For several years the International Accounting Standards Board (IASB) and (more recently) the U.S. Financial Accounting Standards Board (FASB) have been working on a project to completely overhaul existing general-purpose accounting principles for insurance contracts. In a U.S. context, this project would replace the existing guidance in FAS 60 and other standards with a new accounting model. In early 2010, IASB and FASB are expected to jointly release an exposure draft of the new insurance accounting guidance, which could become effective as early as 2013. This session will discuss key aspects of the exposure draft, with a particular emphasis on issues relevant to health insurance, including both short-tail (e.g., medical) and long-tail (e.g., disability) products. The panel is expected to include members of the American Academy of Actuaries task force preparing a response to the exposure draft on behalf of the U.S. actuarial profession. In this session, you’ll gain an enhanced understanding of how the proposed changes to insurance accounting may impact the work performed by health valuation actuaries.