Description: 2004 SOA Annual Meeting and Exhibit, New York. Panelists discussed current issues in emerging markets, such as China Life's initial public offering and the impact of new international accounting standards.

Description: U.K. life insurers writing participating business are required by the Financial Services Authority to value their assets and liabilities on a market-consistent basis. The purpose of this paper is to: • Explain the valuation approach based on market-consistent values and its rationale. • Set out the issues faced by life insurers in implementing the regime. • Explain how insurers addressed these issues. • Explain the importance of the modeling techniques they used.

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: This article presents an overview of the PBGC Actuarial Valuation Report from 2003. From Pension Section News, June 2004, Issue No. 55.

Description: This panel discussion is from the 1991 Meeting of the Society of Actuaries, held May 16-17 in New York. The panelists, consisting of certified public accountants, discuss the objectives of the independent audit, the auditor’s report, independence issues, generally accepted auditing standards, ‘GAAS,’ the role of the American Institute of Certified Public Accountants, ‘AICPA,’ and the Insurance Companies Committee, “ICC,” and relationships with other bodies, including the Financial Accounting Standards Board, ‘FASB,’ the Securities and Exchange Commission, ‘SEC,’ and the Society of Actuaries/American Academy of Actuaries. Discussion from participants is included. From the Record of Society of Actuaries, Volume 17, No. 2.

Description: As financial institutions become increasingly global, actuaries are interacting with financial professionals from different countries. The different regulatory, market, and educational situations make finding a common understanding difficult. From the Record of the Society of Actuaries, Volume 27, No. 3, Session 76PD of the New Orleans Annual Meeting.

Description: Article from the chairperson of the Financial Reporting Section of the SOA on disruption and what it means to actuaries.

Description: This paper considers the question of whether or not the growth in the size of financial statements witnessed over the last several years has yielded an increase in the quality of disclosure around issues of financial risk and to what extent this disclosure is satisfying the perceived needs of readers of the financial statements, as represented by the investment analyst community. The question is addressed by presenting the results of research consisting of 1 the review and analysis of the disclosures addressing issues of financial risk contained within financial statements issued from 1999 to 2004 by 25 major insurance companies operating in the US and 2 the interviewing of 5 insurance industry analysts to understand their perceptions of what is good and bad about financial disclosure practices of life insurance companies.

Description: Interest Maintenance Reserve ("IMR") has become a hot topic recently due to rising interest rates, causing decreases or even negative IMR balances for some insurers. This article aims to exam some new questions facing financial reporting actuaries: - How should negative IMR be treated for statutory reporting? - What are the other actuarial implications of negative IMR? - What have regulators done and/or plan to do about negative IMR? - What are potential mitigants?

Description: This article helps companies better understand the currently proposed upcoming VM-22 regulation by comparing the VM-22 measurement model to LDTI MRBs. The article highlights key considerations as companies plan for adoption of these two measurement models. These considerations should help inform a company’s strategy related to the business impacted by these standards.