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Accounting for Ceded Reinsurance Under LDTI—Constraints and Existing Business
seeks one approach that can be applied to all long-duration reinsurance for all products subject to the ... (in force) traditional and limited payment long-duration insurance contracts, the reinsurance recoverable ...- Authors: Steven Malerich, Jack Liu
- Date: May 2024
- Competency: Communication; External Forces & Industry Knowledge; Leadership
- Publication Name: The Financial Reporter
- Topics: Life Insurance>Reserves - Life Insurance
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Transforming FP&A Practices Post-LDTI and IFRS 17
amidst changes in accounting regimes like USGAAP Long-Duration Targeted Improvements (LDTI) and International ... benchmarks and performance metrics. Due to the long-duration nature of life insurance and annuity products ...- Authors: Vance Forrest , Casey Tan, Sahreen Moti
- Date: May 2024
- Competency: Results-Oriented Solutions
- Publication Name: International News
- Topics: Actuarial Profession
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Model Validation and Common LDTI Validation Observations
deferred acquisition cost (DAC) models for long-duration contracts, including significant changes to ... The introduction and effective application of long-duration targeted improvements (LDTI) have increased ...- Authors: Xin Cheng Zheng (Jack)
- Date: Jan 2024
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Enterprise Risk Management; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]
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An Interview Abroad with Valerie Tsang and Jessica Kirkwood
these regulations? Valerie: “LDTI” stands for Long Duration Targeted Improvements. It was issued by the ... and applies to insurance entities that issue long-duration contracts in the US. The standard became effective ...- Authors: Jessica Kirkwood, Valerie Tsang
- Date: Jan 2024
- Competency: External Forces & Industry Knowledge
- Publication Name: International News
- Topics: Global Perspectives; Life Insurance
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Embedded Volatility: Insight from Market Risk Benefit Roll-Forward
Embedded Volatility: Insight from Market Risk Benefit Roll-Forward In this article, we ... Public companies have published their restated long-duration targeted improvement (LDTI) GAAP income, including ...- Authors: Su Su, Tina Guo, Yifeng Mu, Robert E Winawer
- Date: Nov 2023
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Annuities; Financial Reporting & Accounting; Financial Reporting & Accounting>Fair value accounting; Financial Reporting & Accounting>Financial Accounting Standards Board [FASB]; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]
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Adjusted (Non-GAAP) Earnings Under LDTI
otherwise known as targeted improvements to long-duration contracts (LDTI). As public companies have released ... COVID-19 losses. On the other hand, writers of long-duration health products with high claims reserve balances ...- Authors: Maya Perelman , Ben Hanley, Gene Paul Del Castillo San Valentin (Paul)
- Date: Sep 2023
- Competency: External Forces & Industry Knowledge
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting
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IFRS 17 Corner
business CSM as the metric of value added for long-duration business (e.g., Zurich), and other instances ... com. Endnotes [1] Note that I was focused on long-duration business. [2] Allianz—“Group financial results ...- Authors: Bruce Rosner
- Date: Sep 2023
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>International Financial Reporting Standards [IFRS]; Modeling & Statistical Methods
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Cluster Modeling: A Powerful Way to Reduce Cloud Costs
Cluster Modeling: A Powerful Way to Reduce Cloud Costs Actuaries can leverage cluster modeling to ... question. For example, under the U.S. GAAP Long Duration Targeted Improvements, policies with market ...- Authors: Zohair Motiwalla, Aatman Dattani
- Date: Jul 2023
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting; Modeling & Statistical Methods
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Risk Management in a Rising Interest Rate Environment
annuity insurance companies had invested in long-duration assets to match their liability duration and ... significant unrealized capital losses from these long-duration fixed income assets. If policyholders chose ...- Authors: Yiru (Eve) Sun, Chun Zheng
- Date: Jun 2023
- Competency: External Forces & Industry Knowledge; Results-Oriented Solutions
- Publication Name: Risk Management
- Topics: Enterprise Risk Management; Finance & Investments; Finance & Investments>Asset liability management; Finance & Investments>Capital management - Finance & Investments; Finance & Investments>Investment strategy - Finance & Investments; Finance & Investments>Risk measurement - Finance & Investments
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How Does the Emerging Principle-based Reserving Framework for Non-variable Annuities Compare to Market Risk Benefits Under Long-duration Targeted Improvements?
