Description: Compares Fair Value of liabilities under US GAAP to Solvency II.

Description: The introduction and effective application of US GAAP LDTI have increased the scrutiny of those reviewing the updated financial results. That is because LDTI has resulted in significant changes in actuarial reserving and deferred acquisition cost (DAC) models for long-duration contracts, including significant changes to data, assumptions and required disclosures. In light of the changes, greater reliance has been put on companies’ model risk management (MRM) teams and model validations to assess the conceptual soundness and accuracy of their companies’ actuarial models and to assess that the underlying data and process utilized are suitable and appropriate. This article covers a brief background on model validation, walk through a sample LDTI-focused model validation framework/test plan, then provide insights on common LDTI-related validation observations based on the authors' prior validation experience.

Description: Importance of non-GAAP operating earnings

Description: This article discusses GAAP and IFRS changing standards, their differences and similarities. Issues included are fair value accounting for assets and financial liabilities, hedge accounting, financial instrument discosures and revenue recognition for contracts that do not qualify as insurance contracts.

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

Description: This paper highlights the impact on shareholder equity and AOCI due to the introduction of LDTI during a period of falling interest rates. The paper is intended to provide an example of an analysis that will help actuaries explain the interaction of LDTI and falling interest rates.

Description: An update on the SOA's financial reporting research projects.

Description: Article discussing upcoming developments regarding GAAP: 1.replacement of existing US GAAP with IFRS, 2. accounting for insurance contracts, 3. revenue recognition, and 4. revising the accounting for financial instruments

Description: Applying GAAP to GMDBs in Variable Annuities. by Karen Sasveld and David Heavilin from The Financial Reporter, September 2001, Issue No. 47.

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.