March 2011 Life Actuarial Insights

March 2011 Life Actuarial Insights

March 2011 Life Actuarial Insights

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The March issue contains three articles. 

In October 2010, the FASB approved ASU 2010-26 (which was previously known as EITF 09-G while being developed by the Emerging Issues Task Force). This new guidance is intended to address the diversity in practice in the insurance industry related to the determination of acquisition costs that are eligible for deferral. The first article discusses issues that insurance companies may want to consider as the guidance is being implemented.

The Dodd-Frank Act may be the most significant piece of reform legislation directed at the financial services industry since the 1930s. Major portions of the industry are targeted for reform, especially banks and investment advisors.

Insurance companies will also be affected, and it’s important that they understand how the act will affect them and plan accordingly. Considerations for insurance companies pursuant to the Dodd-Frank Act are outlined in the second article.

The last article deals with developments in internal control. It discusses the purpose of internal controls and setting an internal control framework that reflects the purpose of the controls, as well as the effects of organizational changes and the potential enhancement of control frameworks to better manage one’s business.

Having effective controls in place should help an organization achieve its goals more effectively.

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