Annuities Compare to Market Risk Benefits Under Long-duration Targeted Improvements? This article helps companies ... public companies are going live with US GAAP Long Duration Targeted Improvements (LDTI). Private and mutual ...- Authors: Ryan Laine, Sean Paul Abate, Ben Hanley, Gene Paul Del Castillo San Valentin (Paul), Angela McShane
- Date: Jun 2023
- Competency: External Forces & Industry Knowledge; Strategic Insight and Integration
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Fair value accounting; Financial Reporting & Accounting>Statutory accounting; Life Insurance; Life Insurance>Reserves - Life Insurance
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Management Navigation and Readiness for the Implementation of IFRS 17 and New Solvency Standards for Life Insurers
basis. The capital market does not have enough long duration assets and along with relatively lower interest ... insurers have to either invest overseas for long duration assets or enter into the equity market. The ...- Authors: Jon-Zeu Wu (Jon)
- Date: May 2023
- Competency: Leadership; Strategic Insight and Integration; Technical Skills & Analytical Problem Solving
- Publication Name: International News
- Topics: Finance & Investments; Finance & Investments>Asset liability management; Financial Reporting & Accounting; Financial Reporting & Accounting>International Financial Reporting Standards [IFRS]
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IFRS 17 Corner
IFRS 17 Corner Update on IFRS 17 including news, how IFRS 17 is impacting companies financials, ... at bruce.rosner@ey.com. Endnotes [1] US GAAP Long Duration Targeted Improvements. [2] That was my summary; ...- Authors: Bruce Rosner
- Date: Apr 2023
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>International Accounting Standards Board [IASB]; Financial Reporting & Accounting>International Financial Reporting Standards [IFRS]; Life Insurance
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Noise in Accounting for Reinsurance of Universal Life
Noise in Accounting for Reinsurance of Universal Life GAAP's elimination of gross profit ... Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI).[1] Recognizing the right of ...- Authors: Steven Malerich
- Date: Oct 2022
- Competency: Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Reinsurance>Reserving - Reinsurance
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Chairperson’s Corner
Targeted Improvements to the Accounting of Long-Duration Contracts (LTDI), and the fact that both IFRS ... Targeted Improvements to the Accounting of Long-Duration Contracts (LTDI), and the fact that both IFRS ...- Authors: Carlos Arocha
- Date: Oct 2022
- Competency: External Forces & Industry Knowledge
- Publication Name: International News
- Topics: Actuarial Profession
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Introduction to Pillars One and Two for Insurers
Introduction to Pillars One and Two for Insurers One major feature of the OECD's two-pillar ... impacts of IFRS 17 (Insurance Contracts) and Long-Duration Targeted Improvements (LDTI) on financial statement ...- Authors: Surjya Mitra, Matthew Lodes, Julie V Goosman, Peter J Sproul
- Date: Sep 2022
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting>Fair value accounting; Financial Reporting & Accounting>Financial Accounting Standards Board [FASB]; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Financial Reporting & Accounting>International Accounting Standards Board [IASB]; Financial Reporting & Accounting>International Financial Reporting Standards [IFRS]; Financial Reporting & Accounting>Statutory accounting; Financial Reporting & Accounting>Tax accounting; Global Perspectives
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A Fresh Look at Accounting for Reinsurance of Universal Life
A Fresh Look at Accounting for Reinsurance of Universal Life GAAP's elimination of gross ... Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), left provisions for universal ...- Authors: Steven Malerich
- Date: Aug 2022
- Competency: Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Reinsurance>Reserving - Reinsurance
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S&P Global’s Proposed Capital Model Changes and its Implication to U.S. Life Insurance Companies
specifically for the proposed category 2 assets for long duration assets over 20+ years, there is a flattening ... charges for other risk types, in particular on long-duration bond charges and longevity risk charge, and ...- Authors: Yiru (Eve) Sun, Seong Weon Park, Jin-Heok John Choi
- Date: Aug 2022
- Competency: External Forces & Industry Knowledge; Results-Oriented Solutions; Strategic Insight and Integration
- Publication Name: The Financial Reporter
- Topics: Finance & Investments; Financial Reporting & Accounting
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Insurers’ Hidden Risk From Reinsurance Recaptures: The Perspective of UK Annuity Writers
Insurers’ Hidden Risk From Reinsurance Recaptures: The Perspective of UK Annuity Writers A ... asset used to better match annuity writers’ long duration books where credit assets of sufficient duration ...- Date: Aug 2022
- Competency: Communication; External Forces & Industry Knowledge; Strategic Insight and Integration
- Publication Name: Reinsurance News
- Topics: Annuities; Reinsurance
