Description: An overview of how the VM-31 requirements for documenting PBR approaches and assumptions can/should reflect the Actuarial Standard of Practice on Modeling, ASOP No. 56

Description: In this article, we explore key insights from Oliver Wyman's 2020 Life PBR Emerging Practices Survey, which provides a broad industry perspective with more than 50 companies participating representing 95 percent of the individual life market (by written premium). Insights include the impact of PBR on reserves and profitability in addition to emerging practices related to product design, assumption development, and methodology decisions.

Description: This article helps companies better understand the currently proposed upcoming VM-22 regulation by comparing the VM-22 measurement model to LDTI MRBs. The article highlights key considerations as companies plan for adoption of these two measurement models. These considerations should help inform a company’s strategy related to the business impacted by these standards.

Description: This article is an update, as of March 2019, on Financial Reporting Section sponsored projects in process and those recently completed.

Description: This article summarizes the key changes to VM-31 requirements in the 2020 version of the Valuation Manual for both life and variable annuities, and compares and contrasts the requirements for each. In addition, the article offers insights into common issues and recommendations for VM-31 reports from the viewpoints of a regulator, consultant, and company actuary.

Description: Update on IFRS 17 including news, how IFRS 17 is impacting companies financials, comparisons to LDTI, and KPIs.

Description: COLIFR Committee on Life Insurance Financial Reporting Corner briefly discusses curent issues such as RBC, GMDB for Variable Life, reservinf for VAGLBs, reserves for Equity Index UL, GAAP DAC for internal replacements an a proposed revised AOMR.

Description: A description of the controversy surrounding Actuarial Guideline 38 (AG38) and the joint working group that was formed to address the controversies.

Description: The 2020 edition of the Valuation Manual permits mortality data aggregation thereby enhancing credibility but also has accompanying requirements and addresses calculation of company experience rates.

Description: This article is designed to provide a statistical method for reviewing the accuracy of the incurred but not reported IBNR life claim liability estimates from prior points in time.