Risk Management & 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 ORSA Subgroup submitted changes to the NAIC on its December 2012 draft, Guidance Manual for the Own Risk and Solvency Assessment, and included information on actuaries who are involved in enterprise risk management. (January 31, 2013)
The Financial Regulatory Reform Task Force sent comments to the IAIS on its on its proposed policy measures that would be applied to insurers whose failure would cause major disruption to the global financial system. (December 14, 2012)
The Solvency Committee responded to an NAIC Solvency Modernization Initiative Task Force request to outline methods of measuring regulatory financial success in the U.S. insurance financial regulatory system. (November 16, 2012)
The Academy's International Accounting Standards Task Force (IASTF) will present a webinar on the FASB and IASB Insurance Contracts Project. Attendees will learn about IASB's work on Phase 2 of the project and the resulting significant changes to the International Financial Reporting Standard (IFRS) on insurance contracts, and potential changes to U.S. GAAP. (October 16, 2012)
The International Accounting Standards Task Force comments to the International Accounting Standards Board on its working drafts, Feedback on the premium-allocation approach decisions, Feedback on the Non-Insurance Components and on measuring earned premium under the building block approach.
(October 9, 2012)

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

Generally written in a Q&A format, 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.