Description: Readers are given an introduction to a PBA Implementation Guide for Life Products.

Description: Feature article describing the proceedings and results of the International Actuarial Association (IAA) in The Hague in May 2013.

Description: Feature article discussing the IASB’s and FASB’s introduction of the use of other comprehensive income (OCI) to report certain changes in the value of insurance contracts.

Description: Discussion of recent FASB tentative decisions on disclosure and transition for their long-duration insurance contracts accounting project.

Description: Chairperson's Report- summarizing education and research activities for 2016 focusing on regulatory change including PBR and

Description: ASU 2018-12 introduced a new concept called “market risk benefits” (MRBs). MRBs are a new accounting classification for benefits within deposit contracts, offering protection from “other than nominal market risk.” This applies to products with account values, including variable and indexed annuities with guaranteed living or death benefits attached (aka GMxBs). ASU 2018-12 Section 944-40-30-19D mentions both a non-option and an option-based valuation approach to account for MRBs. This article considers the option-based approach. The purpose is to highlight weaknesses in the current application of the option approach to MRBs, propose an alternative method, and consider the benefits of the new approach. The intent of this article is to persuade practictioners / actuaries / accountants that this is a better approach for applying the fair value option method to market risk benefits.

Description: The 2020 edition of the Valuation Manual permits mortality data aggregation thereby enhancing credibility but also has accompanying requirements and addresses calculation of company experience rates.

Description: Accounting Standards Update No. 2018-12, Financial Services – Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) has been effective for most large, public business entities since 2023 and will be effective for other insurers in 2025. While the guidance clarifies the need for incorporating claim liabilities and premium accrual balances in the liability for future policy benefits (LFPB) under LDTI, companies may still have questions given there are limited details available around the techniques used in practice. In this article, we demonstrate the need for incorporating claim liabilities and premium accrual balances in the LFPB under LDTI. We also look at two potential approaches of incorporating these accrual balances.

Description: This article was first published in 2010 when accounting standards codification (ASC) was new. An explanation of the codification system is given.

Description: AICPA Non-Traditional Long- Durations Contracts Task Force—A Status Report by Thomas Campbell from The Financial Reporter, May 1999, Issue No. 39. by Thomas Campbell