Description: A continuation of the discussion of the practical considerations for implementing the New Accounting Statement of Position for Long-Duration Contracts and for Separate Accounts – Part III

Description: Formulas for changes in GAAP liabilities and liability accrual rates are shown for three assumption update methods—retrospective, prospective and immediate.

Description: This paper develops a tool that may be useful in explaining the differences between earnings that are reported under GAAP and profits that are expressed as an internal rate of return.

Description: Illustrates the effects that proposed GAAP changes will have on earnings emergence of universal life contracts.

Description: This session is about meeting the needs for financial information in managing an insurance company. Topics include: 1. What are management's basic needs how are they met can financial systems continue to meet the challenge? 2. Are fundamental changes ahead for GAAP reporting? 3. Is it time for mutual companies to provide more meaningful financial information? 4. Can current regulatory reporting meet the needs of the 21st century? 5. Can separate statutory and GAAP systems continue to coexist? 6. Will the United States regulatory environment reduce our global competitiveness? 7. Variance analysis - Why your predictions were wrong - Which variances are acts of God? - Which variances should be blamed on somebody? - How to deal with interest rate fluctuations 8. Market valuation, why? - What questions are being addressed with market valuation

Description: Discussion of the relationship of IRR to ROI on a Level Term Life insurance policy

Description: Treasurer’s Report of the Financial Reporting Section of the Society of Actuaries—2001

Description: There is often a disconnect between the way products are priced IRR and embedded value methods and the way business performance is measured once it is already on the books GAAP and GAAP ROE. This article discusses the theoretical reasons for this disconnect and how an accounting system could be developed to eliminate the disconnect and thereby align investor and management expectations with the financial reporting system.

Description: From a session at the 2002 Valuation Actuary Symposium, held in Lake Buena Vista, Florida, September 19–20, 2002 This open forum addresses current issues of interest to actuaries in the application of U.S. GAAP. Topics discussed include demutualization issues, draft standards of practice regarding nontraditional long-duration contracts, guaranteed minimum death benefits/living benefits, sales inducements, separate accounts, business combinations and FAS 141/142 and policy conversions and exchanges. Discussion included theoretical and practical aspects.

Description: Presents a practical solution to some of the distortion caused by a typical application of the retrospective assumption update (unlocking) method.