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

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 NAIC has adopted revisions on Actuarial Guidelines 43 and C3 Phase II for Variable Annuities ("NAIC VA Reform"), effective January 1, 2020. The panel of presenters will provide background and overview of the Reform, and discuss detailed aspects of the new CTE Amount, Standard Projection and Withdrawal Delay Cohort Method. The panelists will share implementation considerations and the Reform's implications to hedging.

Description: US GAAP for Life Insurers chapter 12 spreadsheet showing annuitization liability for pension plans and the DAC amortization schedule for Guaranteed Investment Contracts GICs. Please see the book US GAAP for Life Insurers for more details on US GAAP accounting.