Risk Management & Financial Reporting News

The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the Group Capital Calculation Recommendation exposure draft. (October 27, 2015)
The Solvency Committee submitted written testimony for the U.S. House Financial Services Subcommittee on Housing and Insurance's hearing on "The Impact of Domestic Regulatory Standards on the U.S. Insurance Market." (September 29, 2015)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposal to limit unlocking the assumptions and discount rates for long-duration insurance contracts to only the fourth quarter. (September 16, 2015)
The Reinsurance Committee sent comments to the National Association of Insurance Commissioners (NAIC) on the draft Certified Reinsurers and Passporting Public Document. (September 11, 2015)
The Solvency Committee provided a presentation to the National Association of Insurance Commissioners (NAIC) on the practical implications of using a 99.5 percent Value at Risk (VaR) over a one-year time horizon for valuation purposes. (August 15, 2015)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners (NAIC) on the Discussion Draft on Approaches to a Group Capital Calculation dated July 23, 2015. (August 7, 2015)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Higher Loss Absorbency Capacity for Global Systemically Important Insurers (G-SIIs) public consultation document dated June 25, 2015. (August 6, 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 sent comments to the Public Company Accounting Oversight Board (PCAOB) on its “The Auditor's Use of the Work of Specialists” consultation paper. (July 31, 2015)
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Council sent comments to the National Association of Insurance Commissioners (NAIC) on its Financial Condition (E) Committee questionnaire that examines the reasons for single-state solutions to help regulators develop a process for creating a uniform framework for state-based regulation. (July 27, 2015)
The Financial Reporting Committee (FRC) sent comments to the Financial Accounting Standards Board (FASB) on issues raised during the May 21, 2015 educational session related to retrospective unlocking in long-duration contracts. (July 22, 2015)
The Risk Management and Financial Reporting Council (RMFRC) submitted comments to the Actuarial Standards Board (ASB) on its Capital Adequacy Assessment for Insurers discussion draft. (July 21, 2015)
The Academy released a new Essential Elements paper, Insurance Capital Standards, that outlines U.S. and international efforts to establish new solvency and capital standards for insurers. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (July 16, 2015)
The Risk Management and Financial Reporting Council sent a letter to the Federal Reserve Board on issues related to a “margin over current estimate” (MOCE) for international insurance capital standards. (July 14, 2015)
The Financial Regulatory Task Force (FinReg) sent a letter to the U.S. House Financial Services Committee (HFSC) on the Financial Stability Oversight Council (FSOC) 2015 annual report. (June 16, 2015)
The Financial Reporting Committee’s Profits Followed by Losses Subgroup released a practice note on accounting for profits followed by losses in long-duration contracts. (June 10, 2015)
The Risk Management and Financial Reporting Council (RMFRC) sent comments to the International Association of Insurance Supervisors (IAIS) on Insurance Core Principle (ICP) 8: Risk Management and Internal Controls. (May 12, 2015)
William Hines, vice president of the Risk Management and Financial Reporting Council, gave a presentation to the International Association of Insurance Supervisors (IAIS) on modeling for insurance capital standards (ICS). (May 6, 2015)
The ERM/ORSA Committee sent comments to the International Association of Insurance Supervisors (IAIS) on its draft issues paper Conduct of Business Risk and its Management. (May 1, 2015)
The Solvency Committee submitted written testimony to the U.S. Senate Banking Subcommittee on Securities, Insurance, and Investment for its hearing on "Examining Insurance Capital Rules and FSOC Process." (April 30, 2015)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update-Derivatives and Hedging (Topic 815): Disclosures about Hybrid Financial Instruments with Bifurcated Embedded Derivatives. (April 30, 2015)