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We Don’t Refer to Years Now: It’s Pre-COVID or Post-COVID
We Don’t Refer to Years Now: It’s Pre-COVID or Post-COVID This article is about small business ... been the regulatory environment, most notably Long Duration Targeted Improvements (LDTI) for GAAP accounting ...- Authors: Tamara Lea Wilt
- Date: Jul 2022
- Competency: External Forces & Industry Knowledge; Leadership; Relationship Management; Results-Oriented Solutions
- Publication Name: Small Talk
- Topics: Actuarial Profession>Alternative careers; Actuarial Profession>Entrepreneurism; Actuarial Profession>Management skills
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Bridging the GAAP: IFRS 17 and LDTI Differences Explored
Bridging the GAAP: IFRS 17 and LDTI Differences Explored This article discusses key considerations ... Standards Update 2018-12, commonly referred to as long-duration targeted improvements (LDTI), both effective ...- Authors: Gregory Mackenzie, Tina Guo
- Date: Jul 2022
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Financial Reporting & Accounting>International Financial Reporting Standards [IFRS]; Life Insurance>Reserves - Life Insurance; Life Insurance>Term life
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Accounting for Ceded Reinsurance Under LDTI—Constraints
Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI), net premiums may not exceed ... Targeted Improvements to the Accounting for Long-Duration Contracts, Accounting Implementation Papers ...- Authors: Steven Malerich
- Date: Jul 2022
- Competency: Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Reinsurance>Reserving - Reinsurance
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LDTI Disclosures—Average Duration and Interest
LDTI Disclosures—Average Duration and Interest This article highlights the fact that ... “Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI),” accounting standards codification ...- Authors: Steven Malerich, Charles K Chacosky
- Date: Mar 2022
- Competency: Results-Oriented Solutions; Strategic Insight and Integration; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]
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Fixed Indexed Annuity Fair Value Quantification and Valuation
“Targeted Improvements to the Accounting for Long-Duration Contracts”) issued by the US Financial Accounting ... disclosure requirements under US GAAP for certain long-duration contracts including FIA products. One of the ...- Authors: Tao Wang ASA,MAAA , Peter M Phillips
- Date: Feb 2022
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: Risk Management
- Topics: Annuities>Equity-indexed annuities; Annuities>Fixed annuities; Financial Reporting & Accounting; Financial Reporting & Accounting>Fair value accounting
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Interest Rate Interpolation—A Brief Excursion
Interest Rate Interpolation—A Brief Excursion Discount rate curve construction has been a topic ... good reason—it’s very impactful for certain long-duration products. This makes interpolation the less ...- Authors: Bruce Rosner, Maya Perelman
- Date: Feb 2022
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Finance & Investments; Modeling & Statistical Methods
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Building Societal Resilience during a Pandemic: Lessons Learned from Covid-19
Just in the recent two years, COVID-19 has demonstrated very impressively that a pandemic ... information uncertainty during a pandemic and its long duration pose particular challenges to management and ...- Authors: Frank Schiller
- Date: Feb 2022
- Competency: External Forces & Industry Knowledge
- Publication Name: International News
- Topics: Environment
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Index Insurance’s Potential for Increasing Climate Change Resilience and How Actuaries Can Contribute
Actuaries can play an active role in social impact toby helping vulnerable communities access ... insurance payout is paid immediately without long duration and costly claims assessment processes. The ...- Authors: Syed Danish Ali
- Date: Jan 2022
- Competency: External Forces & Industry Knowledge
- Publication Name: Actuary of the Future
- Topics: General Insurance (Property & Casualty); Environment
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Recent Motivations in Life Insurance Mergers and Acquisitions
Businesses across the board have been drastically impacted by the effects of COVID-19 over ... Financial Reporting Standards 17 (IFRS 17) and long-duration targeted improvements (LDTI) have changed the ...- Authors: Zeeshan Rehmani, David Alison FSA (David), Baudouin Richier
- Date: Nov 2021
- Competency: External Forces & Industry Knowledge
- Publication Name: The Financial Reporter
- Topics: Finance & Investments; Finance & Investments>Capital management - Finance & Investments; Life Insurance
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Market Trends and Product Designs in a Rising Interest Rate Environment
this article is on current market trends for long-duration products —including life insurance, annuities ... the focus is on current market trends for long-duration products—including life insurance, annuities ...- Date: Oct 2021
- Competency: External Forces & Industry Knowledge; Results-Oriented Solutions; Strategic Insight and Integration
- Publication Name: Product Matters!
