Risk Management & Financial Reporting News

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)
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)