Description: The SOA textbook related to US GAAP for insurers has been updated. It incorporates the recent GAAP changes, including Long Duration Targeted Improvements, and now covers both life and non-life insurers. This is an essential updated for anyone working with US GAAP financial statements, whether you are an actuary or other finance professional.

Description: Discussion of the existence of embedded derivatives and the consequent required accounting treatment in Modco and Similar Reinsurance Arrangements

Description: A continuation of the discussion of the practical considerations for implementing the New Accounting Statement of Position for Long-Duration Contracts and for Separate Accounts – Part III

Description: A discussion of alternative meanings to “Best” in best estimate. When one is trying to estimate a result that is normally distributed, the mean, median and mode will all equal one another. However if the results are not normally distributed, different variance metrics will result in different “best” estimates. When different parts of a financial statement use different criteria for measuring best estimates and different processes for handling variances, the results can be volatile, unpredictable and perhaps unreasonable.

Description: This article discusses the adoption of the AICPA Statement of Position SOP 03-1 altering the way earnings emerge under FAS 97 and the impact of the enactment of SOX control requirements.

Description: Earlier this year, the Securities and Exchange Commission informed one of its registrants that prospective unlocking of benefit reserves for long-term care LTC insurance was not an acceptable practice under current US GAAP. The purpose of this article is to make actuaries aware of this action and provide some additional context.

Description: Formulas for changes in GAAP liabilities and liability accrual rates are shown for three assumption update methods—retrospective, prospective and immediate.

Description: Read the March 2018 issue of The Financial Reporter published by the Financial Reporting Section. It provides practical information for the working actuary.

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: The article investigates the reasons behind non-zero financial implications for fully reinsured businesses within the regulatory frameworks of US GAAP Long Duration Targeted Improvements (LDTI) and International Financial Reporting Standards (IFRS) 17. It helps companies grasp the nuances of these standards, thereby enhancing their risk management strategies, improving regulatory compliance and optimizing their decision-making processes.