Risk Management and Financial Reporting

The Risk Management and Financial Reporting Council (RMFRC) provides objective technical expertise to policymakers and regulators on issues involving risk management and/or financial reporting.

Enterprise Risk Management
Issues related to ERM encompassing property/casualty, life, and health actuarial practice areas.
Federal Insurance Regulation/Systemic Risk
Regulation of insurance by the federal government or as a systemic risk to the economy.
Solvency/Reinsurance
Domestic and international solvency, risk management, and reinsurance issues that affect multiple areas of actuarial practice.
Financial Reporting/International Accounting
Domestic and international financial reporting issues that affect multiple areas of actuarial practice.

Risk Management & Financial Reporting News

The Financial Regulatory Task Force submitted comments to the U.S. House Financial Services Committee on H.R. 3110, Financial Stability Oversight Council Insurance Member Continuity Act. (July 14, 2017)
The Solvency Committee submitted comments to the NAIC's Group Capital Calculation (E) Working Group on the group capital calculation and the proposed adjustments for comparability and consistency. (May 26, 2017)
The Financial Regulatory Task Force submitted comments to U.S. House leadership on H.R. 10, the Financial CHOICE Act of 2017, noting that if Congress chooses to establish an Office of the Independent Insurance Advocate, that office should include an Office of the Actuary. (May 19, 2017)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Revised Insurance Core Principles (ICPs) and ComFrame material integrated with ICPs’ public consultation package dated March 3, 2017. (May 8, 2017)
The Credit for Reinsurance Subgroup of the Reinsurance Committee released an exposure draft of a new practice note, Credit for Life Reinsurance in U.S. Statutory Financial Statements. (May 5, 2017)

RISK MANAGEMENT & FINANCIAL REPORTING PUBLIC STATEMENTS

Comments and letters

Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.

Issue briefs

Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.

Policy papers

Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public. Includes monographs and white papers.

Presentations

Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.

Reports to the NAIC

The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of the risk management & financial reporting practice councils.

Testimony

Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.

Practice Notes

Practice notes

Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.