Description: Oliver Wyman recently completed its 2020 Life PBR Emerging Practices survey, with results providing a broad industry perspective on implementation impacts, strategy, assumptions and challenges. This article provides further insights into the trends and drivers observed around planned future refinements to PBR models.

Description: Feature article discussing how the insurance industry can become more data driven.

Description: Chairperson's column reporting on section meetings, resources and more.

Description: An overview of the NAIC Variable Annuity Reforms, including a discussion of perceived positives and challenges associated with the reforms.

Description: This article reviews why financial reporting controls are relevant to actuaries. It also discusses the impact of LDTI on controls and the strategic decisions that insurers need to make.

Description: This article is an update, as of March 2019, on Financial Reporting Section sponsored projects in process and those recently completed.

Description: This article discusses international proposals for accounting reform that would establish a global common measurement approach for the large majority of life insurance and annuity products.

Description: Discusses five subjects, including proposed IASB discussion paper, split-dollar life insurance, penalties for paid tax preparers, statutory reserves for insurers, and NAIC securitization initiatives.

Description: Feature article discussing the latest decision by the FASB and IASB in their joint insurance contracts project.

Description: The introduction and effective application of US GAAP LDTI have increased the scrutiny of those reviewing the updated financial results. That is because LDTI has resulted in significant changes in actuarial reserving and deferred acquisition cost (DAC) models for long-duration contracts, including significant changes to data, assumptions and required disclosures. In light of the changes, greater reliance has been put on companies’ model risk management (MRM) teams and model validations to assess the conceptual soundness and accuracy of their companies’ actuarial models and to assess that the underlying data and process utilized are suitable and appropriate. This article covers a brief background on model validation, walk through a sample LDTI-focused model validation framework/test plan, then provide insights on common LDTI-related validation observations based on the authors' prior validation experience.