Description: This presentation is an open forum, session 48OF, from the 2004 Spring Meeting of the Society of Actuaries, held June 14-15 in San Antonio, TX. The panelists focus on emerging U.S. GAAP accounting issues, and the implementation issues encountered by affected companies. The panelists discuss Statement of Position [SOP] 03-1 on nontraditional long-duration life insurance contracts, the SOP on internal replacements, and the impact of the Derivatives Implementation Group issue B36 on embedded derivatives for modified coinsurance and funds withheld reinsurance. Discussion from participants is included. From the Record of Society of Actuaries, Volume 30, No. 2.

Description: This presentation is a Teaching Session, number 31TS, from the 2002 Valuation Actuary Symposium, held September 19-20 in Lake Buena Vista, FL. The instructors discuss the practical aspects of implementing the draft American Institute of Certified Public Accountants [AICPA] Statement of Position [SOP] regarding nontraditional long-duration contracts. Specific items include separate account reporting, valuation of products with multiple account values, valuation of death/other insurance benefit under universal life-type contracts, and sales inducements.