The Committee on Property and Liability Financial Reporting, submitted a comment letter to the Actuarial Standards Board (ASB) on the second exposure draft of ASOP no. 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves.

Senior Casualty Fellow Rich Gibson presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPLFR) on recent publications and future work products expected for release in 2023.

The Committee on Property Liability and Financial Reporting (COPLFR) submitted a comment letter to the Internal Revenue Service (IRS) on an exposure on Micro-Captive Listed Transactions and Micro-Captive Transactions of Interest. 

The Committee on Property Liability and Financial Reporting (COPLFR) submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force proposing a modification to the Annual Statement blank that would eliminate the distinction between “short-tailed” and “long-tailed” lines of business in Schedule P.

The Committee on Property Liability and Financial Reporting (COPLFR) and the Health Practice Council’s Committee on Financial Reporting and Solvency submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed exposure to add instructions for the appointed actuary and qualified actuary contacts to the Jurat electronic only section in order to address any actuarial questions.

The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2022), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as  COVID-19 considerations. 

The Committee on Property and Liability Financial Reporting (COPLFR) released the update to the Risk Transfer Practice Note (last updated in 2007). The Risk Transfer Practice Note includes definitions and relationships between regulatory treatments of risk transfer, e.g., U.S. statutory, U.S. GAAP, IFRS 4 and IFRS 17, and Solvency II; the process for determination of risk transfer; current techniques used in practice for determining risk transfer; and risk transfer documentation. 

Comment letter from the Committee on Property and Liability Financial Reporting, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves.

The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2021), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.

The Committee on Property and Liability Financial Reporting (COPLFR) sent an updated version of its comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed changes to P/C annual statements. Many of the Committee’s previous comments stand unchanged but were edited in response to the modified exposure draft.

The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force on proposed changes to P/C annual statements. The letter addresses such areas as definition of exposure, calendar date alignment, and existing alternative data sources.

The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed changes to P/C annual statements. The letter addresses such areas as definition of exposure, calendar date alignment, and existing alternative data sources.

The Committee on Property and Liability Financial Reporting issued an updated and expanded set of questions and answers regarding the impact of the coronavirus pandemic on P/C financial reporting. 

A new paper has been published, An Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserve Expertise. Produced by the Committee on Property and Liabi8lity Financial Reporting, this document replaces an earlier paper on the same subject. 

The Committee on Property and Liability Financial Reporting has submitted comments to the NAIC's Actuarial Opinion Working Group, suggesting some changes to the wording the Financial Examiners Handbook. 

The Committee on Property and Liability Financial Reporting has issued a set of questions and answers about the impact of the coronavirus pandemic on P/C financial reporting. 

The Committee on Property and Liability Financial Reporting submitted comments to the National Association of Insurance Commissioners, regarding proposed instructions for the 2020 Statement of Actuarial Opinion for P&C companies. 

The American Academy of Actuaries submitted a letter to members of the Blanks Working Group regarding their proposal on the certification of continuing education (“CE”) compliance by “Appointed Actuaries” who sign statements of actuarial opinion for property and casualty insurers.

The Committee on Property and Casualty Liability Financial Reporting filed comments on the CAS/SOA proposed new form for P/C Appointed Actuaries to report their continuing education activities

The Committee on Property and Liability Financial Reporting sent a comment letter to the NAIC's Statutory Accounting Principles Working Group, continuing a dialogue about financial reporting of certain retroactive reinsurance transactions.