Description: This article provides an EV overview, current industry usage, key considerations illustrated by MetLife’s strategic spin-off of Brighthouse Financial, as well as implementation notes.

Description: Recent regulatory developments and ASOP 56 have reinforced the need for robust governance over actuarial models, but there is no one-size-fits-all solution. Design and implementation of an efficient and sustainable model governance framework requires customizing various aspects (e.g., risk rating system, ownership and responsibilities, usage of testing and documentation templates) to fit each company's unique culture and organizational structure.

Description: Back by popular demand, it is that time of year for this well-liked annual webcast. Get ready to hear from three expert speakers, who will be covering the latest considerations for the year's U.S. statutory financial reporting work. 2021 has proven to have been quite remarkable, providing many important topics to be discussed.

Description: This session will have two sections: General consideration of IFRS17 implementation for VA writers and reinsurers A case study of IFRS17 implementation for a reinsurer The first section will go over VFA and GM approaches that are available for VA writers. Both approaches have their own challenges. We will highlight some of the challenges and how to approach/overcome them. Additionally, we will discuss how hedging/ALM can help smooth the transition. The second section will go over the details of implementation process of a VA reinsurer. The case study will explore valuation challenges unique to reinsurers assuming business that would otherwise be valued under the VFA. It will also go over some of the modeling difficulties, project management, and database requirement.

Description: This session at the SOA 2003 Washington, DC Spring Meeting focuses on the process for identifying and resolving significant differences of opinion on assumption levels between pricing and financial actuarial areas of a company. Developing a consistent view of a company's financial picture is discussed.

Description: For firms currently operating or desiring to operate internationally, it is important to be able to speak the financial language of the countries they are investigating. From the Record of the Society of Actuaries, Volume 27, No. 2, Session 17PD of the Toronto Spring Meeting.

Description: The Cash Flow Valuation Method has recently been adopted for valuation of annuity products in Canada and has application to all other life insurance products. Under this method, the statement liability for a block of business is the value of the assets required to enable the insurer to run off the block. The method therefore involves both assets and liabilities and reflects the insurer's investment policy.

Description: In 2018, the Financial Accounting Standards Board (FASB) adopted significant revisions to the U.S. GAAP insurance accounting literature, via Accounting Standards Update (ASU) 2018-12. The title of ASU 2018-12 is “Targeted Improvements to the Accounting for Long-Duration Contracts,” and as a result a common acronym for ASU 2018-12 is LDTI (long-duration targeted improvements).

Description: In 2018, the Financial Accounting Standards Board (FASB) adopted significant revisions to the U.S. GAAP insurance accounting literature, via Accounting Standards Update (ASU) 2018-12. The title of ASU 2018-12 is “Targeted Improvements to the Accounting for Long-Duration Contracts,” and as a result, a common acronym for ASU 2018-12 is LDTI (long-duration targeted improvements).

Description: This article looks at the present dilemma on the priorities of an insurance company's obligations to policyholders and how the history of Separate Accounts can bring this issue into understanding within the context of its historical development. From Society of Actuaries Financial Reporting Monograph, M-AS99-1.