Description: Illustrates the effects of different approaches to updating GAAP valuation assumptions for traditional life contracts.

Description: Review of some subtle details in GAAP targeted improvements for long-duration contracts (ASU 2018-12).

Description: This is the first in a series of articles about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It provides an introduction to the topic, giving an overview of what has and hasn't changed. Changes include a few that directly address reinsurance and others that indirectly result from changes to direct accounting and the existing ties between reinsurance and direct accounting.

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. It also makes it easier to assess the effectiveness of different techniques. Building on the analysis of an earlier article, "A Fresh Look at Accounting for Reinsurance of Universal Life," this article presents a practical approach to estimating the ineffectiveness of several existing techniques at accounting for the economic protection provided by reinsurance. The article ends with a summary of what a company might do to improve the effectiveness of its reinsurance accounting.

Description: FASB has provided broad guidance for application of the targeted improvements in Actuarial Standards Update 2018-12 for U.S GAAP financial reporting. However, the broad guidance provided leads to several interpretation and modeling challenges for life insurance, annuity, disability and LTC products. The presenters focus these challenges and possible methods to address them. Audience participation is encouraged. At the conclusion of the session, attendees will be able to: - Describe the changes made to U.S. GAAP under the targeted improvements - Explain various interpretations of modeling products under the changes to U.S. GAAP

Description: Chairperson’s column discussing the section’s accomplishments during 2010.

Description: Full version of The Life Actuary Newsletter, March 2004, Vol. 2, Issue No. 1.

Description: Discusses Section activities.

Description: After a summary of FASB decisions in their GAAP Targeted Improvements project, this article describes several issues that will need to be resolved either by the board or in actuarial practice and argues for seeking solutions that provide meaningful results without overly complicating valuation processes.

Description: Presentation of formulas for measuring the effects of experience variances and assumption changes on traditional contract DAC and benefit reserves under GAAP targeted improvements (ASU 2018-12).