IASB - International Accounting Standards Board

  • Life Committee of the IASB
    • 1986 - AAA - American Academy of Actuaries - Yearbook - 406p

    • 1986 - SOA - American Academy of Actuaries Committee on Principles and Practices for Dividends and Other Non-Guaranteed Elements - 22p

    • 1987 - SOA - Status Of The Valuation Actuary In The United States, (vasp876), Society of Actuaries - 50p

    • 1987 - SOA - Contracts With Nonguaranteed Charges: IASB Recommendations And Annual Statement Requirements - 34p

    • 1988 - SOA - C-3 Risk and Liability Hedging, (vasp889), Society of Actuaries - 70p
    • 2006 0524 - IASB - Paper 4A: Universal Life Contracts - 37p
  • LIFE COMMITTEE OF THE IASB
    • The function of the Committee is to develop actuarial standards of practice in the life insurance area.
    • In accordance with procedures prescribed by the Interim Actuarial Standards Board, this Committee is responsible for the development of Recommendations and Interpretations (To be announced)
    • Subcommittee on Dividends and Other Non-Guaranteed Elements

--  William T. Tozer, Senior Vice President, 1966 - Product Risk Management, Kentucky Central Life

1986 - AAA - American Academy of Actuaries - Yearbook - 406p

  • 2006 0524 - IASB - Paper 4A: Universal Life Contracts - 37p
    • Purpose of this paper
      • 1. This paper discusses the treatment of universal life contracts. 
    • What is universal life insurance?
      • 5. The American Council of Life Insurers (ACLI) defines universal life insurance (or adjustable life) as ‘A type of permanent life insurance1 that allows you, after your initial payment, to pay premiums at any time, in virtually any amount, subject to certain minimums and maximums.
      • This policy also permits you to reduce or increase the death benefit more easily than under a traditional whole life policy.
        • To increase your death benefit, the insurance company usually requires you to furnish satisfactory evidence of your continued good health.’2
      • 1 The ACLI defines permanent life insurance as ‘Life insurance designed to provide lifelong financial protection.
        • As long as you pay the necessary premiums, the death benefit will be paid.
        • Most permanent policies have a feature known as cash value that builds up, tax deferred, over the life of the policy and can be used to help fund financial goals, such as retirement or education expenses.’
      • 2 http://www.acli.org/ACLI/Consumer/Glossary/Default.htm - <Bad Link>
    • 2004 - Report - ACLI / IAA - Renewal Premiums and Discretionary Participation Features of a Life Insurance, A Joint Research Project - 52p
    • FASB - SFAS 97  - Accounting and Reporting by Insurance Enterprises for Certain Long-Duration Contracts and for Realized Gains and Losses from the Sale of Investments.