Description: Adopted by the NAIC on October 14, 2005, the new RBC C3 Phase II requirements were effective for year-end 2005. The regulation requires either a factor approach - the “Alternative Method” - or a stochastic modeling approach subject to a minimum Standard Scenario requirement for determining the C3 component of risk-based capital for variable annuities. This article summarizes the results of a survey on insurers' approach to this for year-end and their results.

Description: Discussion of what is included within the scope of Enterprise Risk Management and why it is of significance to the jobs of financial reporting actuaries

Description: The latest draft ORSA Guidance Manual was released on Oct. 14, 2011. An overview of the requirements from a qualitative, quantitative and governance perspective was provided in the December edition of the Financial Reporter. Several trade associations and com- panies commented on the draft.

Description: This article summarizes recent proposed changes to the Valuation Manual that might take effect for 2019 valuations for PBR business.

Description: Discusses some of the financial implications of the recently issued IASB Discussion Paper on Insurance Contracts which presents the preliminary view that GAAP insurance liabilities should be valued at current exit value.

Description: The Financial Accounting Standards Board FASB, which promulgates accounting standards under US GAAP, and the International Accounting Standards Board IASB, which promulgates accounting standards for many countries outside the United States, have been working for several years on a joint project on accounting for insurance contracts. The boards agree on many aspects of the proposed accounting model. However, as of December 2011, there are a number of key areas where they do not. This article summarizes the boards’ views on the key areas where they disagree.

Description: This article summarizes VM-31 updates to the 2018 and 2019 Valuation Manuals, and considerations for PBR Reports based on findings from the 2017 submissions.

Description: Discusses the content of the Statement of Financial Accounting Standards 157, Fair Value Measurements and implementation challenges.

Description: Since the adoption of FAS 157, there has been much concern about the use of a company's own credit risk in the valuation of liabilities. To fully assess the implications of this requirement, the author argues that more research will be required.

Description: Responsibilities Of The Actuary For Communicating Sarbanes-Oxley Control in accordance With Actuarial Standards of Practice