Summary of US Statutory and GAAP Valuation Standards

Today we posted a 2-page PDF with the Section A handouts that lists the primary US stat and GAAP regulations and standards pertaining to valuation (reserving) that are covered on the 2021 LFMU syllabus. This is intended to help you reconcile standard naming conventions as you traverse the material in Sections A and B. Syllabus readings written at different points in time will use different names for standards, especially for the GAAP material. This can be extremely confusing if you aren’t familiar with how GAAP terminology has evolved in the last 20 years. We hope this helps you work through the material more efficiently and saves you time.