Description: 2003 Valuation Actuary Symposium, San Diego, CA. Panelists in this session discussed embedded-value and fair-value practices, similarities and differences between EV and fair value, and whether embedded value and fair value are evolving into a single, principles-based measure of value.

Description: A summary of a scientific paper written to address the differences and similarities between the option pricing method now more commonly known as fair valuation and the actuarial appraisal method.

Description: Analysis of IASB position on the discount rate to use in computing the Fair Value of Insurance Liabilities

Description: The NAIC calendar for 2008 is well underway. An overview of recent activity within certain aspects of the groups associated with the evolution of the Valuation Manual is presented here.

Description: The FASB is contemplating a joint project with the IASB on a new comprehensive accounting standard for insurance based on its Preliminary Views on Insurance Contracts. This article suggests that the best way to achieve the IASB objective of market-consistent valuation of liabilities is to use an explicit liquid/illiquid economic valuation and reporting paradigm.

Description: Just about everything that took place on the international front this quarter was influenced to some degree by the subprime crisis. Article discusses April - June developments in the creation of fair value accounting regulations, which progresses in spite of concerns that using a fair value accounting basis for financial instruments lacking a deep trading market makes does not make sense.

Description: This article discusses actuarial appraisal value and explores the relationship between cost of capital, market fair value of assets and liabilities, and the option pricing method.

Description: The paper explores developments through 2006 in the application of market-consistent concepts to the measurement of fair values of liabilities for financial reporting purposes. A set of criteria is presented that should be useful in the evaluation of proposed fair value measurement approaches where inputs based on prices observed in an active market with reliable transaction prices are not available. Based on these criteria, one approach is examined that might serve as a basis for the fair value measurement of the liability of life insurance contracts and other financial instruments issued by insurers.

Description: This article describes changes to financial reporting for variable annuities under US GAAP, IFRS and Statutory regulations, and implications for hedging.

Description: Discussions of alternative approaching to setting ascribed premiums for market risk benefits under FASB targeted improvements.