHES  

The CIA, CAS and SOA's Joint Risk Management Research Team and Committee on Finance Research are looking for researchers to develop a quantification framework for better evaluation of the risks associated with variable annuities guarantees. The organizers are particularly interested in the impact of systemic risk, risk mitigation strategies, and risk modeling and industry practice. Intents are due June 15. Proposals are due June 30.