Risk Management & Financial Reporting News

The Solvency Committee submitted comments to members of the U.S. House of Representatives supporting passage of the Insurance Capital Standards Clarification Act of 2014 (S.2270/H.R.4510), which clarifies that the Fed has the authority to differentiate between banks and insurers in terms of capital requirements. (June 5, 2014)
The Risk Management and Financial Reporting Council submitted comments to NCOIL's International Issues Task Force with recommendations on three international issues that NCOIL should address in 2014. (June 2, 2014)
The ORSA Subgroup submitted comments to the NAIC's Risk-Focused Surveillance Working Group on draft ORSA guidance that will be included in the Financial Analysis Handbook and the Financial Condition Examiners Handbook. (May 16, 2014)
William Hines, vice-president of the Risk Management and Financial Reporting Council, submitted written testimony to the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection for its hearing on capital regulation for insurers.  (March 11, 2014)
The ORSA Subgroup submitted comments to the NAIC on its Guidance Manual for the Own Risk and Solvency Assessment (ORSA), noting that revisions made in the March 2014 draft provide clarity for those developing ORSA reports. (March 5, 2014)
The Financial Reporting Committee sent a letter to the Financial Accounting Standards Board on proposed wording to clarify the methodology used in determining the "top down" discount rate. (February 14, 2014)
The Financial Regulatory Reform Task Force submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance for its hearing, “The Federal Insurance Office’s Report on Modernizing Insurance Regulation”. Read the news release. (February 4, 2014)
The ERM Committee submitted comments to the Financial Stability Board on its proposal, Guidance on Supervisory Interaction with Financial Institutions on Risk Culture.
(January 30, 2014)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs). (January 28, 2014)
Academy President Tom Terry urged the Federal Insurance Office to include actuaries on the expanded Federal Advisory Committee on Insurance. (January 28, 2014)
The Financial Reporting Committee sent comments to the Financial Accounting Standards Board and International Accounting Standards Board regarding their joint project on classification and measurement of financial instruments.
(January 16, 2014)
The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs). (January 16, 2014)
In the Academy’s Jan. 2 webinar, “IFRS Update: Where In The World Are We Going With Insurance Contracts?” members of the Academy’s Risk Management and Financial Reporting Council discussed the Academy’s and other key stakeholders’ responses to the 2013 International Accounting Standards Board and Financial Accounting Standards Board exposure drafts on insurance contracts. Presenters offered their opinions on the timing and likelihood of passage of any new standards, as well as the effect they would have on insurers, regulators, and actuaries. Click here to listen to the recorded webinar. (January 2, 2014)
Are you wondering how key global and domestic stakeholders responded to the insurance contracts accounting exposure drafts and where international accounting is headed? Find out Jan. 2 as the Academy hosts a webinar during which presenters will provide a discussion of the Academy’s comments on key issues in the IASB and FASB exposure drafts on insurance contracts; an overview of concepts and concerns from globally influential bodies on those exposure drafts; and, a look at the direction of global convergence. (December 4, 2013)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ paper, Common Framework for the Supervision of Internationally Active Insurance Groups. (December 4, 2013)
The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors’ paper, Common Framework for the Supervision of Internationally Active Insurance Groups. (November 22, 2013)
The International Accounting Standards Task Force submitted a comment letter to the International Accounting Standards Board and a separate comment letter to the Financial Accounting Standards Board on their respective revised exposure drafts of accounting proposals for insurance contracts.
(October 24, 2013)
The Financial Regulatory Reform Task Force submitted comments to the Financial Stability Board on its paper discussing the application of key attributes of an effective resolution regime to non-bank financial institutions. (October 18, 2013)
The Enterprise Risk Management Committee submitted comments to the Financial Stability Board on its paper to create an effective risk appetite framework.
(September 30, 2013)
The Enterprise Risk Management Committee released the final version of its practice note, “Insurance Enterprise Risk Management Practices,” which discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance.
(July 25, 2013)