Description: Thoughts on the future of financial reporting.

Description: In 2014 several aspects of the ACA are driving the need for valuation actuaries to consider establishing payables or receivables during 2014 or at year-end. These programs include the 3Rs (risk adjustment, reinsurance and risk corridors) on insurers’ financial statements. As each of these programs includes a retrospective settlement process, financial statements may need to include estimates of amounts payable or receivable. The health insurance providers (HIP) fee and cost-sharing reductions (CSRs) and their potential impacts on insurer financial statements also need to be considered. The Society of Actuaries Health Section Council and Financial Reporting Section Council jointly developed a survey to gauge how actuaries are progressing with respect to these new potential assets or liabilities. The survey was sent to the members of the Health Section and the Financial Reporting Section. This article summarizes the results of that survey.

Description: Feature article discussing the current International Accounting Standards Board IASB Exposure Draft ED. A model of 10 year level term life insurance is use to demonstrate the amortization of residual margin. Residual margin is to be set at issue as the amount which offsets any gain at issue that would otherwise be recorded after accounting for fulfillment cash flowd and an explicit risk adjustment.

Description: Federal Tax Issues Under the 2001 CSO Mortality Tables

Description: Observations of the meeting in Orlando of the 2017 Living to 100 Symposium, including summaries of the remarks by the guest speakers.

Description: A methodology for calculating risk margins related to policyholder behavior risks for guaranteed living benefits on variable annuities when measuring fair value under FAS 157.

Description: Cautions against putting too much faith in financial models - such as the IASB's proposal to accrue future expected profits on the day a policy is issued.

Description: Recently, in preparation for a meeting of all section chairpersons, I was asked to compile a list of the most important issues facing financial reporting actuaries over the next several years. This question caused me to think about where we have been and where we are today—in order that I might form some type of backdrop for analyzing the future needs of our section members.

Description: As companies implement PBR, this article outlines challenges regarding the treatment of accelerated underwriting under VM-20 and in light of future innovation.

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