The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors’ paper, Common Framework for the Supervision of Internationally Active Insurance Groups.
( )The International Accounting Standards Task Force submitted a comment letter to the International Accounting Standards Board and a separate comment letter to the Financial Accounting Standards Board on their respective revised exposure drafts of accounting proposals for insurance contracts.
The Financial Regulatory Reform Task Force submitted comments to the Financial Stability Board on its paper discussing the application of key attributes of an effective resolution regime to non-bank financial institutions.
( )The Enterprise Risk Management Committee submitted comments to the Financial Stability Board on its paper to create an effective risk appetite framework.
The Enterprise Risk Management Committee released the final version of its practice note, “Insurance Enterprise Risk Management Practices,” which discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance.
Solvency Committee comments to the NAIC on its revised version of a draft white paper, The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative.
( )The Enterprise Risk Management Committee exposed its practice note, Insurance Enterprise Risk Management Practices, for public comment. The practice note discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance.
( )The International Accounting Standards Task Force sent papers to FASB on issues related to the Insurance Contracts project discussed at a November 2012 meeting with FASB staff.
( )The ORSA Subgroup submitted changes to the NAIC on its December 2012 draft, Guidance Manual for the Own Risk and Solvency Assessment, and included information on actuaries who are involved in enterprise risk management.
( )The Financial Regulatory Reform Task Force sent comments to the IAIS on its on its proposed policy measures that would be applied to insurers whose failure would cause major disruption to the global financial system.
( )The Solvency Committee responded to an NAIC Solvency Modernization Initiative Task Force request to outline methods of measuring regulatory financial success in the U.S. insurance financial regulatory system.
( )The Academy's International Accounting Standards Task Force (IASTF) will present a webinar on the FASB and IASB Insurance Contracts Project. Attendees will learn about IASB's work on Phase 2 of the project and the resulting significant changes to the International Financial Reporting Standard (IFRS) on insurance contracts, and potential changes to U.S. GAAP.
( )The International Accounting Standards Task Force comments to the International Accounting Standards Board on its working drafts, Feedback on the premium-allocation approach decisions, Feedback on the Non-Insurance Components and on measuring earned premium under the building block approach.
The Casualty, Life, Health, Professionalism, and Financial Reporting Councils submitted comments to the NAIC’s Corporate Governance Working Group concerning the WG’s Proposed Responses to a Comparative Analysis of Existing U.S. Corporate Governance Requirements.
( )The Financial Reporting Committee submits comments to the Financial Accounting Standards Board on its exposure draft regarding Liquidity Risk and Interest Rate Risk Disclosures and how the proposed amendments would affect insurance companies.
( )The Solvency Committee sent comments to the IAIS on its Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors, and the framework for supervisors to address group-wide activities and risks. These comments were previously sent to the NAIC and IAA on July 27, 2012.
The Financial Regulatory Reform Task Force comments to the IAIS on its proposed method to identify insurers whose distress or disorderly failure would cause significant disruption to the global financial system and economic activity.
( )The Solvency Committee submits comments to the NAIC and IAA on the IAIS Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors and the framework for supervisors to address group-wide activities and risks.
( )Nancy Bennett, Senior Life Fellow and member of the Financial Regulatory Reform Task Force, presented to the National Conference of Insurance Legislators on modernizing insurance regulation as expressed by the Task Force to the Federal Insurance Office.