Three elements mentioned in paragraphs 191 and 192 of the IASC Insurance Issues Paper (the IASC Paper) provide an appropriate framework to examine the issue of the determination of the proper period over which the liability of an insurance contract (this does not apply to the liability for...

As mentioned in our response to sub-issue 7H of the IASC Insurance Issues Paper (the IASC Paper), the IAA agrees with the IASC Insurance Steering Committees tentative view as given in paragraph 357 that equalization provisions should not be recognized as a liability...

Paragraph 425 of the main text of the IASC Insurance Issues Paper (the IASC Paper) sets out the Steering Committees tentative view as follows:In the Steering Committees view, a prospective (policyholder benefit) approach is consistent with its view of a life insurance contract as a single set of...

Sub-issue 11I of the IASC Insurance Issues Paper (the IASC Paper) discusses whether the credit standing of the insurer should affect the measurement of its insurance liabilities. The following summarizes the major arguments (including significant counter-arguments) concerning this issue in a...

The proposals for determination of fair values of insurance contracts will require the application of sophisticated mathematical, statistical and modeling techniques.

Founded in 1895, the International Actuarial Association (IAA) is a worldwide association of professional actuarial associations and individual actuaries.