Description: The following Executive Summary is an excerpt from a report by Chris O’Brien entitled, “Market-Consistent Valuations of Life Insurance Business: The U.K. Experience.” The purpose of this article is to explain the new valuation approach, set out the issues with implementation and explain how insurers have addressed these issues.

Description: Column discussing developments in insurance accounting from January - March.

Description: Summarizes the major provisions of the International Accounting Standards Board’s recent exposure draft entitled Insurance Contracts, regarding a full accounting standard for insurance.

Description: Discusses the meeting of the Accounting Committee of the International Actuarial Association in March.

Description: Feature article that summarizes the events of the recent International Actuarial Association IAA meeting.

Description: Feature article discussing the possibility of written options being an asset.

Description: Feature article discussing deferred policy acquisition costs and recent proposed changes to the expenses allowed to be deferred.

Description: Certain fair value measurements involving actuarial work may not have been required to conform to FAS 157 until late 2008 or early 2009. The purpose of this article is to discuss those items and propose possible methods for actuaries to consider when performing the necessary valuations, from an actuarial standpoint only.

Description: This article includes updates on the IASB, the ACSEP publications for education on IFRS for insurance and the development of model standards - International Standards of Actuarial Practice.

Description: This article summarizes five key lessons we have learned in implementing LDTI and shares our insights on practical ways to address them. This is not an exhaustive list of implementation challenges, but companies that can successfully tackle the issues we describe should have a smoother data and systems implementation transition.