The actuarial memorandum should among other things contain the following;  1.        General description of the nature of the product and its salient features  2.        Disclosure of all assumptions used in the calculation of premiums rates for the product. These include assumptions with respect to mortality, interest rates, lapse rates, expense charges and all relevant assumptions.  3.        A thorough description of the formulae used in calculating all relevant values associated with the product. These may include the premium, nonforfeiture values, accumulation values and actuarial reserves.  4.        For Universal Life products, a sales illustration showing the guaranteed and current accumulation values for various contribution levels and different issue ages including the assumptions used for interest rates, expense and mortality charges.  5.        For interest-indexed Universal Life Products, a Statement of Actuarial Opinion from a qualified actuary which will state that the actuary has satisfied himself/herself that the assets supporting the liabilities will provide sufficient funds in the future to meet the emerging obligations of the product.  6.        An asset-share illustration showing for a representative age, the period by period profitability of the product showing summary profitability measures like return on equity, present value of profits etc.   

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