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.
( )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.
( )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.
( )The Financial Regulatory Task Force sent comments to the Government Accountability Office (GAO) on its global capital standards report.
( )The Risk Management and Financial Reporting Council sent comments to the Financial Stability Board (FSB) on the consultative document: Recovery and Resolution Planning for Systemically Important Insurers: Guidance on Identification of Critical Functions and Critical Shared Services.
( )The Solvency Committee sent comments to the National Association of Insurance Commissioners on the U.S. Group Capital Methodology Concepts Discussion Paper.
( )The Solvency Committee sent comments to members of the U.S. House of Representatives and the U.S. Senate in support of passage of the Insurance Capital Standards Clarification Act of 2014, which clarifies that the Federal Reserve has the authority to differentiate between banks and insurers in terms of capital requirements.
( )The Financial Reporting Committee submitted comments to the Financial Accounting Standards Board on its disclosure requirements for short duration contracts.
( )The Reinsurance Committee submitted comments to the International Accounting Standards Board on the Insurance Contracts Project's reinsurance and ceding commissions proposal.
( )The Solvency Committee submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance hearing on "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II."
( )The Reinsurance Committee sent comments to the National Association of Insurance Commissioners on the Uniform Application Checklist for Certified Reinsurers exposure draft.
( )The Financial Regulatory Task Force submitted a comment letter to the Financial Stability and Oversight Council on the importance of actuaries in financial and insurance systems, and its perspective on updates to actuarial standards and guidance.
( )The Financial Reporting Committee sent comments to the Public Company Accounting Oversight Board on the draft Auditing Accounting Estimates and Fair Value Measurements staff consultation paper.
( )The Financial Reporting Committee (FRC) sent comments to the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) on the IASB's Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging discussion paper.
( )The Solvency Committee submitted comments to the National Conference of Insurance Legislators on the key priorities and principles that should be considered when developing insurance group solvency and capital standards.
( )The Profits Followed By Losses Subgroup released for exposure a new practice note on profits followed by losses in long-duration contracts. Comments on the exposure draft are due Nov. 10.
( )The ERM/ORSA Committee released an overview of the key content of an Own Risk and Solvency Assessment (ORSA) and the components of an ORSA for which actuarial input may be useful.
( )The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the key priorities and principles that should be considered when developing insurance group solvency and capital standards. Click here to read the news release.
( )The Reinsurance Committee submitted comments to the National Association of Insurance Commissioners’ (NAIC) Reinsurance (E) Task Force’s exposure draft, Securities Listed by the Securities Valuation Office, that specifically address the security provided for the purpose of collateralizing reinsurance obligations.
( )The Financial Reporting Committee (FRC) submitted a letter to the International Accounting Standards Board on the treatment of participating contracts within the IFRS Foundation’s insurance contracts project that includes discussions on book-yield and effective-yield approaches.