Risk Management & Financial Reporting News

Subgroup Submits Comments to NAIC on Draft ORSA Guidance Manual

The ORSA Subgroup submitted changes to the NAIC on its December 2012 draft, Guidance Manual for the Own Risk and Solvency Assessment, and included information on actuaries who are involved in enterprise risk management. (January 31, 2013)

Task Force Comments on Policy Measures for Global Systemically Important Insurers

The Financial Regulatory Reform Task Force sent comments to the IAIS on its on its proposed policy measures that would be applied to insurers whose failure would cause major disruption to the global financial system. (December 14, 2012)

Solvency Committee Outlines Measures of Regulatory Success for NAIC

The Solvency Committee responded to an NAIC Solvency Modernization Initiative Task Force request to outline methods of measuring regulatory financial success in the U.S. insurance financial regulatory system. (November 16, 2012)

Nov. 1, IFRS Update: IASB/FASB Insurance Contracts Project Webinar

The Academy's International Accounting Standards Task Force (IASTF) will present a webinar on the FASB and IASB Insurance Contracts Project. Attendees will learn about IASB's work on Phase 2 of the project and the resulting significant changes to the International Financial Reporting Standard (IFRS) on insurance contracts, and potential changes to U.S. GAAP. (October 16, 2012)

IASTF Comments to IASB on its Insurance Accounting Standard Working Drafts

The International Accounting Standards Task Force comments to the International Accounting Standards Board on its working drafts, Feedback on the premium-allocation approach decisions, Feedback on the Non-Insurance Components and on measuring earned premium under the building block approach.
(October 9, 2012)

Practice Councils Submit Comments on Corporate Governance Exposure Draft

The Casualty, Life, Health, Professionalism, and Financial Reporting Councils submitted comments to the NAIC’s Corporate Governance Working Group concerning the WG’s Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements. (September 28, 2012)

Comments on Liquidity and Interest Rate Risk Disclosures

The Financial Reporting Committee submits comments to the Financial Accounting Standards Board on its exposure draft regarding Liquidity Risk and Interest Rate Risk Disclosures and how the proposed amendments would affect insurance companies. (September 26, 2012)

Reinsurance Committee Submits Comments to FIO on Reinsurance

The Reinsurance Committee responded to the Federal Insurance Office's request for comment on topics relating to reinsurance, including: the purpose of reinsurance, the effect of domestic and international regulation on reinsurance in the U.S., and the coordination of reinsurance supervision nationally and internationally. (August 27, 2012)

Solvency Committee Sends Comments to IAIS on ComFrame paper

The Solvency Committee sent comments to the IAIS on its Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors, and the framework for supervisors to address group-wide activities and risks. These comments were previously sent to the NAIC and IAA on July 27, 2012.
(August 16, 2012)

Task Force Sends Comments on Global Systemically Important Insurers

The Financial Regulatory Reform Task Force comments to the IAIS on its proposed method to identify insurers whose distress or disorderly failure would cause significant disruption to the global financial system and economic activity. (July 31, 2012)

Solvency Committee Sends Comments to NAIC and IAA on ComFrame paper

The Solvency Committee submits comments to the NAIC and IAA on the IAIS Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors and the framework for supervisors to address group-wide activities and risks. (July 27, 2012)

Bennett Presents to NCOIL on the Federal Insurance Office

Nancy Bennett, Senior Life Fellow and member of the Financial Regulatory Reform Task Force, presented to the National Conference of Insurance Legislators on modernizing insurance regulation as expressed by the Task Force to the Federal Insurance Office.
(July 12, 2012)

Comments on white paper, The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative

The Academy submitted comments to the NAIC on its draft white paper on the Solvency Modernization Initiative and insurance regulation offering suggestions encompassing RBC, ORSA, and NAIC model laws. (April 30, 2012)

Comments on Federal Reserve Proposed Rule Relating to Prudential Standards and Early Remediation Requirements

The Financial Regulatory Reform Task Force comments to the Federal Reserve on its proposed rule establishing additional prudential standards to apply to non-bank financial service companies identified by the FSOC as companies that could pose systemic risk. The comments focused on the application of the proposed standards addressing risk based capital, leverage regulations, liquidity standards, risk management processes, counterparty limits, stress test requirements, debt to equity limits, and early remediation to US insurers that currently are under the regulatory supervision of one state functional regulator. (April 30, 2012)

Letter to Treasury on Financial Research Advisory Committee

The Risk Management and Financial Reporting Council wrote a letter to the Department of Treasury urging that actuarial science be one of the specific considerations for members of the proposed Financial Research Advisory Committee that will support the work of the Office of Financial Research. (April 13, 2012)

Comments on Proposed Accounting Standards Update Revenue Recognition

The Financial Reporting Committee responds to questions posed in FASB's Revenue Recognition paper. (March 13, 2012)

Presentation to NCOIL

The Academy presented to the National Conference of Insurance Legislators on its comments to the Federal Insurance Office regarding insurance modernization in the U.S. system. (February 24, 2012)

Comments to the IASB defining contract boundary for insurance contracts

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)

Responses to the IASB on OCI and discount rate

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)

Comments to Financial Stability Oversight Council on systemic risk rule

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)

Risk Management &amp; Financial Reporting News

Risk Management & Financial Reporting News