The Committee on Life Insurance Financial Reporting (CLIFR) has prepared this educational note to provide guidance to actuaries in several areas affecting the valuation of the 2020 year-end insurance contract liabilities of life insurers for Canadian generally accepted accounting principles (GAAP) purposes. In addition, the note provides an update on recently published experience studies and introductory information about potential changes in future financial reporting.
The educational note is structured in six sections and an appendix. The six sections provide content on the following topics: experience studies, life insurance and annuity mortality, economic assumptions, IFRS 17, stochastic scenarios and capital. Appendix A contains a list of relevant educational notes and research papers sorted by topic area.