Description: VM-22 was first introduced into the Valuation Manual in 2018. A number of changes have been made since its introduction, with more expected on the way. This article compares valuation requirements for income annuities pre- and post-VM-22, discusses technical and implementation implications with regards to VM-22 (including comparison with New York Regulation 213), and considers future revisions.

Description: The article provides an introduction to tax accounting for U.S. life insurance companies, with a focus on NAIC statutory accounting concepts. The author discusses permanent and temporary differences, the current tax provision, and deferred tax accounting requirements, including admissibility testing under SSAP No. 101.

Description: A review of the major activities and accomplishments of the Smaller Insurance Company Section over the last year.

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

Description: Update on research projects sponsored by the Financial Reporting Section.

Description: Performance measurement is not the primary purpose of either GAAP or statutory accounting. This article discusses alternative methods of reporting used by life insurance companies to better measure financial performance.

Description: Changes to AG 43 and what that might mean for tax purposes. Also, summary of IRS Notice 2016-63 (provides safe harbor tax guidance on use of 2017 CSO tables).

Description: A copy of a recent 1967 ruling of the New York Insurance Department on the treatment of graded premium policies in Schedule Q.

Description: This article helps companies better understand the currently proposed upcoming VM-22 regulation by comparing the VM-22 measurement model to LDTI MRBs. The article highlights key considerations as companies plan for adoption of these two measurement models. These considerations should help inform a company’s strategy related to the business impacted by these standards.

Description: This article summarizes the results of the first part of a U.S. Appointed Actuaries survey asking about the usefulness of the various documents that have been created to guide valuation actuaries.