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This textbook is on the SOA required reading list for SOA ILA 101, ILA 201-U Exam and Introduction to ILA Module.
This book covers the basic principles of the statutory valuation of individual life insurance and annuity contracts in the United States, including experience studies, model governance, and risk-based capital. It was written both for practicing actuaries and those considering a career in financial reporting, product development or risk management. The Fifth Edition of this book, previously titled Valuation of Life Insurance Liabilities has been divided into two volumes.
Volume 1 focuses primarily on basic principles, the valuation process, model governance, and formula-based reserves.
Volume 2 focuses primarily on principle-based reserves, experience studies, and risk-based capital.
A series of Excel models working through the valuation process are included with the purchase of the text.
About the Authors
Donna Claire
Donna has over 40 years of experience in the insurance profession and heads Claire Thinking, Inc., which specializes in risk management and regulatory issues. She has worked on a number of American Academy of Actuaries committees on regulatory matters in the life and annuity areas. Mrs. Claire received the Jarvis Farley Award for volunteer service to the Academy and a 2016 Outstanding Volunteer Award for work on Principle-Based Reserves.
She is a Fellow of the Society of Actuaries, a member of the American Academy of Actuaries and a Chartered Enterprise Risk Analyst. She holds a Bachelor of Science Degree from The College of Insurance (now St. John’s University School of Risk Management).
Louis Lombardi
Louis is a retired principal and actuary from the actuarial practice of PricewaterhouseCoopers, and a former director of the actuarial program at the University of Connecticut. He has forty years of experience in the life insurance industry with extensive knowledge of actuarial education, financial reporting, hedging, product development, software development, and surplus management.
He is a Fellow of the Society of Actuaries, a member of the American Academy of Actuaries and has a Master’s Degree in pure mathematics from Tufts University.
Sheldon Summers
Sheldon is a consulting actuary with Claire Thinking, Inc. Prior to that he was Chief Actuary at the California Department of Insurance until his retirement in 2009 after 31 years of service. He has served on various committees of the National Association of Insurance Commissioners and of the American Academy of Actuaries on life insurance and reinsurance matters. In 2010, Sheldon received the American Academy of Actuaries’ Robert J. Myers Public Service Award in recognition of contributions to the public good.
He is a Fellow of the Society of Actuaries, a member of the American Academy of Actuaries and holds a Master of Business Administration degree from the University of Southern California.
Reviews
“The actuarial community will significantly benefit from this seminal text. The addition of a second volume covering Principle-Based Reserving is invaluable as the approach to life reserving makes dramatic changes from the old formulaic to a new stochastic approach. The supplementary Excel models with explicit examples of all the reserve calculations and detailed formulae are invaluable for the practicing and aspiring valuation actuary. This is a staple of life and annuity actuarial reserve literature.”
- Joeff Williams, FSA, MAAA