New Products
- Structured Assets (MBS, ABS, CLO)
- Critical Illness
- Hospital Indemnity
- Externally Projected Liability
- Stock Option
Updates
- Support for Secondary guarantee calculations was added to the Universal Life product
- New functionality was added to all Bond products (Non-Callable, Callable, Sinking Fund, and Floating Rate) to allow for the initial par value or credit spread to be solved for upon issue for reinvestment assets
- US STAT And US GAAP Variable Tags were updated on all products and portfolios for consistent coverage
- The Cash Flow Start Time variable on all Products was updated to point to centralized Cash Flow Start Time at the Company Variable level for ease of updating
- Commonly used pricing metrics were added to All liability products and a new Pricing variable tag was added to these calculations
- Fix to Sinking Fund product factors
- Policy Count roll-forward variables were added to all Liability Products
- Reinsurance Tables and logic were updated to add support for minimum retention limits and excess reinsurance
- A new Run Settings variable was added to the Company level to control high-level functionality across the entire Library
Fixes
- All Present Value Formulas across the Library were updated to use the time periods to be more efficient
- Market Value calculations for Mortgages and Sinking Fund Bonds were updated to correctly reflect the impacts of prepayment assumptions
- The Number In Force variable on the Sinking Fund Bond was updated to remove the sink percent which was previously resulting in double counting of cash flow reductions in the market values of this product