Description: A reflection on the need/desire for one right answer when there isn't one

Description: Performance measurement is not the primary purpose of either GAAP or statutory accounting. This article discusses alternative methods of reporting used by life insurance companies to better measure financial performance.

Description: Sequel to the author's paper The Taxation of Insurance in Canada, which was published in 1970 in Volume XXII of the Transactions. The first paper covered the history of insurance taxation in Canada through 1969, including a description of the radical changes that became effective that year as an early phase of tax reform, following the 1967 recommendations of the Royal Commission on Taxation. Further general tax reforms became effective in 1972, including the introduction of taxes on capital gains a number of clarifications and refinements were also enacted in 1973. The present paper outlines these general changes, with particular emphasis on their effect on insurance. Finally, a completely revised mathematical presentation of the taxation of insurance corporations is given, together with formulas and examples of the marginal taxation rates on various kinds of income and disbursement of such corporations. Followed by discussion papers submitted by 2 authors

Description: This panel discussed studies of the risk of loss due to changes in the interest rate environment. It addressed why the C-3 risk is important and how inflation and stability in interest rates can affect the financial soundness of life insurance companies. There was also a discussion of the theoretical work being carried out to calibrate the C-3 risk of variation in interest rates and to what extent the valuation actuary can properly recognize the risk of loss from changes in the interest rate environment within the framework of valuations laws and regulations.

Description: A discussion of Actuarial Aspects of Section 404 of Sarbanes-Oxley

Description: This paper examined two interrelated aspects of federal income taxation of life insurance companies. First, a common-sense approach to the Life Insurance Company Income Tax Act of 1959 was developed. Second, marginal tax rates for Phase III companies was developed.

Description: This paper was written to demonstrate that universal life and indeterminate premium products are similar to participating plans. Followed by several discussion papers submitted.

Description: Analysis of IASB position on the discount rate to use in computing the Fair Value of Insurance Liabilities

Description: A change in the way in which statutory life insurance and annuity reserves are determined in the United States is heading toward adoption. Currently, the Actuarial Opinion and Memorandum Regulation AOMR combines formulaic factor-based minimum reserves with reserve adequacy testing. The American Academy of Actuaries Academy is working with the National Association of Insurance Commissioners NAIC to finalize the basic framework of a principles-based reserve PBR methodology, based on a gross premium valuation, for life insurance products. The NAIC Life and Health Actuarial Task Force LHATF has also been considering Actuarial Guideline VACARVM that would introduce a PBR method for the valuation of variable annuity contracts.

Description: Responsibilities Of The Actuary For Communicating Sarbanes-Oxley Control in accordance With Actuarial Standards of Practice