Description: A high level summary of developments of the new international accounting standard for insurance contracts (IFRS17) from the perspective of a general insurer.

Description: This is a compilation or risk management terms garnered from a survey of risk professionals supplemented with analysis of firm-level information on significant risks as reported in 10-K financial statements. Results indicate the existence of significance differences in terminology. The dominating pattern observed is a dichotomy between internal and external perceptions. Also observed is a difference between terms used by actuarial professionals and traditional risk managers.

Description: The Financial Accounting Standards Board FASB and the International Accounting Standards Board IASB issued “The Norwalk Agreement” in October 2002, a memorandum of understanding that reaffirmed their commitment to develop a single set of high quality accounting standards. At that meeting the two standard setters agreed to place a high priority on three steps toward achieving that goal.

Description: T3: TAXING TIMES TIDBITS

Description: An overview of how the VM-31 requirements for documenting PBR approaches and assumptions can/should reflect the Actuarial Standard of Practice on Modeling, ASOP No. 56

Description: GAAP's elimination of gross profit as a basis for amortization of deferred acquisition costs enables the accounting for reinsurance of universal life contracts to better reflect the economic protection provided by reinsurance. This article takes a fresh look at the standards of accounting for universal life contracts and for reinsurance, then puts them together to find the techniques that best account for that protection.

Description: This article is dedicated to the non-statutory accounting treatment of common credit risk exposures of life insurers but does not cover all aspects of non-statutory accounting standards. It introduces the concept of and the valuation of credit risks, concerning life insurers.

Description: Sustainable operations under changes in accounting principles and solvency standards

Description: The article addresses treatment of products with indirect participating features (e.g. declared credited rates) under IFRS 17. Some of the questions that are answered include classification, stochastic modeling requirements, application of the illiquidity premium, methods to systematically allocate between P&L and OCI, and use of locked in discount rates for CSM purposes.

Description: This is the final article in a five-part series about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at some concerns that arise when new reinsurance is purchased to cover previously-issued contracts. The article describes what formal guidance is available. Where that guidance leaves off, the article presents practical solutions to achieving performance objectives.