Risk Management & Financial Reporting News

The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) public consultation document dated July 31, 2018. (October 19, 2018)
The Solvency Committee submitted comments to the NAIC's Group Capital Calculation (E) Working Group on scope and non-insurance testing. (September 20, 2018)
The Big Data Task Force submitted comments ahead of the U.S. Senate Committee on Banking, Housing, and Urban Affairs' hearing, Fintech: Examining Digitization, Data, and Technology. (September 17, 2018)
The ERM/ORSA Committee submitted comments to the NAIC’s Financial Regulation Standards and Accreditation (F) Committee on their ORSA Review Timelines exposure (September 5, 2018)
Big Data Task Force presentation to the NAIC Casualty Actuarial and Statistical Task Force (CASTF) Predictive Analytics Book Club on the Big Data and the Role of the Actuary monograph. (June 26, 2018)
The Academy released the monograph, Big Data and the Role of the Actuary, at the International Congress of Actuaries meeting in Berlin on June 5. The monograph examines how Big Data is providing actuaries with powerful new analytical tools and opportunities to work on Big Data projects, Academy Past President and Big Data Task Force Chairperson Bob Beuerlein told ICA attendees. Read the news release.

Interested in learning more? Join us on Nov. 1 and 2 for the Academy’s 2018 Annual Meeting and Public Policy Forum, which will feature a plenary session that will look at the evolution and implications of Big Data. Visit the event website for more information about the agenda and how to register.

(June 5, 2018)
The Financial Reporting Committee submitted comments to the Actuarial Standards Board for consideration on the International Actuarial Association's International Standard of Actuarial Practice 4—IFRS 17 Insurance Contracts exposure draft.  (May 25, 2018)
The Financial Regulatory Task Force submitted comments to the U.S. House of Representatives on S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. (May 21, 2018)
The Financial Reporting Committee submitted implementation questions for consideration by the IFRS Transitions Resource Group on IFRS 17 Insurance Contracts. (March 22, 2018)
The ERM/ORSA Committee submitted comments to the Actuarial Standards Board (ASB) on its Capital Adequacy Assessment for Insurers second exposure draft. (March 1, 2018)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Interim Consultation Paper on Activities-Based Approach (ABA) to Systemic Risk dated December 8, 2017.  (February 13, 2018)
The Credit for Reinsurance Subgroup of the Reinsurance Committee released a new practice noteCredit for Life Reinsurance in U.S. Statutory Financial Statements. (February 2, 2018)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the revised Insurance Core Principle (ICP) Enterprise Risk Management (ERM) for Solvency Purposes and ComFrame material integrated with ICP 16 consultation package dated November 8, 2017. (January 30, 2018)
The Financial Regulatory Task Force submitted comments to the U.S. Senate on S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. (January 17, 2018)
The Big Data Task Force submitted comments to the NAIC's Big Data (EX) Working Group on their recent exposures.  (January 12, 2018)
The Academy released a summary of select significant regulatory and legislative developments in 2017 at the state, federal, and international levels of interest to the U.S. actuarial profession.
(January 12, 2018)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed updates to market risk benefits in the accounting for long-duration contracts. (December 18, 2017)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed updates to the accounting for long-duration contracts. (December 15, 2017)
The winter StateScan Quarterly highlights state legislation in the past quarter related to auto insurance, health insurance marketplace changes, pension plans, principle-based reserving, and more. For a comprehensive review, log in to StateScan, the legislative and regulatory portal free for Academy members. (December 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 treatment of captives. (September 5, 2017)