
June 2008
Financial reporting is in a state of fundamental change for insurers, as reflected in major efforts underway on both the regulatory (e.g., principles-based regulation) and accounting (e.g., fair value) fronts.
Darin Zimmerman, Transamerica Reinsurance’s Vice President and Chief Actuary, recently spoke with William Hines, Principal and Consulting Actuary for Milliman, Inc. William points out that the benefit of moving to fair value of assets and liabilities is that it reveals the underlying economic performance of the company’s operations better than the standard book value.