Risk Management & Financial Reporting News

The Financial Regulatory Task Force submitted comments to the Federal Reserve Board (Fed) on its proposed rule on Enhanced Prudential Standards for Systemically Important Insurance Companies. (August 17, 2016)
The ERM/ORSA Committee provided a presentation to the National Association of Insurance Commissioners' (NAIC) ORSA Implementation (E) Subgroup on the committee's recently released ORSA and the Regulator policy paper and an ORSA risk exposures practice note. (August 10, 2016)
The Financial Reporting Committee and the Committee on Property and Liability Financial Reporting sent a comment letter to the SEC on its concept release on the modernization of certain disclosure requirements in Regulation S-K. (July 21, 2016)
The ERM/ORSA Committee's Risk Exposures Subgroup released a practice note on quantifying risk exposures for Own Risk and Solvency Assessment (ORSA) reports. (June 27, 2016)
The Solvency Committee submitted comments to the NAIC's Operational Risk (E) Subgroup on its "Operational Risk 2016 Factors" exposure document. (June 6, 2016)
The Solvency Committee submitted comments to the NAIC's Investment Risk-Based Capital (E) Working Group on its "Way Forward" exposure document. (May 19, 2016)
The Risk Exposures Subgroup of the ERM/ORSA Committee released a new practice note, Quantifying Risk Exposures for Own Risk and Solvency Assessment Reports. (March 7, 2016)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update, Fair Value Measurement (Topic 820): Disclosure Framework. (February 18, 2016)
The Short-Duration Contracts Work Group released a new white paper, Challenges and Issues Implementing the FASB Short-Duration Contract Disclosures, for exposure comments through March 15. (February 17, 2016)
The ERM/ORSA Committee released a public-policy overview on the role of regulatory actuaries in reviewing Own Risk and Solvency Assessment (ORSA) reports. (February 1, 2016)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Non-traditional Non-insurance Activities and Products public consultation document dated November 25, 2015. (January 25, 2016)
The Enterprise Risk Management/Own-Risk and Solvency Assessment Committee provided a presentation to the Financial Stability Oversight Council (FSOC) on the role actuaries play in promoting financial stability. (December 11, 2015)
The Academy continued its dialog with insurance regulators on a wide variety of issues, including long-term care insurance, automobile insurance, risk-based capital, and principle-based reserving at the National Association of Insurance Commissioners 2015 Fall National Meeting held November 19-22 at National Harbor, outside of Washington, DC. Read the Academy Alert here.  (November 25, 2015)
The ERM/ORSA Committee submitted comments to the International Actuarial Association (IAA) on its white paper "Actuarial Aspects of ERM for Insurance Companies." (November 20, 2015)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the Group Capital Calculation Recommendation exposure draft. (October 27, 2015)
The Solvency Committee submitted written testimony for the U.S. House Financial Services Subcommittee on Housing and Insurance's hearing on "The Impact of Domestic Regulatory Standards on the U.S. Insurance Market." (September 29, 2015)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposal to limit unlocking the assumptions and discount rates for long-duration insurance contracts to only the fourth quarter. (September 16, 2015)
The Reinsurance Committee sent comments to the National Association of Insurance Commissioners (NAIC) on the draft Certified Reinsurers and Passporting Public Document. (September 11, 2015)
The Solvency Committee provided a presentation to the National Association of Insurance Commissioners (NAIC) on the practical implications of using a 99.5 percent Value at Risk (VaR) over a one-year time horizon for valuation purposes. (August 15, 2015)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners (NAIC) on the Discussion Draft on Approaches to a Group Capital Calculation dated July 23, 2015. (August 7, 2015)