Description: In this article, the author gives an overview a number of Enterprise Risk Management ERM issues that arise when one considers the impact of income tax on a fair value accounting system.

Description: The NAIC is working with state insurance departments to replace the existing rules-based valuation laws with principle-based valuation laws. On the GAAP front, both the International Accounting Standards Board, which sets GAAP accounting guidance for many countries outside the United States, and the Financial Accounting Standards Board, which promulgates GAAP guidance in the United States, are moving toward a “current estimate” standard of valuation, which often results in a fair value or similar measurement basis. This article reviews the IASB’s discussion paper on insurance valuation and the American Academy of Actuaries’ response to it.

Description: This article uses the example of a bullet or general account GIC to determine the fair value of liabilities.

Description: Compares Fair Value of liabilities under US GAAP to Solvency II.

Description: Article discussing developments in Principle-Based Approach: net asset earned rates and discount rates, and net premium approach.

Description: Discussion that reinsurance regulation is driving the amount and hence the cost of capital and hence the ability of reinsurers to price products competitively