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 2022 year-end insurance contract liabilities and other responsibilities of valuation actuaries of life insurers. 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 into eight sections and an appendix. The eight sections provide content on the following topics:
• COVID-19
• Experience studies
• Life insurance and annuitant mortality
• Economic assumptions
• International Financial Reporting Standards
• 2022 Canadian asset liability method (CALM) guidance for investment assumptions
• Stochastic scenarios
• Capital
Appendix A contains a list of relevant educational notes and research papers, sorted by topic area.