Description: A discussion of some criticisms of the feasibility of companies converting to GAAP, in addition to pros and cons of the GAAP system.

Description: A regulator's perspective on the changing insurance and financial services industry, including changes in the state regulatory environment driven by the regulators themselves, as well as potential changes in the competitive environment prompted by the Financial Services Modernization Act.

Description: This article discusses the adoption of the AICPA Statement of Position SOP 03-1 altering the way earnings emerge under FAS 97 and the impact of the enactment of SOX control requirements.

Description: This article explores some key challenges facing the modeling actuary related to LDTI implementation and shares associated compliance and modernization considerations.

Description: Importance of non-GAAP operating earnings

Description: As a follow-up to a previous five-part series on accounting for ceded reinsurance under LDTI, this article focuses on one issue that has, until now, been left without a general solution—how to measure the reinsured portion of a direct loss from capping a net premium ratio or flooring a liability. After acknowledging limited guidance on the issue, the article describes the various events that can lead to a loss, how reinsurance protects against loss, and how that is translated into formulas for measuring the reinsured portion of a loss.

Description: Updated discussion of IRS Proposed Regulations under Section 162(m)(6), their potential impact upon the life insurance industry, and a 2 percent de minimis exception.

Description: Update on accounting and capital/RBC issues subsequent to tax reform.

Description: This article highlights the fact that new requirements for disclosure of average liability duration and interest rates could lead to diversity in practice. It also recognizes that elements of the new disclosure requirements will enable financial statement users to perform their own crude estimates of these averages in ways that could help them to better understand the liabilities and to compare companies using consistent methods. Finally, the article describes how companies might also find value in such crude estimates.

Description: One major feature of the OECD's two-pillar regime is that MNEs would base the calculation of taxes due on book-based financial statements. The article provides a summary of how these rules operate along with suggested actions insurers can take today to prepare for timely compliance.