Description: Observations of the meeting in Orlando of the 2017 Living to 100 Symposium, including summaries of the remarks by the guest speakers.

Description: Understanding the Deferred Acquisition Cost (DAC) asset balance movements from one reporting period to the next can be a challenge when reportinged under FAS 97. The mechanics of FAS 97 call for an amortization ratio (i.e., k factor) that forces the amortization of the DAC asset to be matched to the earnings received over the life of the product. However, the fact that the k factor is dynamically set results in “unlocking” components of the DAC rollforward. This article shows how the basic equation for the amortization ratio can be used to derive equations that provide insights into what the DAC balance represents. Furthermore, partial derivatives of these equations are used to show how unexpected changes in the Estimated Gross Profit (EGP) stream impact the amortization and unlocking components of the DAC rollforward.

Description: A discussion of areas of AAT where the Actuary uses a considerable degree of discretion and judgment and guidance is limited.

Description: Financial Reporting Section, Issue 101, June 2015, The Financial Reporter

Description: The Use of Reliance in Actuarial Opinions by Frank S. Irish from The Financial Reporter, December 2002, Issue No. 51.

Description: Feature article describing how insurers that see beyond seemingly simple baseline requirements can leverage ORSA compliance to bolster ERM capabilities.

Description: Feature article discussing the latest changes to International Financial Reporting Standards (IFRS) by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

Description: Feature article discussing the latest decision by the FASB and IASB in their joint insurance contracts project.

Description: A discussion of life insurance securitizations and how they can be structured to provide surplus relief associated with onerous reserve requirements.

Description: Certain fair value measurements involving actuarial work may not have been required to conform to FAS 157 until late 2008 or early 2009. The purpose of this article is to discuss those items and propose possible methods for actuaries to consider when performing the necessary valuations, from an actuarial standpoint only.