Description: Research is a primary mission of the Financial Reporting Section and a significant use of our section dues revenue. Here is an update, as of September 2017, on projects in process and those recently completed.

Description: Continues the look from previous articles at unlocking of traditional contract valuation assumptions, this time examining the effects of lapses.

Description: Description of FASB redeliberations on targeted improvements for long duration contracts as of the end of 2017, including a summary of the anticipated impacts

Description: A description of the current state of the Insurance Capital Standard under development by the IAIS, focusing on liability valuation.

Description: Thoughts on the future of financial reporting.

Description: Proposal to the NAIC and state regulators to recalibrate life insurance reserve and capital standards to ensure the life industry successfully withstands the historical low interest rate environment.

Description: A short article looking at the results from an annual assumption survey of VA writers with a focus on changes companies observed and planned to make due to COVID-19. In the article we discuss what companies should be considering as they approach the 2020 year end assumption setting and audit season.

Description: As the new VM-22 framework reshapes reserving for non-variable annuities, actuaries face both opportunities and challenges. Our latest insight and highlights what you need to know about assumption setting, model validation and asset optimization ahead of 2026.

Description: A closer look at the Reinsurance Loss-Recovery Component (RLRC) under IFRS 17

Description: S&P reissued a second Request for Comment (RFC) in May 2023 that proposed changes to their insurer capital adequacy methodology and assumptions, and suggested these proposed changes may become effective at the end of 2023. This paper is to highlight the notable changes between the current capital model criteria and the proposed model. We also discuss major changes from the first RFC and the second RFC, as well as several key items that still require enhanced guidance and clarification. Our analysis is based on information gathered from S&P's public comments, conversations with industry participants, and publications released by S&P Global as of July 2023 when this paper was written. Most U.S. life insurers are rated by S&P using their U.S. Life Statutory Capital model, while other insurers use the GAAP/IFRS Capital Model. Statutory financials will remain the starting point for U.S. life insurers under the proposed model, however there will be additional adjustments made to these numbers in an effort to create consistency and comparability with other accounting and solvency regimes.