Risk Management and Financial Reporting

The Risk Management and Financial Reporting Council (RMFRC) provides objective technical expertise to policymakers and regulators on issues involving risk management and/or financial reporting.

Enterprise Risk Management
Enterprise Risk Management
Issues related to ERM encompassing property/casualty, life, and health actuarial practice areas.
Federal Insurance Regulation/Systemic Risk
Federal Insurance Regulation/Systemic Risk
Regulation of insurance by the federal government or as a systemic risk to the economy.
Solvency/Reinsurance
Solvency/Reinsurance
Domestic and international solvency, risk management, and reinsurance issues that affect multiple areas of actuarial practice.
Financial Reporting/International Accounting
Financial Reporting/International Accounting
Domestic and international financial reporting issues that affect multiple areas of actuarial practice.

Risk Management & Financial Reporting News

Financial Reporting Committee Submits Implementation Questions for Consideration by the IFRS Transition Resource Group on IFRS 17 Insurance Contracts
The Financial Reporting Committee submitted implementation questions for consideration by the IFRS Transitions Resource Group on IFRS 17 Insurance Contracts. (March 22, 2018)
ERM/ORSA Committee Submits Comments to ASB on Capital Adequacy Assessment Exposure Draft
The ERM/ORSA Committee submitted comments to the Actuarial Standards Board (ASB) on its Capital Adequacy Assessment for Insurers second exposure draft. (March 1, 2018)
Solvency Committee Submits Comments to IAIS on Activities Based Approach to Systemic Risk Interim Consultation Paper
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Interim Consultation Paper on Activities-Based Approach (ABA) to Systemic Risk dated December 8, 2017.  (February 13, 2018)
Subgroup Releases Practice Note on Credit for Life Reinsurance in U.S. Statutory Financial Statements
The Credit for Reinsurance Subgroup of the Reinsurance Committee released a new practice note, Credit for Life Reinsurance in U.S. Statutory Financial Statements. (February 2, 2018)
Solvency Committee Submits Comments To IAIS On Revised Insurance Core Principle 16 Enterprise Risk Management for Solvency Purposes
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the revised Insurance Core Principle (ICP) Enterprise Risk Management (ERM) for Solvency Purposes and ComFrame material integrated with ICP 16 consultation package dated November 8, 2017. (January 30, 2018)
More RMFR News...

RISK MANAGEMENT & FINANCIAL REPORTING PUBLIC STATEMENTS

Comments and letters

Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.

Issue briefs

Analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public.

Policy papers

Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for policy-makers, regulators, the news media, and the public. Includes monographs and white papers.

Presentations

Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.

Reports to the NAIC

The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of the risk management & financial reporting practice councils.

Testimony

Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.

Practice Notes

Practice notes

Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.