- Topics: Annuities; Life Insurance; Life Insurance>Product development - Life Insurance
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The Impact of a Rising Interest Rate Environment on Life Insurance
The Impact of a Rising Interest Rate Environment on Life Insurance For over a decade, life insurers ... with high guaranteed crediting rates and/or long duration have been most impacted. As interest rates and ...- Authors: Alexander Tall , Jeff Raven, Jack Pizzo
- Date: Oct 2021
- Competency: External Forces & Industry Knowledge; Strategic Insight and Integration
- Publication Name: Reinsurance News
- Topics: Life Insurance; Reinsurance
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In Discussion with Charlie Shamieh, FIAA, Chairman, Gen Re
In Discussion with Charlie Shamieh, FIAA, Chairman, Gen Re Interview (Q&A) with Charlie ... CS: The low interest rate environment and long duration guarantees embedded in many of our life insurance ...- Authors: Sabine Denné
- Date: Oct 2021
- Competency: External Forces & Industry Knowledge; Professional Values; Strategic Insight and Integration
- Publication Name: Reinsurance News
- Topics: General Insurance (Property & Casualty); Reinsurance
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Actuarial Process Optimization—A Case for Using Modern Technology in Actuarial Domain
Actuarial Process Optimization—A Case for Using Modern Technology in Actuarial Domain Actuarial Process ... Consider changes brought about by US GAAP Long-Duration Targeted Improvements and IFRS17 accounting ...- Authors: Alexander Zaidlin
- Date: Oct 2021
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: Actuarial Technology Today
- Topics: Technology & Applications
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Mind the GAAP and Non-GAAP
Mind the GAAP and Non-GAAP Importance of non-GAAP operating earnings By Robert Winawer, Yiqing ... hard to overstate the attention placed on GAAP long duration targeted improvements (LDTI) by the life and ...- Authors: Robert E Winawer
- Date: Sep 2021
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]
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Asset and Liability Management Strategies: Managing Convexity Risk as Interest Rates Rise
Asset and Liability Management Strategies: Managing Convexity Risk as Interest Rates ... observations. Most life insurance products include: 1) long-duration liabilities with fixed-guarantee rates, and/or ...- Authors: Robert E Winawer, Seong Weon Park
- Date: Sep 2021
- Competency: External Forces & Industry Knowledge; Strategic Insight and Integration
- Publication Name: Risk Management
- Topics: Enterprise Risk Management>Capital management - ERM; Finance & Investments>Asset liability management
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Free Continuing Education Resources for Modeling Section Members!
Free Continuing Education Resources for Modeling Section Members! As of September 2021, ... Implementation Series This four-part series covers the Long Duration Targeted Improvements (LDTI) project by GASB ...- Authors: Mary Campbell
- Date: Sep 2021
- Competency: External Forces & Industry Knowledge
- Publication Name: The Modeling Platform
- Topics: Actuarial Profession; Modeling & Statistical Methods
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Data 101
Data 101 A review of model inputs, suggested methods to getting comfortable with the data ... (ASU) No. 2018–12 (commonly referred to as GAAP Long-Duration Targeted Improvements or GAAP LDTI) increases ...- Authors: Brenna Gardino
- Date: Aug 2021
- Competency: Communication; Technical Skills & Analytical Problem Solving
- Publication Name: Small Talk
- Topics: Financial Reporting & Accounting
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Economic Scenario Generators, Part III: In-depth ESG Case Study—Academy Interest Rate Generator
Economic Scenario Generators, Part III: In-depth ESG Case Study—Academy Interest Rate Generator ... reference maturities, such as 10-years for the long duration corporate fund and (2) apply a spread adjustment ...- Authors: Rahat Jain , Dean Kerr, Matthew Zhang
- Date: Jul 2021
- Competency: Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Modeling Platform
- Topics: Life Insurance; Modeling & Statistical Methods
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Minding the MediGap: Modeling Considerations for a Complex Product
Minding the MediGap: Modeling Considerations for a Complex Product Discussion on modeling Medicare ... particularly with the ongoing transition to long duration targeted improvements (LDTI) standards. Med ...- Authors: Robert T Eaton
- Date: Jul 2021
- Competency: Results-Oriented Solutions
- Publication Name: The Modeling Platform
- Topics: Modeling & Statistical Methods
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Accounting for Ceded Reinsurance Under LDTI—Existing Business
Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at some concerns ... Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI).[1] This article examines the ...- Authors: Steven Malerich
