Description: China has experienced significant economic growth over the last 30 years, during which its economy has grown faster than that of any other country in history. Foreign investments have been one of the major driving forces behind the explosive growth. As multinational companies have increased their investments in China, the number of foreign workers in China has increased. In particular, with a shortage of local talent in China, particularly at the middle- to senior-management level, many multinationals have been using expatriates to fill key positions. This article summarizes the compensation and benefit packages provided to more than 300,000 foreign workers in China.

Description: A review of the classic business book Built to Last, originally published in 1994. Looking at the past twenty years -- how have the BTL companies done? How have their comparison companies fared? Read the review and find out!

Description: An article summarizing the SOA Asia-Pacific Annual Symposium held June 12 - 13, 2024.

Description: This article is an introduction to the principles of taxation of U.S. owned foreign insurance operations, such as controlled foreign corporations.

Description: Since the issuance of IFRS 17 in 2017, the global insurance accounting standard, insurers across the globe have been making huge investment in assessing the impact and implementing the new standard. In late 2018, FASB issued ASU 2018-12 that revises key elements of the U.S. GAAP measurement models and disclosure requirements for long-duration contracts issued by insurers (also called FASB Targeted Improvements). Both standards are becoming effective 1/1/2021 (though IFRS 17 may potentially be deferred by a year). U.S. insurers that have international parents or subsidiaries, and report under a multi-GAAP environment will likely have to adopt both standards. By now most insurers should have nearly completed impact assessment for IFRS 17, designed road map for or have started the implementation journey. With the new U.S. GAAP requirements becoming effective concurrently, it is important to embark on the implementation journey with both standards in mind, and maximize the synergy to achieve cost-saving and design efficiency. This session will briefly introduce the two standards with a conceptual comparison, along with a discussion on where efficiency and synergy can be achieved in a concurrent implementation.

Description: The recent shift to remote work has been drastic and will have lasting effects on how actuarial teams collaborate in the future. As a result, business leaders may see the idea of shifting from a domestic remote workforce to an international one as being more feasible than in years past.

Description: Andy Rallis delivers his speech at the presidential luncheon of the SOA 2019 SOA Annual Meeting & Exhibit in Toronto.

Description: Survey of the experiences of actuaries working internationally.

Description: This article provides an introduction to group supervision and group capital and its importance in today's increasingly global insurance market. Additionally, the article examines the various methods used in practice for calculating group capital and the factors that companies should consider as they develop their group capital management strategy.

Description: This article outlines how Bermuda advanced in global tax compliance through the enactment of the Bermuda Corporate Income Tax (CIT) Act of 2023, which will take effect for tax years beginning on or after January 1, 2025. The Bermuda CIT rules incorporate key foundational definitions from the Organization for Economic Cooperation and Development’s (OECD) Pillar Two GloBE model rules, while also exhibiting significant differences from Pillar Two. The article discusses the various elections available for taxpayers, key mechanics of the CIT, and the latest administrative guidance released by the Government of Bermuda.