Deloitte Bermuda hires Kelvin Lam as a partner royalgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from royalgazette.com Daily Mail and Mail on Sunday newspapers.
Ascot appoints Matthew Lillegard as group chief actuary royalgazette.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from royalgazette.com Daily Mail and Mail on Sunday newspapers.
They’re Back! Actuarial Society, Under Pressure, Reinstates Ratemaking Rules
Less than a month ago, the prospect that long-held principles of actuarial ratemaking would survive an action by the Casualty Actuarial Society board of directors to rescind them seemed like a long shot.
But facing continuing pressure from actuaries representing regulatory agencies and consumer interests, the CAS announced a reversal May 7. The reversal came after the CAS had confirmed the rescission on April 1.
The reinstatement restores language ratemaking actuaries and regulators have followed for years: “A rate is reasonable and not excessive, inadequate, or unfairly discriminatory if it is an actuarially sound estimate of the expect value of all future costs associated with individual risk transfer.”
Variable Benefit Plans a Solution for All Types of Plan Sponsors
Corporate, multiemployer and public plan sponsors have been drawn to variable benefit plans for their ability to minimize costs while offering guaranteed income to participants.
Reported by
Plan sponsors and others in the retirement plan industry have been showing an increased interest in new defined benefit (DB) plan designs that minimize cost volatility and/or provide risk sharing.
During a recent webinar on the subject, Rachel Barnes, a member of the pension committee at the American Academy of Actuaries, noted that many corporate plan sponsors have been taking steps to transfer or eliminate their traditional DB plan obligations. While some have moved to a defined contribution (DC) plan as their retirement benefit offering, others question whether these are adequate for securing optimal retirement outcomes. This concern has been driving increasing interest in other plan designs, such as variable annuity plans, al