Risk Management & Financial Reporting News

The American Academy of Actuaries International Accounting Standards Task Force submitted comments to the IASB on the topic of defining the contract boundary for insurance contracts. (December 21, 2011)
The International Accounting Standards Task Force submitted to the International Accounting Standards Board a white paper on what belongs in “other comprehensive income” and a discussion paper on the approaches to setting the discount rate for valuation of insurance contracts. (December 19, 2011)
The Financial Regulatory Reform Task Force provided comments to the Financial Stability Oversight Council on its proposed rule relating to systemically important financial institutions. (December 19, 2011)
The Financial Regulatory Reform Task Force responded to the Federal Insurance Office on how to modernize and improve the U.S. system of insurance regulation. (December 11, 2011)
The Financial Reporting Committee commented on a paper by the Public Company Accounting Oversight Board (PCAOB) on the issues surrounding the auditor’s report based on recent investor feedback. The committee’s comments included a recommendation to increase disclosure and provide more detail to the auditor's reporting model. (September 30, 2011)
The ERM Committee submitted comments to the NAIC on its Own Risk and Solvency Assessment (ORSA) Guidance Manual supporting its view that the manual offers ORSA guidance which focuses on the most fundamental components of a strong ERM framework. (August 31, 2011)
Solvency Committee comments to the International Association of Insurance Supervisor (IAIS) on its concept paper, Common Framework for the Supervision of Internationally Active Insurance Groups. These comments further address the methods of operating group-wide supervision of internationally active insurance groups. (August 31, 2011)
The ERM Committee responds to the NAIC on its draft, Own Risk and Solvency Assessment (ORSA) Model Act regarding the ORSA requirements and exemptions from the requirements, specifically the treatment of captive insurers. (May 11, 2011)