Risk Management & Financial Reporting News

The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Higher Loss Absorbency Capacity for Global Systemically Important Insurers (G-SIIs) public consultation document dated June 25, 2015. (August 6, 2015)
The Financial Reporting Committee, Pension Accounting Committee, Casualty Committee on Property and Liability Financial Reporting, Health Financial Reporting and Solvency Committee, and Life Financial Reporting Committee sent comments to the Public Company Accounting Oversight Board (PCAOB) on its “The Auditor's Use of the Work of Specialists” consultation paper. (July 31, 2015)
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council sent comments to the National Association of Insurance Commissioners (NAIC) on its Financial Condition (E) Committee questionnaire that examines the reasons for single-state solutions to help regulators develop a process for creating a uniform framework for state-based regulation. (July 27, 2015)
The Financial Reporting Committee (FRC) sent comments to the Financial Accounting Standards Board (FASB) on issues raised during the May 21, 2015 educational session related to retrospective unlocking in long-duration contracts. (July 22, 2015)
The Risk Management and Financial Reporting Council (RMFRC) submitted comments to the Actuarial Standards Board (ASB) on its Capital Adequacy Assessment for Insurers discussion draft. (July 21, 2015)
The Academy released a new Essential Elements paper, Insurance Capital Standards, that outlines U.S. and international efforts to establish new solvency and capital standards for insurers. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (July 16, 2015)
The Risk Management and Financial Reporting Council sent a letter to the Federal Reserve Board on issues related to a “margin over current estimate” (MOCE) for international insurance capital standards. (July 14, 2015)
The Financial Regulatory Task Force (FinReg) sent a letter to the U.S. House Financial Services Committee (HFSC) on the Financial Stability Oversight Council (FSOC) 2015 annual report. (June 16, 2015)
The Financial Reporting Committee’s Profits Followed by Losses Subgroup released a practice note on accounting for profits followed by losses in long-duration contracts. (June 10, 2015)
The Risk Management and Financial Reporting Council (RMFRC) sent comments to the International Association of Insurance Supervisors (IAIS) on Insurance Core Principle (ICP) 8: Risk Management and Internal Controls. (May 12, 2015)
William Hines, vice president of the Risk Management and Financial Reporting Council, gave a presentation to the International Association of Insurance Supervisors (IAIS) on modeling for insurance capital standards (ICS). (May 6, 2015)
The ERM/ORSA Committee sent comments to the International Association of Insurance Supervisors (IAIS) on its draft issues paper Conduct of Business Risk and its Management. (May 1, 2015)
The Solvency Committee submitted written testimony to the U.S. Senate Banking Subcommittee on Securities, Insurance, and Investment for its hearing on "Examining Insurance Capital Rules and FSOC Process." (April 30, 2015)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update-Derivatives and Hedging (Topic 815): Disclosures about Hybrid Financial Instruments with Bifurcated Embedded Derivatives. (April 30, 2015)
The Solvency Committee submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance for its hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers.” (April 29, 2015)
The Risk Management and Financial Reporting Council and Financial Reporting Committee sent comments to the Federal Insurance Office (FIO) on U.S. GAAP loss recognition testing and Insurance Core Principle (ICP) 14 current estimates. (April 27, 2015)
The Financial Regulatory Task Force sent comments to the Financial Stability Oversight Council (FSOC) on the impact of insurance asset management products and activities to U.S. financial stability. (March 23, 2015)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors on the Risk-based Global Insurance Capital Standard public consultation document dated Dec. 17, 2014. (February 6, 2015)
The Financial Reporting Committee sent comments to the International Accounting Standards Board (IASB) on its treatment of participating contracts in its insurance contracts project in follow-up to a November conference call. (December 23, 2014)
The Financial Regulatory Task Force sent comments to the Government Accountability Office (GAO) on its global capital standards report. (December 16, 2014)