The CECL Work Group released a white paper on estimating the uncollectible reinsurance reserve for P&C companies.( )
The Academy presented a seminar on Predictive Modeling for regulators attending the NAIC's Insurance Summit in Kansas City.( )
The ERM/ORSA Committee submitted a comment letter to the Actuarial Standards Board on December 2018 exposure draft of ASOP No. 22, Statements of Actuarial Opinion Based on Asset Adequacy Analysis for Life or Health Liabilities.( )
The Financial Regulatory Reform Task Force submitted a comment letter to the Financial Stability Oversight Council regarding the Council’s proposed guidance on nonbank financial company determinations.( )
The ERM/ORSA Committee submitted a comment letter to the Actuarial Standards Board on the fourth exposure draft of a proposed new actuarial standard of practice for modeling.( )
The IFRS 17 Work Group submitted comments to the IAA on the exposure draft of IAN 100 on Application of IFRS 17 Insurance Contracts.( )
The Academy published a new Essential Elements paper, Big Data, Big Changes for Insurance and Pensions, highlighting the opportunities and challenges that rapidly evolving advancements in data analysis and storage pose for insurers, consumers, and regulators. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) public consultation document dated July 31, 2018.( )
The Big Data Task Force submitted comments ahead of the U.S. Senate Committee on Banking, Housing, and Urban Affairs' hearing, Fintech: Examining Digitization, Data, and Technology.( )
The Academy released the monograph, Big Data and the Role of the Actuary, at the International Congress of Actuaries meeting in Berlin on June 5. The monograph examines how Big Data is providing actuaries with powerful new analytical tools and opportunities to work on Big Data projects, Academy Past President and Big Data Task Force Chairperson Bob Beuerlein told ICA attendees. Read the news release.
The Financial Regulatory Task Force submitted comments to the U.S. House of Representatives on S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act.( )
The Financial Reporting Committee submitted implementation questions for consideration by the IFRS Transitions Resource Group on IFRS 17 Insurance Contracts.( )
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.( )