- Date: Jul 2021
- Competency: Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]
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The Impact of a Rising Interest Rate Environment on GAAP and Statutory Financial Reporting
The Impact of a Rising Interest Rate Environment on GAAP and Statutory Financial Reporting ... Update (ASU) 2018-12, commonly referred to as Long Duration Targeted Improvements (LDTI), will become effective ...- Authors: Dustin Baran-Plotkin, Kevin Desmond
- Date: Jul 2021
- Competency: Results-Oriented Solutions; Strategic Insight and Integration
- Publication Name: The Financial Reporter
- Topics: Enterprise Risk Management>Financial management; Financial Reporting & Accounting>Financial Accounting Standards Board [FASB]; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Financial Reporting & Accounting>Statutory accounting
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An Examination of Market Risk Benefits with Reinsurance under LDTI
Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI).” The standard changes how ... entities recognize, measure, present and disclose long-duration contracts issued by insurance entities. Since ...- Authors: Nelson Chu Fung Lum
- Date: Jun 2021
- Competency: External Forces & Industry Knowledge
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Fair value accounting; Reinsurance>Financial reporting for reinsurance
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Adaptive Leadership: A Conversation With Tracy Choka
Adaptive Leadership: A Conversation With Tracy Choka Tracy Choka is managing director and regional ... with military experts in context of navigating long duration crisis situations. All of us are missing ...- Authors: Christine Luzano, Tracy A Choka
- Date: Jun 2021
- Competency: Leadership
- Publication Name: Reinsurance News
- Topics: Actuarial Profession>Management skills; Life Insurance>Accelerated underwriting
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Reconsidering Embedded Value
“Targeted Improvements to the Accounting for Long-Duration Contracts” (LDTI) in August 2018. LDTI is expected ... on economic and insurance risks underlying long-duration insurance contracts. However, some insurers ...- Authors: Roujie Chen, Erzhe Zhang
- Date: Apr 2021
- Competency: External Forces & Industry Knowledge
- Publication Name: The Financial Reporter
- Topics: Finance & Investments; Financial Reporting & Accounting
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GAAP Long-Duration Targeted Improvements: Whether Largely a Compliance or Modernization Exercise, the Considerations for the Modeling Actuary are Numerous
GAAP Long-Duration Targeted Improvements: Whether Largely a Compliance or Modernization Exercise, the ... “Targeted Improvements to the Accounting for Long-Duration Contracts” (LDTI) amends existing accounting ...- Authors: Ryan Laine, Dave Czernicki, Jean-Philippe Larochelle
- Date: Apr 2021
- Competency: Strategic Insight and Integration
- Publication Name: The Modeling Platform
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Modeling & Statistical Methods>Modeling efficiency
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Keep Up With the Standards: On ASOP 56, Modeling
Keep Up With the Standards: On ASOP 56, Modeling A high-level review of the newly effective ... in financial reporting, with IFRS 17 and the long-duration contracts targeted improvements from FASB. Predictive ...- Authors: Mary Campbell
- Date: Apr 2021
- Competency: External Forces & Industry Knowledge
- Publication Name: The Modeling Platform
- Topics: Actuarial Profession>Standards of practice; Financial Reporting & Accounting
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Accounting for Ceded Reinsurance Under LDTI—Unique Concerns
Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at some concerns ... Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI).[1] This article examines some ...- Authors: Steven Malerich
- Date: Apr 2021
- Competency: Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Reinsurance>Reserving - Reinsurance
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Building a Narrative Around LDTI Discount Rate Updates
Building a Narrative Around LDTI Discount Rate Updates This paper highlights the impact on ... Reporter, April 2021 The introduction of GAAP long-duration targeted improvements (LDTI) will create more ...- Date: Apr 2021
- Competency: External Forces & Industry Knowledge
- Publication Name: The Financial Reporter
- Topics: Economics>Financial markets; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]
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Model Risk Management Case Studies: Common Pitfalls and Key Lessons
Model Risk Management Case Studies: Common Pitfalls and Key Lessons In this article, ... model-based reserving requirements, such as US GAAP Long Duration Targeted Improvements (LDTI) and US Statutory ...- Authors: Katie Cantor, Joshua Chee, Roujie Chen
