Life Insurance and Annuity Financial Reporting Research Projects

Background and Purpose

The Society of Actuaries’ Financial Reporting Section is seeking proposals for research projects that will produce information, data, theoretical models, and/or empirical tools useful to actuaries practicing in financial reporting and related functions in the life insurance and annuity industry.

The Financial Reporting Section will convene a project oversight group for each project that is selected for sponsorship. The project oversight group will oversee the progress of the project. The oversight group may include members of the Financial Reporting Section, Society of Actuaries staff, and/or others who are knowledgeable and interested in the subject matter of the proposal.

Projects will be funded or partially funded by the Financial Reporting Section. The Financial Reporting Section will budget funds on a project-by-project basis, depending on the perceived value of a project as determined during the selection process (described below). Larger budget projects may require joint funding with other groups within the SOA and/or other organizations. This may lengthen the decision time for awarding of such projects.

Proposals will be reviewed for funding consideration by the Financial Reporting Section Council at its next meeting after receipt of the proposal. It is not uncommon for the Financial Reporting Section Council to request additional details on a proposal for subsequent discussion and evaluation.

Research Objective

The specific subject matter, methods, and presentation of results are intentionally undefined in this RFP, with the hope that many unique and valuable projects will be proposed. Examples of financial reporting research projects supported by the Society of Actuaries in the past can be found here. The guiding principle above, of being immediately useful to practicing actuaries, should be borne in mind.


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

  1. Resumes of the researcher(s), 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 researcher is involved, 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 researchers as well as for the firm or institution on whose behalf the proposal is submitted.
  2. An outline of the approach to be used (e.g. literature search, model, etc.), emphasizing issues that require special consideration. Details should be given regarding the techniques to be used, collateral material to be consulted, and possible limitations of the analysis.
  3. A description of the expected deliverables and any supporting data, tools or other resources.
  4. Cost estimates for the research, including computer time, salaries, report preparation, material 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 submissions.  The Financial Reporting Section is interested in completing this project in a timely manner.  Suggestions in the proposal for ensuring timely delivery, such as fee adjustments, are encouraged.
  6. Other related factors that give evidence of a proposer's capabilities to perform in a superior fashion should be detailed.

Selection Process

The Financial Reporting Section will appoint a Project Oversight Group (POG) to oversee the project.  The Financial Reporting Section is responsible for the selection of the proposal to be funded.  Input from other knowledgeable individuals also may be sought, but the Financial Reporting Section will make the final recommendation, subject to SOA leadership approval. The SOA's Research Actuary will provide staff actuarial support.


Any questions regarding this RFP should be directed to Ronora Stryker, SOA Research Actuary, phone: +1-847-706-3614; email:    


Notification of Intent to Submit Proposal

If you intend to submit a proposal, please e-mail written notification by April 15, 2018 to Jan Schuh.


Submission of Proposal

Please e-mail a copy of the proposal to Jan Schuh.

Proposals must be received no later than April 30, 2018. It is anticipated that all proposers will be informed of the status of their proposal by the end of May 2018.

Note: Proposals are considered confidential and proprietary.


The selection of a proposal is conditioned upon and not considered final until a Letter of Agreement is executed by both the Society of Actuaries and the researcher.

The Financial Reporting Section 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 Financial Reporting Section also reserves the right to redirect the project as is deemed advisable.

The Financial Reporting Section plans to hold the copyright to the research and to publish the results with appropriate credit given to the researcher(s).

The Financial Reporting Section may choose to seek public exposure or media attention for the research.  By submitting a proposal, you agree to cooperate with the Financial Reporting Section in publicizing or promoting the research and responding to media requests.

The Financial Reporting Section may also choose to market and promote the research to members, candidates and other interested parties.  You agree to perform promotional communication requested by the Financial Reporting Section, which may include, but is not limited to, leading a webcast on the research, presenting the research at an SOA meeting, and/or writing an article on the research for an SOA newsletter.