A couple of things I’ve been saving up:
- The U.S. accounting board, FASB, seeks comment on financial reporting rules for insurance companies. The wonky background: The international accounting board (IASB) is overhauling its rules governing insurance, and the U.S. organization wants to follow along, though there will be some differences. (I wrote about the IASB proposals here.) From an actuary’s perspective, the big difference concerns risk margins. IASB wants separate margins for the risk in the contract and the release of profits from the contract. FASB wants to combine those.
- I’ve blogged that the New York Insurance Exchange is waiting for political sponsorship to emerge after NY Gov. Paterson’s term ends. Insurance Journal provides another view – that the proposal awaits industry sponsorship. Remember the exchange would basically be a Lloyd’s of London for the Western Hemisphere, providing lots of jobs for actuaries and other enterprising insurance personnel.
- Strictly personal: Here’s my mom at Wrigley on her 90th – everyone in the section is singing Happy Birthday: