Second, examining alternative methods of surplus management can provide insights into the relative costs of changing various firm policies.
Regulatory oversight of surplus management normally focuses on solvency--commissioners thus typically focus on limiting overstatement.
Distinguishing Between Growth and Surplus Management
Because of these concerns (which are similar to those discussed by Jones, 1991), the normal relation between growth and surplus to assets is estimated and surplus management is attributed only to the residual.
To affect compensation offered to policyholders, surplus management must occur prior to establishing the appropriate level of policyholder compensation in the conversion.
This evidence is consistent with two basic interpretations: surplus management and growth.
However, focusing on just the management-controlled firms provides evidence consistent with surplus management.
The credit profile of OTPPB also reflects the independence from its sponsors; the solid track record in asset growth and above benchmark returns; surplus management
and risk management; a highly effective governance structure; and the strong financial ratios of the fund, which compare favorably with 'AAA' rated pension funds.
Previously, Wolff founded Network Access Intermediaries, which served clients in the areas of acquisitions and divestitures, surplus management
, reinsurance and marketing partnerships.