Description: This paper, part of the Society of Actuaries [SOA} ‘Research Projects – Finance/Investment,’ and sponsored by the Society of Actuaries Committee on Finance Research, is a research report exploring the mechanics and implementation of economic capital programs for life insurance companies. The report includes discussion of the common methods for calculating economic capital with advantages and disadvantages of each method among other topics. In addition to the, a PowerPoint presentation with highlights from the report is also available.