Description: A closer look at family tier factor rating assumptions, and how well they reflect actual claim cost data.

Description: Feature article discussing ASU 2010-26: the new Financial Accounting Standards Board FASB guidance which changes the definition of costs related to the acquisition of new and renewal insurance contracts that can be capitalized.

Description: Article discussing how U.S. insurance company financial reporting will undergo an unprecedented level of change within the next several years, including a convergence of US GAAP with international accounting standards. Communication to the public issues are emphasized

Description: Discussion of the latest FASB and IASB updates with respect to life insurance company financial reporting issues.

Description: Actuaries are accustomed to considering how much conservatism is appropriate in their estimates, whether made for pricing or for mea- surement of liabilities. In the proposals for a new standard on accounting for insurance contracts, this conservatism is referred to by the International Accounting Standards Board IASB and the Financial Accounting Standard Board FASB of the United States as the risk adjustment.

Description: Feature article discussing U.S. and international regulatory developments of interest to actuaries in the financial reporting field.

Description: Current status and initiatives related to PBR regulation

Description: On October 30, 2015, the SOA Assumption Development and Governance Group, an informal discussion group consisting of nearly 200 interested actuaries with topics pertaining to actuarial assumption development and governance, organized an industry discussion call on end-to-end assumption documentation practices. The purpose of this call was to generate a large list of ideas for best-practice assumption documentation. More than thirty companies were represented in the call, including direct insurers, reinsurers and consulting firms. This article is the work product of the discussion written by Laurie Li and Alex Zaidlin.

Description: There is nothing like a serious financial crisis to see if your risk management process works or not. The depth and breadth of the financial crisis in 2008 identified the strengths and more importantly exposed the weaknesses of the risk management process at Lincoln Financial. Enterprise Risk Management is tasked with understanding all the key risks inside a company and preparing the company to respond to those weaknesses. Lincoln Financial was exposed to multiple stress points as a result of the financial crisis and found themselves with insufficient resources to weather the storm. Ultimately the risk management process at Lincoln Financial was not fully capable of dealing with the depth and scope of the financial stress. Without access to government support it can be argued that Lincoln would not have survived the most profound financial crisis of the modern era. Presented at 2010 Enterprise Risk Management Symposium, Society of Actuaries, April 12-15, 2010.

Description: This article is to outline the new requirements for valuation rates in VM-22, highlighting key differences and example calculations to enhance understanding.