Presentation at SOA Annual Meeting October 2009. Discusses global reserve regulation and the principles-based approach, risk management, asset risks, 2006 Pension Protection Act, shift to defined contribution pension plans, managing systemic risk in the financial security sector, professional standards for validating models, credibility theory and assumption setting, transparency and accountability.

Presentation at SOA Annual Meeting October 2009. Discusses global reserve regulation and the principles-based approach, risk management, asset risks, 2006 Pension Protection Act, shift to defined contribution pension plans, managing systemic risk in the financial security sector, professional standards for validating models, credibility theory and assumption setting, transparency and accountability.

This paper discusses is concerned with the theoretical value that a company's liabilities would have if they were traded in complete markets. Two paradigms for calculating this value are given. First, the direct approach is to find the present value of the cash flows to the liabilities, using an appropriate rate for discounting. The indirect approach is to value the liabilities as the difference between the value of the assets and the present value of distributable earnings.

Slides from a session at the seminar: International Financial Reporting for Insurers: IFRS and U.S. GAAP held on August 31-Sept. 1 2010 in Hong Kong Discussion of modeling and reporting techniques to implement fair value accounting in various contexts. Discussion of methods and use of fair value computations and presentation for PGAAP and VOBA. Discussion on Fair Value measurement, implementation and issues for insurers. Discussion of SFAS 115, Freestanding Derivatives, Embedded Derivatives, SFAS 107, etc.

This session at the 2008 Market Consistent Embedded Value Seminar presents in-depth explanations of Generalized Linear Models and Replicating Portfolio models as methods for implementing MCEV .

This session at the 2008 Market Consistent Embedded Value Seminar discusses how to use MCEV for pricing and the considerations involved. The use of MCEV for forecasting earnings is also presented.

The paper explores developments through 2006 in the application of market-consistent concepts to the measurement of fair values of liabilities for financial reporting purposes. A set of criteria is presented that should be useful in the evaluation of proposed fair value measurement approaches where inputs based on prices observed in an active market with reliable transaction prices are not available. Based on these criteria, one approach is examined that might serve as a basis for the fair value measurement of the liability of life insurance contracts and other financial instruments issued by insurers.

Research report that investigates the challenges associated with determining a fair value assessment for embedded options in two product types, explains period-to-period changes in value and discusses incorporating these values into financial projections and product pricing.

Z-factor analysis under a principles-based approach for U.S. life insurance products. Under PBA, the Z-Factor is a measure of margin in excess of the best estimate assumptions embedded in the statutory reserves of a life insurance product or block of business. Specifically, our assignment was to explore the applicability of the Z-Factor calculation when considering the risk margins and minimum required capital under PBA.

This session will discuss the various requirements and latest developments in IFRS, Solvency II or other metrics involving risk free valuations.