Description: The introduction and effective application of US GAAP LDTI have increased the scrutiny of those reviewing the updated financial results. That is because LDTI has resulted in significant changes in actuarial reserving and deferred acquisition cost (DAC) models for long-duration contracts, including significant changes to data, assumptions and required disclosures. In light of the changes, greater reliance has been put on companies’ model risk management (MRM) teams and model validations to assess the conceptual soundness and accuracy of their companies’ actuarial models and to assess that the underlying data and process utilized are suitable and appropriate. This article covers a brief background on model validation, walk through a sample LDTI-focused model validation framework/test plan, then provide insights on common LDTI-related validation observations based on the authors' prior validation experience.

Description: VA GMDBs: Contemplating the Impact of the Proposed SOP on GAAP Income by David C. Heavilin and Karen J. Sasveld from The Financial Reporter, December 2001, Issue No. 48.

Description: This article is an update, as of March 2019, on Financial Reporting Section sponsored projects in process and those recently completed.

Description: This article examines potential approaches to the calculation of the risk adjustment component, with a focus on a case study related to a UL product.

Description: International Accounting Standards: a discussion of Exposure Draft 5 dealing with specific requirements for insurance companies

Description: Read the September 2019 issue of The Financial Reporter published by the Financial Reporting Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Survey of Section Members Provides Input on Newsletter — Method of Distribution Tops List of Comments by Thomas Nace from The Financial Reporter, March 2001, Issue No. 45.

Description: Discusses the meeting of the Accounting Committee of the International Actuarial Association in March.

Description: Feature article that summarizes the events of the recent International Actuarial Association IAA meeting.

Description: Read the July 2020 issue of The Financial Reporter published by the Financial Reporting Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.