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. This article takes a fresh look at the standards of accounting for universal life contracts and for reinsurance, then puts them together to find the techniques that best account for that protection.

Description: An overview of how the VM-31 requirements for documenting PBR approaches and assumptions can/should reflect the Actuarial Standard of Practice on Modeling, ASOP No. 56

Description: This article provides an update, as of October 2023, on Financial Reporting Section research projects in process and those recently completed.

Description: This is the final article in a five-part series about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at some concerns that arise when new reinsurance is purchased to cover previously-issued contracts. The article describes what formal guidance is available. Where that guidance leaves off, the article presents practical solutions to achieving performance objectives.

Description: This is the third in a series of articles about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at some techniques that have been used to account for long-duration reinsurance under existing GAAP (before LDTI). It looks at whether and how those techniques can be updated to comply with the updated standards and evaluates their effectiveness against compliance, performance, and simplicity objectives.

Description: The article addresses treatment of products with indirect participating features (e.g. declared credited rates) under IFRS 17. Some of the questions that are answered include classification, stochastic modeling requirements, application of the illiquidity premium, methods to systematically allocate between P&L and OCI, and use of locked in discount rates for CSM purposes.

Description: This is the fourth in a series of articles about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at some concerns that arise from the relationship between ceded reinsurance and the underlying contracts. Recognizing a lack of formal guidance addressing these concerns, the article aims mostly to achieve performance and simplicity objectives

Description: Education & Examination Redesign—An Update by Larry M. Gorski from The Financial Reporter, May 1999, Issue No. 39.

Description: Canterbury Tales of Fair Value Fair Value of Life Insurance Seminar—March 1999 by Mike McLaughlin & Joan Lamm-Tennant, Ph.D. from The Financial Reporter, October 1999, Issue No. 40.

Description: An Update on International Accounting Standards for Insurance by Bruce Moore from The Financial Reporter, June 2000, Issue No. 42.