- Date: Feb 2021
- Competency: Professional Values; Technical Skills & Analytical Problem Solving
- Publication Name: Risk Management
- Topics: Enterprise Risk Management>Governance; Enterprise Risk Management>Operational risks
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Accounting for Ceded Reinsurance Under LDTI—Precedent
Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at some techniques ... techniques that have been used to account for long-duration reinsurance under existing GAAP (before LDTI). It ...- Authors: Steven Malerich
- Date: Feb 2021
- Competency: Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Reinsurance>Reserving - Reinsurance
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LDTI Implications and Insights: IDI and LTC
GAAP accounting guidance for insurers with long-duration liabilities due to Accounting Standards Update ... GAAP accounting guidance for insurers with long-duration liabilities due to Accounting Standards Update ...- Authors: Robert E Winawer, Gregory Mackenzie, Kevin Desmond
- Date: Feb 2021
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting
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Income Volatility Under LDTI
volatility under Long Duration Targeted Improvements (LDTI) for several key types of long duration contracts ... Zheng The Financial Reporter, February 2021 Long-duration targeted improvements (LDTI), also known as ...- Authors: Bruce Rosner
- Date: Feb 2021
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting>Financial Accounting Standards Board [FASB]; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Life Insurance>Reserves - Life Insurance; Life Insurance>Term life; Life Insurance>Universal life
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Critical Illness Benefits and Triggers: An Introduction
Critical Illness Benefits and Triggers: An Introduction An overview of key considerations for ... are made on an annual, tax-year basis. For long-duration CI products where the sale may take place years ...- Authors: Ashlee Borcan, Stephen Rook
- Date: Dec 2020
- Competency: External Forces & Industry Knowledge
- Publication Name: Small Talk
- Topics: Health & Disability
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Insights into Life PBR Modeling Practices
Insights into Life PBR Modeling Practices Oliver Wyman recently completed its 2020 Life PBR ... pressure on existing software (e.g., GAAP Long Duration Targeted Improvements or Internation- al Financial ...- Authors: Dylan Strother, Haley Christine Jeorgesen
- Date: Nov 2020
- Competency: External Forces & Industry Knowledge
- Publication Name: The Modeling Platform
- Topics: Financial Reporting & Accounting; Modeling & Statistical Methods
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Long-Term Care News, November 2020
Long-Term Care News, November 2020 Read the November 2020 issue of Long-Term Care News ... variables, a method that is appropriate for these long-duration forecasts given the amount and quality of histor- ...- Authors: Society of Actuaries
- Date: Nov 2020
- Competency: External Forces & Industry Knowledge
- Publication Name: Long-Term Care News
- Topics: Long-term Care
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LDTI—A Path to Optimizing Compliance and Transformation
Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI),1 issued by the U.S. Financial ... Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). The new standard applies to ...- Authors: Naxine Chang
- Date: Nov 2020
- Competency: Communication; External Forces & Industry Knowledge; Leadership; Professional Values; Relationship Management; Results-Oriented Solutions; Strategic Insight and Integration; Technical Skills & Analytical Problem Solving
- Topics: Financial Reporting & Accounting; Technology & Applications
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LTC Population Management: Pursuing Healthful Strategies
LTC Population Management: Pursuing Healthful Strategies LTC insurers can proactively ... variables, a method that is appropriate for these long-duration forecasts given the amount and quality of histor- ...- Authors: Robert Eaton, Missy Gordon
- Date: Nov 2020
- Competency: Strategic Insight and Integration
- Publication Name: Long-Term Care News
- Topics: Long-term Care; Predictive Analytics; Long-term Care>Claims - Long-term Care
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Accounting for Ceded Reinsurance under LDTI—A Fresh Look
Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at GAAP, as amended ... achieve all three objectives for a variety of long-duration reinsurance contracts. accounting standards ...- Authors: Steven Malerich
- Date: Nov 2020
- Competency: Communication; Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Reinsurance>Reserving - Reinsurance
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Lower for Even Longer: What Does the Low-yield Economy Mean for Insurers?
