Description: This article discusses how statutory financials would differ from a reasonable GAAP for a mutual company's structure, if the latter were ever imposed.

Description: Panelists for this session 40OF of the Montreal Spring Meeting discuss some of the situations in which U.S. GAAP accounting for life insurance companies has international implications.

Description: This session of the 1990 Valuation Actuary Symposium discusses several issues. First, the recoverability of the deferred policy acquisition cost DPAC asset from future revenues. Second, the allocation of mortality, expenses and investment income to the lines of business. Third, treatment of non-deferrable expenses and fourth, unlocking under FAS97 accounting.

Description: Describes at a high level an outdated GAAP method for determining deferred tax accounting.

Description: 1994 SOA Meeting, San Francisco. This session used a case study that outlined the various considerations that arise in a GAAP for mutual project.

Description: Feature article discussing deferred policy acquisition costs and recent proposed changes to the expenses allowed to be deferred.

Description: This article asks the question of how to account for the purchase of a life insurance company. It outlines first what the extreme possibilities are, and second, what range of practical approaches might prove acceptable to both the accounting and actuarial profession.

Description: Given the unique nature of GAAP for life insurance companies, this issue affects the information that actuaries prepare for analysts to clarify performance results. From the Record of the Society of Actuaries, Volume 27, No. 2, Session 31PD of the TOronto Spring Meeting.

Description: ASU 2018-12 introduced a new concept called “market risk benefits” (MRBs). MRBs are a new accounting classification for benefits within deposit contracts, offering protection from “other than nominal market risk.” This applies to products with account values, including variable and indexed annuities with guaranteed living or death benefits attached (aka GMxBs). ASU 2018-12 Section 944-40-30-19D mentions both a non-option and an option-based valuation approach to account for MRBs. This article considers the option-based approach. The purpose is to highlight weaknesses in the current application of the option approach to MRBs, propose an alternative method, and consider the benefits of the new approach. The intent of this article is to persuade practictioners / actuaries / accountants that this is a better approach for applying the fair value option method to market risk benefits.

Description: This session from the 1984 SOA Salt Lake City Meeting examines financial reporting for new generation life and annuity products, such as universal life, single premium deferred annuities SPDA's, and flexible premium annuities. Topics include statutory and GAAP reporting, NAIC proposed regulation for UL, management reporting and accounting treatment of rollovers and replacements.