Description: Contained in Appendix 4 of the 1987 Valuation Actuary Handbook, this set of articles sets forth the positions of various industry groups with regard to the valuation actuary concept as of January 1987. It consists of four sections: 4.1 – Excerpts from the Report of the Task Force on the Valuation Actuary to the ACLI Board of Directors, August 1986 4.2 – Final Report of the Joint Committee on the Role of the Valuation Actuary in the United States 4.3 – Preliminary Report to NAIC Life & Health Actuarial Task Force from Surplus & Solvency Subcommittee of NAIC Standing Technical Advisory Committee, October 9-10, 1986 and 4.4 – Draft Recommendation 7 – American Academy of Actuaries paper. Views of the American Council of Life Insurance, ‘ACLI,’ the National Association of Insurance Commissioners, ‘NAIC,’ the American Academy of Actuaries, and the Society of Actuaries are all represented. Note that the final report in 4.2 above was adopted in 1984 by the boards of both the Academy and Society, the two organizations represented on the Joint Committee.

Description: This is a compilation or risk management terms garnered from a survey of risk professionals supplemented with analysis of firm-level information on significant risks as reported in 10-K financial statements. Results indicate the existence of significance differences in terminology. The dominating pattern observed is a dichotomy between internal and external perceptions. Also observed is a difference between terms used by actuarial professionals and traditional risk managers.

Description: The article provides a brief background on the issue of modeling non-guaranteed reinsurance under Life princple-based reserving and explores how temporary solutions are impacting insurers as well as the journey to a long-term solution

Description: This is an update, as of July 2020, on projects in process and those recently completed sponsored by the Financial Reporting Section.

Description: Discusses the VM-20 impact testing to be done by 25 insurers.

Description: Feature article, second part in a series, about the International Accounting Standards Board’s (IASB) and of the Financial Accounting Standards Board’s (FASB) approach to revenue recognition related to International Financial Reporting Standards (IFRS) for insurance contracts.

Description: Feature article discussing the latest changes to International Financial Reporting Standards (IFRS) by the International Accounting Standards Board (IASB) and the Financial Accounting Standards Board (FASB).

Description: Feature article describing the latest developments with the International Accounting Standards Board and the Financial Accounting Standards Board.

Description: A description of the Financial Reporting Section's priorities for 2016.