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: 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: This presentation is an open forum, session 58OF, from the 2004 Spring Meeting of the Society of Actuaries, held June 14-15 in San Antonio, TX. The panelists present both theoretical and practical perspectives of the role of assumed asset returns and credit spreads in determining the fair value of policyholder liabilities. They cover financial economics, how other financial service companies value liabilities, what factors go into determining an appropriate discount rate for insurance liabilities, and issues currently being debated by the International Accounting Standards Board [IASB], and the Financial Accounting Standards Board [FASB]. Discussion from participants is included. From the Record of Society of Actuaries, Volume 30, No. 2.

Description: 1993 SOA Spring Meeting, Boston. The session is about fair-value financial reporting. It discussed market value/present value, economic value/value added, Financial Accounting Standards Board initiatives, and Europe 1992.

Description: This session 5PD of the 1998 SOA Annual Meeting panel examines the recent developments and emerging thinking on efforts to explore and develop a fair value or market value based accounting approach. From the Record of the Society of Actuaries, Vol. 24, No. 3.

Description: “It’s interesting to note that, given the past year’s reversal of fortunes in the stock markets, all the media rap about heated inquiries around back-dating options has stopped.”

Description: Discussion rebutting the Dec. 2004 issue of The Financial Reporter article titled, “On the Fair Value of Insurance Liabilities,” authored by Don Solow. That article expressed disagreement with the position of the International Accounting Standards Board and the Financial Accounting Standards Board to reflect the value of “own credit risk” in the fair valuation of insurance liabilities.

Description: This is a continuation of a discussion about the the theoretically correct treatment of the credit put the policyholder writes when purchasing an insurance contract.