Description: Thoughts on the future of financial reporting.

Description: A discussion of the Morris Review in the UK: a government-requested review of the actuarial profession in the U.K.

Description: S&P reissued a second Request for Comment (RFC) in May 2023 that proposed changes to their insurer capital adequacy methodology and assumptions, and suggested these proposed changes may become effective at the end of 2023. This paper is to highlight the notable changes between the current capital model criteria and the proposed model. We also discuss major changes from the first RFC and the second RFC, as well as several key items that still require enhanced guidance and clarification. Our analysis is based on information gathered from S&P's public comments, conversations with industry participants, and publications released by S&P Global as of July 2023 when this paper was written. Most U.S. life insurers are rated by S&P using their U.S. Life Statutory Capital model, while other insurers use the GAAP/IFRS Capital Model. Statutory financials will remain the starting point for U.S. life insurers under the proposed model, however there will be additional adjustments made to these numbers in an effort to create consistency and comparability with other accounting and solvency regimes.

Description: This article provides an overview of activities that should be considered by an actuary when validating a predictive model. It describes several components to consider when validating a predictive model and provides an examination of various methodologies that can be implemented in the validation process.

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

Description: This is the first in a series of articles about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It provides an introduction to the topic, giving an overview of what has and hasn't changed. Changes include a few that directly address reinsurance and others that indirectly result from changes to direct accounting and the existing ties between reinsurance and direct accounting.

Description: Under the leadership of recent and current Section chairs, your Council has committed to creating a new textbook on U.S. GAAP for life insurance company actuaries.

Description: This is the second in a series of articles about accounting for reinsurance under GAAP Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI). It looks at GAAP, as amended by LDTI, as if there were no precedent, specifically focused on products that require net premium reserves. With possible objectives for compliance, performance, and simplicity, it describes calculation techniques that could achieve all three objectives for a variety of long-duration reinsurance contracts.

Description: Pandemic impact on continuing education. Financial Reporting Section and Community Engagement. US GAAP textbook update for LDTI. IFRI textbook update for amendments.

Description: A pension actuary and a life actuary collaborate to express public pension liability and asset issues in terms and figures that an insurer would use