The Targeted Improvements to the Accounting for Long-Duration Contracts (LDTI) rules are reckoned to be one of the most significant developments to the US insurance accounting framework in decades.
Smaller US life insurers have up to four years to implement major changes to their accounting processes, while larger listed firms have just one more year.
They face many challenges such as interpreting the standard, communication between teams, systems and data requirements.
In this report, InsuranceERM speaks with five US life insurers – Unum, National Western, Global Atlantic, Pacific Life and Cigna - for a comprehensive view on their progress towards LDTI implementation.
Actuaries and consultants also discuss their observations and experiences with LDTI.
Produced by InsuranceERM and sponsored by Moody's Analytics, the report is free to download.