Financial Reporting And Loss Reserving

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

Retained Property Casualty Insurance-Related Risk: Interaction of Actuarial Analysis and Accounting
Committee on Property & Liability Financial Reporting practice note on retained risk.
(April 24, 2018)
Results of Academy Survey Research Into Schedule P Reporting Practices
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)
Statements of Actuarial Opinion on P/C Loss Reserves (2017)
Committee on Property and Liability Financial Reporting Statements of Actuarial Opinion on P/C Loss Reserves practice note.
(December 19, 2017)
Comments on Life Insurance Valuation Manual Changes' Possible Impact on P/C Reporting
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)
Committee Comments on Proposed New Definition of PC Reinsurance Risk Transfer
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 Letter to NAIC Title Insurance Group
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)
CPC, COPLFR Comment Letter to ASB on Modeling ASOP
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)
Joint FRC/COPLFR Letter on SEC S-K Disclosure Requirement
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)
COPLFR Letter to NAIC on Inconsistencies in Loss Reserve Instructions for International Insurers
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)
Presentation to FSOC on Regulatory Capital Requirements for U.S. Insurers
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)
Academy Committees Comment on PCAOB Auditor and Specialist Paper
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 on SOA General Insurance Track Request
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)
Statements of Actuarial Opinion on P/C Loss Reserves (2014)
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)
COPLFR Overview for P/C Insurers' Audit Committees
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)
COPLFR Comment Letter on Proposed Changes to IRIS Ratios
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)
Statements of Actuarial Opinion on P&C Loss Reserves (2013)
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)
Current Liability Reporting Presentation at CIPR Summit
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)
CPC Presentation to NAIC on Property/Casualty Insurance Issues
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 Regulators on Process Allowing Non-CAS Members to Sign NAIC P/C Opinions
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)
Comments on Proposed Regulations on CA Workers’ Comp Self-Insurance Plans
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)