Financial Reporting And Loss Reserving

Financial reporting and loss reserving issues in property/casualty actuarial practice.

Committee on Property & Liability Financial Reporting practice note on retained risk.
(April 24, 2018)
COPLFR letter to the NAIC's Casualty Actuarial and Statistical Task Force, with survey findings regarding reports for currency conversion and intercompany quotashare pooling. (February 15, 2018)
Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note.
(December 19, 2017)
Committee on Property and Liability Financial Reporting comment letter to NAIC's Actuarial Opinion Working Group on the impact of life insurance Valuation Manual changes on P/C insurers' Statements of Actuarial Opinion that include accident and health (A&H) and long-term care (LTC) lines of business. (October 18, 2017)
The Committee on Property and Liability Financial Reporting’s comment letter to the NAIC’s Statutory Accounting Working Group, questioning the proposed new definition of reinsurance risk transfer in SSAP No. 62R: Property and Casualty Reinsurance. (October 4, 2017)
COPLFR's comment letter to the NAIC's Title Insurance Financial Reporting Working Group regarding proposed changes to reporting of reserves in the title statement of actuarial opinion (July 14, 2017)
Casualty Practice Council (CPC)  and Committee on Property and Liability Financial Reporting (COPFLR) letter to the Actuarial Standards Board commenting on the third exposure draft for the proposed Actuarial Standard of Practice (ASOP) on modeling. (October 14, 2016)
Financial Reporting Committee (FRC) and Committee on Property and Liability Financial Reporting (COPLFR) comments to the SEC on its concept release on the modernization of certain disclosure requirements in Regulation S-K. (July 21, 2016)
Comment letter from the Committee on Property and Liability Financial Reporting (COPLFR) to the NAIC noting inconsistencies in the instructions for certification of loss reserves for international insurers. (July 7, 2016)
Academy Senior Life Fellow Nancy Bennett and Senior Casualty Fellow Jim MacGinnitie presentation to the Financial Stability Oversight Council (FSOC) on regulatory capital requirements for U.S. insurers. (December 11, 2015)
The Financial Reporting Committee, Pension Accounting Committee, Casualty Committee on Property and Liability Financial Reporting, Health Financial Reporting and Solvency Committee, and Life Financial Reporting Committee comments on the Public Company Accounting Oversight Board’s (PCAOB) “The Auditor's Use of the Work of Specialists” consultation paper. (July 15, 2015)
Academy comments to NAIC’s Casualty Actuarial and Statistical Task Force on its review of the Society of Actuaries’ (SOA) general insurance track request. (June 29, 2015)
Committee on Property and Liability Financial Reporting 2014 Practice Note on Statements of Actuarial Opinion on P/C Loss Reserves. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 30, 2014)
Committee on Property & Liability Financial Reporting (COPLFR) overview providing information on effective use of actuarial loss reserves expertise by audit committees and boards. (December 10, 2014)
Committee on Property and Liability Financial Reporting comment letter to the NAIC's Casualty Actuarial and Statistical Task Force on proposed changes to IRIS ratios 11, 12, and 13, which would add adjusting and other expenses to the basis for calculating these ratios. (July 10, 2014)
Committee on Property and Liability Financial Reporting 2013 practice note on statements of actuarial opinion on P&C loss reserves. PLEASE NOTE: This practice note is updated annually. Click here to see the current practice note on Statements of Actuarial Opinion on Property and Casualty Loss Reserves. (December 23, 2013)
Casualty Practice Council presentation by Academy Vice President Mike Angelina to the NAIC’s Center for Insurance Policy and Research Summit on the effects of current liability reporting.
(August 27, 2013)
Casualty Practice Council presentation by Academy Vice President Mike Angelina to the NAIC’s Center for Insurance Policy and Research Summit on property/casualty insurance issues.
(August 27, 2013)
Presentation to the NAIC’s Casualty Actuarial & Statistical Task Force on the Casualty Practice Council’s application process for non-CAS members to be approved to sign NAIC P/C Opinions. (August 24, 2013)
COPLFR comment letter to the California Office of Self Insurance Plans concerning proposed final regulations on the state’s workers’ compensation self-insurance plans. (June 7, 2013)