Description: This article describes how there are many kinds of plans and arrangements under which qualified annuities are issued, and the rules governing them differ considerably.

Description: Contrasts the new version of GAAP for mutual companies with GAAP for stock companies.

Description: This paper, chapter IV of the 1987 Valuation Actuary Handbook, presents a discussion and comparison of different financial reporting bases, including statutory, GAAP, modified GAAP for internal management purposes, tax, and appraisals. The author discusses the different audiences for financial information and which reporting bases are important to which audiences. The author also discusses the relationship between the valuation process and both the financial management and pricing processes, and the importance of the actuary’s responsibilities.

Description: Discussion of the existence of embedded derivatives and the consequent required accounting treatment in Modco and Similar Reinsurance Arrangements

Description: A continuation of the discussion of the practical considerations for implementing the New Accounting Statement of Position for Long-Duration Contracts and for Separate Accounts – Part III

Description: A discussion of alternative meanings to “Best” in best estimate. When one is trying to estimate a result that is normally distributed, the mean, median and mode will all equal one another. However if the results are not normally distributed, different variance metrics will result in different “best” estimates. When different parts of a financial statement use different criteria for measuring best estimates and different processes for handling variances, the results can be volatile, unpredictable and perhaps unreasonable.

Description: This article discusses the adoption of the AICPA Statement of Position SOP 03-1 altering the way earnings emerge under FAS 97 and the impact of the enactment of SOX control requirements.

Description: Earlier this year, the Securities and Exchange Commission informed one of its registrants that prospective unlocking of benefit reserves for long-term care LTC insurance was not an acceptable practice under current US GAAP. The purpose of this article is to make actuaries aware of this action and provide some additional context.

Description: This article reviews why financial reporting controls are relevant to actuaries. It also discusses the impact of LDTI on controls and the strategic decisions that insurers need to make.

Description: Formulas for changes in GAAP liabilities and liability accrual rates are shown for three assumption update methods—retrospective, prospective and immediate.