Description: This report summarizes the results of a research project undertaken by the Society of Actuaries to study the possible effects of the International Accounting Standards Board’s IASB Discussion Paper describing its Preliminary Views on Insurance Contracts on nine representative U.S. life, health and annuity products.

Description: One major feature of the OECD's two-pillar regime is that MNEs would base the calculation of taxes due on book-based financial statements. The article provides a summary of how these rules operate along with suggested actions insurers can take today to prepare for timely compliance.

Description: This paper considers the question of whether the growth in the size of financial statements witnessed over the last several years has yielded an increase in the quality of disclosure around issues of financial risk and to what extent this disclosure is satisfying the perceived needs of readers of the financial statements, as represented by the investment analyst community.

Description: The introduction and effective application of US GAAP LDTI have increased the scrutiny of those reviewing the updated financial results. That is because LDTI has resulted in significant changes in actuarial reserving and deferred acquisition cost (DAC) models for long-duration contracts, including significant changes to data, assumptions and required disclosures. In light of the changes, greater reliance has been put on companies’ model risk management (MRM) teams and model validations to assess the conceptual soundness and accuracy of their companies’ actuarial models and to assess that the underlying data and process utilized are suitable and appropriate. This article covers a brief background on model validation, walk through a sample LDTI-focused model validation framework/test plan, then provide insights on common LDTI-related validation observations based on the authors' prior validation experience.

Description: Read the June 2018 issue of The Financial Reporter published by the Financial Reporting Section of the SOA.

Description: Read the September 2017 issue of The Financial Reporter published by the Financial Reporting Section.

Description: US GAAP for Life Insurers chapter 17 spreadsheets showing various examples of GAAP for reinsurance transactions. Examples shown include reinsurance for disability insurance, YRT, Modco and coinsurance on a 10 year endowment reinsurance on Universal Life. Also shown is an example for DIG36, Total Return Swap with Floating Return Leg. Please see the book US GAAP for Life Insurers for further details on US GAAP accounting.

Description: US GAAP for Life Insurers chapter 17 spreadsheets showing various examples of GAAP for reinsurance transactions. Examples shown include reinsurance for disability insurance, YRT, Modco and coinsurance on a 10 year endowment reinsurance on Universal Life. Also shown is an example for DIG36, Total Return Swap with Floating Return Leg. Please see the book US GAAP for Life Insurers for further details on US GAAP accounting.

Description: This presentation is a panel discussion, session number 2PD, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The panelists introduce major life and annuity statutory and GAAP valuation issues, which are covered in depth at subsequent sessions. There is also a brief update on activities of the International Accounting Standards Board [IASB]. Statutory topics include the draft National Association of Insurance Commissioners [NAIC] Actuarial Guideline MMMM for variable products with guaranteed living benefits, amendments to the Actuarial Opinion and Memorandum Regulation [AOMR], Regulation XXX mortality factors, and codification update, potential changes to the Standard Valuation Law, risk-based capital, and adoption of the 2001 CSO Mortality Table for valuation. GAAP topics include Statement of Financial Reporting Standards [SFAS] 133, 141, and 142, and two draft AICPA Statements of Position [SOP], one on nontraditional, long-duration products and another on internal replacements. Discussion from participants is included.

Description: Overview of activities of the Financial Reporting Section.