The release contains new Cash Flow Testing resources, a new Individual Disability Income (IDI) workbook, updates to Term Life workbook for VM-20 NPR, updates to Fixed/Indexed Annuity product, and a new Fixed/Indexed Annuity orientation article. Additional updates were made to clean up documentation, improve clarity and quality of life.

Cash Flow Testing Examples & Support Article

Published new resources to help set up and review Cash Flow Testing results for US STAT reporting:

1. Projection template, named US STAT Cash Flow Testing, illustrating how to set up the SLOPE Life Library model to run a projection for Cash Flow Testing purposes
2. Support article with step-by-step instructions for setting up a Cash Flow Testing projection using the library model

Accompanying analysis workbook to be published soon.

Individual Disability Income (IDI) Workbook

Published the IDI workbook to enable users to review:

• Single policy cashflows
• Benefit details by projected time of claim incurral
• US STAT reserves for both Active Life Reserves (ALR) and Disabled Life Reserves (DLR) along with associated cashflows

Term Life Workbook Update (VM-20 NPR)

• Added tab US STAT VM-20 NPR to facilitate the review of single policy Net Premium Reserves (NPR) under VM-20.
• Added indicator column in tab US STAT Reserve Summary to show when the ½ c_x floor is applied to the Basic Reserve Per Policy.

Combined Fixed/Indexed Annuity product updates

New orientation article

A new article to help new users orient themselves to the combined Fixed/Indexed Annuity product has been published on our support site. This article provides an overview of: inputs & assumptions, Model Point File inputs, modeling mechanics, and calculation timing.

Fixes

• Fixed various results to reflect the projected GMWB election paths rather than only look at the base policy path, which excluded portions of the policy that went down projected GMWB election paths. Several GWMB specific variables were added to help track these for each GWMB time of election.
• Fixed various issues causing run errors for policies issued after the projection start date
• Fixed an issue causing run errors for policies terminating before the end of the guarantee period and the projection period 
• Corrected Par Rate and Cap Solver calculations to multiply the Par Rate to both the Base and Cap calls and to now divide the Par Period (in months) by 12.
• Added missing Maximum Participation Cap column to Indexed Account Parameters table structure used when solving for the participation cap
• Removed default of zero from Model Point fields for Premium Allocation since the correct behavior should point to the Investment Accounts table if these fields are left blank.
• Fixed Cash Flows – Liabilities variable to properly reflect Reinsurance Cash Flows. Added new Gross Cash Flows variable to show gross cash flows without reinsurance.
• Corrected variable Investment Account Has Market Value Adjustment? by reversing the IF condition
• Corrected Investment Account Nonforfeiture Surrender Value to now apply the Nonforfeiture premium percentage of 87.5% to Investment Account premiums added in the month
• Corrected US GAAP Host Contract Value Per Policy to not sum New Investments across Investment Accounts since the variable was supposed to be an Investment Account level rollforward.

Enhancements / Changes

• Added the Black Scholes Projection Method (BSPM) for AG35 under US STAT reporting
• Turned on Output Variable setting for a couple of VM-20 portfolio variables that will be needed for a future VM-20 workbook
• Added Maturity Term column to the Plan Code – Fixed/Indexed Annuity table for fixed term annuities that have a maturity benefit after a specified number of years after issue.

General Updates

Fixes

• Cleaned up various missing Input tags and documentation through the library products and tables

Enhancements / Changes

• Changed Gross Premium Method from numeric representation to string values from dropdown list to make the options more readable at first glance.
• Added Index Participation Cap and Index Participation Rate columns to Deposit History table to allow users to input distinct projection start values by deposit.
• Added Tax Jurisdiction column to Company Properties table to move the input from a constant in model for ease of configuration.
• Added a Maturity Term variable and column in the Plan Code – Fixed/Indexed Annuity table.
• Removed deprecated columns Guaranteed Rate and Initial Credited Rate from the Plan Code – Fixed/Indexed Annuity table. Note that the guaranteed rate is now set on the Investment Accounts table and credited rates are set in the Credited Rate History table and/or the Deposit History table.
• Renamed Rate column in the Deposit History table to Current Credited Rate for clarity.
• Renamed Minimum Participation Rate column in the Indexed Account Parameters table to Guaranteed Minimum Participation Rate for consistency.
• LTC: Renamed the Long Term Care Claim Status array to Long Term Care Site of Care for clarity.

Coming Soon

• Cash Flow Testing system workbook to use a starting point for analyzing Cash Flow Testing results
• Updated Bond workbook with more details (e.g. market value roll-forward, etc.)
• VM-22
• Projection result comparison workbook
• Other asset-related updates