Achieving LDTI Compliance using Data Virtualization
LDTI is the most significant change in decades to the existing accounting requirements under US Generally Accepted Accounting Principles (USGAAP) for long duration contracts that are non-cancellable or guaranteed renewable contracts such as life insurance, disability income, long-term care, and annuities.
The ultimate objectives of this accounting standard change are to:
- Provide a standardized framework allowing for a better comparison of risk across insurers
- Improve the financial reporting of long-duration insurance contracts through improved information regarding the amount, timing and uncertainty of cash flows
- Aid investors with improved information and disclosures which help to better understand the financial performance and risk of an insurance company
Read more in https://www.datavirtualizationblog.com. Originally published on March 10, 2022.