Description: This survey is the second in a series focusing on the impacts to cash flow testing and aims to collect and disseminate information regarding best practices around the potential impact of current market conditions.

Description: The Society of Actuaries Financial Reporting Section is pleased to make available a new report examining the International Standards Board’s (IASB) Re-Exposure draft, Insurance Contracts, issued in June 2013. Performed by Rodrigo Careaga, Tara Hansen, Asad Khalid, and Bruce Rosner of Ernst & Young LLP, this study illustrates differences in earnings emergence for new business projections between current US GAAP and the proposed standard for a sample of 12 products. Additionally, it shows the impact on earnings emergence of various sensitivity tests.

Description: The main elements of the current US, Canadian and proposed Solvency II regulatory capital regimes for property and casualty insurance companies are compared in this paper.

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: This paper is on the ownership considerations in a new legal structure of a life insurance company.

Description: Low Interest Rate Environment CFT Survey Form.

Description: View the COVID-19 Low Interest Rate Environment Cash Flow Testing Survey Summary of Results April 23, 2020

Description: This section presents book reviews and summarizes recent publications on subjects that include U.K. social insurance, financing of hospital care, state examinations of life companies, approximate valuation of life and health insurance, mortality forecasting, and valuing estate tax.

Description: This section contains book reviews and summaries of recently published works on subjects including demography, savings in the U.S., life company state examinations, private pensions, Industrial insurance, medical care, and union welfare plans.

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.