Description: This paper addresses the classification of products according to their accounting standards: SFAS 60 for traditional products, SFAS 97 for interest sensitive products, and SOP 95-1 for participating products. In particular, the question of which products should be classified under the Statement of Position will be addressed. In addition, it will be shown that if a product's dividend formula passes on to the policyholder significantly less than a full asset share an over-reserving problem will occur if the Statement of Position is used as the accounting system.

Description: Earlier this year, the Securities and Exchange Commission informed one of its registrants that prospective unlocking of benefit reserves for long-term care LTC insurance was not an acceptable practice under current US GAAP. The purpose of this article is to make actuaries aware of this action and provide some additional context.

Description: Presented at April 1985 Spring Meeting. This session discussed different accounting alternatives for products such as Universal Life, deferred annuities, variable products.

Description: This is a series of 4 articles designed to address fundamental concepts such as GAAP rules and their application to some of the major accident and health lines of business offered by insurers. The first article begins with a review of the structure/hierarchy of generally accepted accounting principles GAAP. From Society of Actuaries Financial Reporting Monograph, M-AS99-1.

Description: This paper illustrates a procedure for analyzing the sources of profit under FAS 97 and suggests an analytical procedure for reflecting actual experience and revised future assumptions in the recalculation of the estimated gross profit defined by FAS 97.

Description: From 1986 Valuation Actuary Symposium Valuation Actuary Symposium Proceedings that discusses the Canadian GAAP and the Policy Premium Method.

Description: Presented at May 2002 Spring Meeting. This session covers the current status of FAS 133 and extensions such as the proposed statement of position on accounting and reporting by insurance enterprises for certain nontraditional, long-duration contracts and for separate accounts.

Description: Discusses some of the financial implications of the recently issued IASB Discussion Paper on Insurance Contracts which presents the preliminary view that GAAP insurance liabilities should be valued at current exit value.

Description: Presented at May 2002 Spring Meeting. Discusses accounting methods in different countries as well as recent developments in international accounting standards for insurance.

Description: Presented at October 1996 Annual Meeting. This discussion centers on GAAP implementation and some practical issues for FASB Interpretation 40 with regards to mutual insurers.