mismatches for long-duration life products. There is a lack of sufficiently long-duration financial instruments ... last 30 years or more, and assets with such a long duration are either unavailable or illiquid in many ...- Date: Nov 2020
- Competency: External Forces & Industry Knowledge
- Publication Name: Reinsurance News
- Topics: Reinsurance
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Accounting for Ceded Reinsurance under LDTI—Introduction
Accounting for Ceded Reinsurance under LDTI—Introduction This is the first in a series of articles ... Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It provides an introduction ...- Authors: Steven Malerich
- Date: Sep 2020
- Competency: Communication; Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]; Reinsurance; Reinsurance>Reserving - Reinsurance
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Retrospective Assumption Monitoring
Retrospective Assumption Monitoring: GAAP Long-Duration Targeted Improvements By Steve Malerich Editor’s ... Retrospective Assumption Monitoring: GAAP Long-Duration Targeted Improvements that some sort of change ...- Authors: Steven Malerich
- Date: Jul 2020
- Competency: Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Generally Accepted Accounting Principles [GAAP]
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VM-31 - Modifications and findings for 2020 PBR reports
VM-31 - Modifications and findings for 2020 PBR reports This article summarizes the key ... corporate governance frameworks, and even the new long duration targeted improvement (LDTI) disclosures. While ...- Authors: Angela McShane, Benjamin Slutsker, Rachel Hemphill
- Date: Jul 2020
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Annuities; Financial Reporting & Accounting; Financial Reporting & Accounting>Statutory accounting; Life Insurance; Life Insurance>Reserves - Life Insurance; Life Insurance>Term life; Life Insurance>Whole life
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Medi(long-term)care for All: A Look into the Future of Long-Term Care Insurance—Part Two
Medi(long-term)care for All: A Look into the Future of Long-Term Care Insurance—Part Two As the ... social program. Further, because LTC is a long-duration product, changes may be amplified for business ...- Authors: Stephanie Ann Moench, Shawn Stender
- Date: Jun 2020
- Competency: External Forces & Industry Knowledge; Results-Oriented Solutions
- Publication Name: Long-Term Care News
- Topics: Long-term Care; Long-term Care>Public financing - Long-term Care; Social Insurance
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IFRS 17: Risk Adjustment—A Numerical Example
relative to the CoC approach, especially for long-duration portfolios. The confidence level approach is ... the net to gross ratio concept under US GAAP Long Duration Targeted Improvements. RA is needed under IFRS ...- Authors: Nan Jiang
- Date: May 2020
- Competency: External Forces & Industry Knowledge; Results-Oriented Solutions; Strategic Insight and Integration; Technical Skills & Analytical Problem Solving
- Publication Name: The Financial Reporter
- Topics: Enterprise Risk Management; Financial Reporting & Accounting
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Setting LTC Assumptions in the Times of Targeted Improvements
Setting LTC Assumptions in the Times of Targeted Improvements Targeted Improvements provides a strong ... discussions herein are applicable for other long-duration contracts as well. APPROPRIATE ASSUMPTIONS ...- Authors: Robert K Yee
- Date: Apr 2020
- Competency: External Forces & Industry Knowledge
- Publication Name: Long-Term Care News
- Topics: Long-term Care
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The Importance of Centralization of Actuarial Modeling Functions, Part 2: DevOps - The Path to Actuarial Modernization and Consolidation
The Importance of Centralization of Actuarial Modeling Functions, Part 2: DevOps - The Path to ... was VM-21; and in 2021, there will be LDTI (long duration targeted improvements), and IFRS 17 is coming ...- Authors: Bryon Robidoux
- Date: Apr 2020
- Competency: External Forces & Industry Knowledge; Results-Oriented Solutions; Technical Skills & Analytical Problem Solving
- Publication Name: The Stepping Stone
- Topics: Actuarial Profession>Best practices; Actuarial Profession>Management skills; Technology & Applications; Technology & Applications>Computer science; Technology & Applications>Software; Technology & Applications>Automation
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IRS Chief Counsel Advice Addresses Interest Rate Election for Life Insurance Reserves
IRS Chief Counsel Advice Addresses Interest Rate Election for Life Insurance Reserves Discusses ... with respect to life insurance contracts of long duration.”2 An election made under the provision resulted ...- Authors: Brien Alvino, Mark Smith
- Date: Feb 2020
- Competency: Results-Oriented Solutions
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Tax accounting; Life Insurance; Life Insurance>Reserves - Life Insurance
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Chairperson's Corner
Chairperson's Corner Section chairperson introduction and summary of recent and future section ... contains links to content on IFRS 17, FASB Long Duration Targeted Improvements, and the SOA’s Regulatory ...- Authors: David C Armstrong
- Date: Dec 2019
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting
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The Financial Reporter, December 2019, Issue 119
