With the globalization of the insurance industry and the advent of IFRS, the Committee on Finance Research of the Society of Actuaries in interested in proposals for a project that compares the insurance regulatory structures of the European Union with that of the US, and the potential effects of these structures on product development and risk management strategies.

The following items reflect the range of topics that could be addressed:

• Regulatory monitoring and oversight practices, reflecting reserving and capital standards of practice (e.g. Solvency II, ORSA, Economic Capital) and their effects on the feasibility of certain products and/or markets.
• Accounting and actuarial methodologies, to include US STAT, GAAP and TAX as well as IFRS and any other relevant methods currently in use, and the extent to which these standards alter profit recognition, product design and even product attractiveness.
• Taxation structures, and their effect on individuals and the industry

The scope of this research effort has been deliberately left open to allow respondents flexibility in how they approach one or more of the above topics in their proposals.

The ultimate deliverable should result in valuable reference material for financial practitioners.

It is anticipated that the outcome of this research will be presented at an applicable Society of Actuaries meeting. Funding support will be provided for such presentation.

To facilitate the evaluation of proposals, the following information should be submitted:

1. Resumes of the authors, including any graduate student(s) expected to participate, indicating how their background, education, and experience bear on their qualifications to undertake the research. If more than one author is involved for each report, a single individual should be designated as the lead researcher and primary contact. The person submitting the proposal must be authorized to speak on behalf of all the authors as well as for the firm or institution on whose behalf the proposal is submitted.
2. A description of the data to be used.
3. A description the expected report and any supporting data, tools or other resources.
4. Cost estimates for the research, including computer time, salaries, report preparation, research costs, etc. Such estimates can be in the form of hourly rates, but in such cases, time estimates should also be included. Any guarantees as to total cost should be given and will be considered in the evaluation of the proposal. While cost will be a factor in the evaluation of the proposal, it will not necessarily be the decisive factor.
5. A schedule for completion of the research, identifying key dates or time frames for research completion and report submission.
6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

The Committee on Finance Research is responsible for the selection of the proposal to be funded. Input from other knowledgeable individuals may also be sought, but the Committee on Finance Research will make the final decision. The SOA's Research Actuary will provide staff actuarial support. A Project Oversight Group (POG) will be appointed to oversee the project upon selection of the proposal.

Any questions regarding this RFP should be directed by fax or email to:

Steven Siegel
SOA, Research Actuary
email: ssiegel@soa.org
ph: 847.706.3578
f: 847.273.8578

If you intend to submit a proposal, please email written notification by October 30, 2011 to:

Barbara Scott
SOA Research Administrator
Research Actuary
email: bscott@soa.org
f: 847.273.8556

Please email a copy of the proposal to Barbara Scott at bscott@soa.org

Proposals must be received no later than November 15, 2011. It is anticipated that all respondents who have submitted proposals will be informed of the status of their proposal no later than December 2011.

Note: Proposals are considered confidential and proprietary.

The Committee on Finance Research reserves the right to not award a contract for this research. Reasons for not awarding a contract could include, but are not limited to, a lack of acceptable proposals or a finding that insufficient funds are available. The Committee on Finance Research also reserves the right to redirect the project as is deemed advisable.

The Committee on Finance Research intends to copyright and publish the results of this research. The research will be considered work-for-hire and all rights thereto belong to the organizations. However, appropriate credit will be given to the researcher(s).