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The Fair Value of Insurance Business
ISBN-13:
9781461546238
Veröffentl:
2012
Seiten:
322
Autor:
Irwin T. Vanderhoof
Serie:
5, The New York University Salomon Center Series on Financial Markets and Institutions
eBook Typ:
PDF
eBook Format:
EPUB
Kopierschutz:
1 - PDF Watermark
Sprache:
Englisch
Beschreibung:
Insurance companies, as well as banks and thrift institutions, have traditionally reported assets and liabilities on the basis of their amortized cost, or book value. But following the turmoil in securities markets due to highly volatile interest rate fluctuations in the 1980s and the early 1990s, and problems caused by inadequate liquidity, in the mid-1990s the Financial Accounting Standards Board (FASB) issued a new ruling calling for financial intermediaries to report the fair, or market, value of most assets. Called FAS 115, this new standard is the first step in the eventual change to valuing all the assets and liabilities belonging to financial intermediaries under the fair value accounting method. Thus, these changes will pose tremendous future implications for three key business measures of a financial intermediary:
I The Intellectual Underpinnings.- 1 Market Value of Insurance Liabilities and the Assumption of Perfect Markets in Valuation.- 2 The Valuation of Future Cash Flows: An Actuarial Issues Paper.- II Elaboration of Theory.- 3 Market Valuation of Liabilities: Transfer Pricing, Profit Release, and Credit Spread.- 4 Fair-Value Accounting for Financial Liabilities.- 5 Earnings, Historical-Cost Book Values, and Fair-Value Disclosures in the Valuation of Stock Life Insurance Companies.- III Illustrations of Fair-Value Calculations.- 6 Modeling Fair-Value Financial Reporting Results for the Single-Premium Deferred Annuity.- 7 Considerations for Ascertaining Term Insurance in a Fair-Value Con Context.- Contributors.
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