contains links to content on IFRS 17, FASB Long Duration Targeted Improvements, and the SOA’s Regulatory ... Targeted Improvements to the Accounting for Long-Duration Contracts. The updates separate amortization ...- Authors: Society of Actuaries
- Date: Dec 2019
- Competency: External Forces & Industry Knowledge
- Publication Name: The Financial Reporter
- Topics: Financial Reporting & Accounting
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Implementation and Modeling Emerging Practices for Life PBR
Implementation and Modeling Emerging Practices for Life PBR Mandatory implementation ... counting Standards Board targeted improvements for long duration contracts, variable annuity reform, IFRS updates) ...- Authors: Simon Gervais , Kevin Carr, Haley Christine Jeorgesen , Chris Whitney
- Date: Dec 2019
- Competency: External Forces & Industry Knowledge; Strategic Insight and Integration
- Publication Name: The Financial Reporter
- Topics: Life Insurance; Life Insurance>Pricing - Life Insurance; Life Insurance>Reserves - Life Insurance; Life Insurance>Secondary guarantees; Life Insurance>Term life; Life Insurance>Product development - Life Insurance; Life Insurance>Universal life; Life Insurance>Whole life; Modeling & Statistical Methods
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Reinsurance and Principle-Based Reserves - Insights Into Emerging Practices
Reinsurance and Principle-Based Reserves - Insights Into Emerging Practices Mandatory implementation ... Standards Board targeted improvements for long duration contracts, variable annuity reform, IFRS updates) ...- Authors: Kevin Carr, Haley Christine Jeorgesen , Simon Gervais , Chris Whitney
- Date: Dec 2019
- Competency: External Forces & Industry Knowledge; Strategic Insight and Integration
- Publication Name: Retirement Section News
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In the Beginning... A Column Devoted to Tax Basics: Tax Accounting and Deferred Taxes for Life Insurance Companies
In the Beginning... A Column Devoted to Tax Basics: Tax Accounting and Deferred Taxes for Life ... timing differences can be very large and of long duration, creating sig- nificant costs due to the time ...- Authors: Kristin R Norberg
- Date: Nov 2019
- Competency: External Forces & Industry Knowledge; Technical Skills & Analytical Problem Solving
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Statutory accounting; Financial Reporting & Accounting>Tax accounting
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October 2019 issue of Taxing Times
October 2019 issue of Taxing Times Read the October 2019 issue of Taxing Times, published by ... timing differences can be very large and of long duration, creating sig- nificant costs due to the time ...- Authors: Society of Actuaries
- Date: Nov 2019
- Competency: External Forces & Industry Knowledge
- Publication Name: Taxing Times
- Topics: Financial Reporting & Accounting; Financial Reporting & Accounting>Tax accounting
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Chairperson's Column
Chairperson's Column An update on the Modeling section activities and a look back at ... Generally Accepted Accounting Principles (GAAP) long-duration tar- geted improvements (LDTI). The letter also ...- Authors: Brenna Gardino
- Date: Nov 2019
- Competency: External Forces & Industry Knowledge
- Publication Name: The Modeling Platform
- Topics: Modeling & Statistical Methods
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Insights Into Life Principle-Based Reserves Implementation and Modeling Practices
Insights Into Life Principle-Based Reserves Implementation and Modeling Practices Mandatory ... THE MODELING PLATFORM | 17 improvements for long-duration contracts, variable annuity reform, International ...- Authors: Simon Gervais , Kevin Carr, Haley Christine Jeorgesen , Dylan Strother, Chris Whitney
- Date: Nov 2019
- Competency: External Forces & Industry Knowledge; Strategic Insight and Integration
- Publication Name: The Modeling Platform
- Topics: Life Insurance; Life Insurance>Pricing - Life Insurance; Life Insurance>Reserves - Life Insurance; Life Insurance>Secondary guarantees; Life Insurance>Term life; Life Insurance>Product development - Life Insurance; Life Insurance>Universal life; Life Insurance>Whole life
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Play Ball! Modernizing for LDTI
Play Ball! Modernizing for LDTI On July 17, FASB announced a ... deferral of the compliance deadline for the new Long Duration Targeted Improvements (LDTI) guidance: “a one ...- Authors: Timothy A Koenig
- Date: Nov 2019
- Competency: Technical Skills & Analytical Problem Solving
- Publication Name: The Modeling Platform
- Topics: Technology & Applications
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You Could be Underinvesting in Your LTC Block: Claims Modernization is the Next “Rate Increase”
of Accounting Standards Update 2018-121 (long-duration targeted improve- ments) could result in the ... Targeted Improvements to the Accounting for Long-Duration Contacts. No. 2018-12. https://www.fasb.or ...- Authors: Mark Yoest, Nathan Kyle Berggoetz, Allison Schroeder
- Date: Oct 2019
- Competency: External Forces & Industry Knowledge; Strategic Insight and Integration
- Publication Name: Long-Term Care News
- Topics: Long-term Care; Long-term Care>Long-term care insurance; Long-term Care>Long-term care facilities & home care; Long-term Care>Claims - Long-term Care; Long-term Care>Long-term care innovation