Risk Management & Financial Reporting News

The Academy submitted comments to the NAIC on its draft white paper on the Solvency Modernization Initiative and insurance regulation offering suggestions encompassing RBC, ORSA, and NAIC model laws. (April 30, 2012)
The Financial Regulatory Reform Task Force comments to the Federal Reserve on its proposed rule establishing additional prudential standards to apply to non-bank financial service companies identified by the FSOC as companies that could pose systemic risk. The comments focused on the application of the proposed standards addressing risk based capital, leverage regulations, liquidity standards, risk management processes, counterparty limits, stress test requirements, debt to equity limits, and early remediation to US insurers that currently are under the regulatory supervision of one state functional regulator. (April 30, 2012)
The Risk Management and Financial Reporting Council wrote a letter to the Department of Treasury urging that actuarial science be one of the specific considerations for members of the proposed Financial Research Advisory Committee that will support the work of the Office of Financial Research. (April 13, 2012)
The Financial Reporting Committee responds to questions posed in FASB's Revenue Recognition paper. (March 13, 2012)
The Academy presented to the National Conference of Insurance Legislators on its comments to the Federal Insurance Office regarding insurance modernization in the U.S. system. (February 24, 2012)
The American Academy of Actuaries International Accounting Standards Task Force submitted comments to the IASB on the topic of defining the contract boundary for insurance contracts. (December 21, 2011)
The International Accounting Standards Task Force submitted to the International Accounting Standards Board a white paper on what belongs in “other comprehensive income” and a discussion paper on the approaches to setting the discount rate for valuation of insurance contracts. (December 19, 2011)
The Financial Regulatory Reform Task Force provided comments to the Financial Stability Oversight Council on its proposed rule relating to systemically important financial institutions. (December 19, 2011)
The Financial Regulatory Reform Task Force responded to the Federal Insurance Office on how to modernize and improve the U.S. system of insurance regulation. (December 11, 2011)
The Financial Reporting Committee commented on a paper by the Public Company Accounting Oversight Board (PCAOB) on the issues surrounding the auditor’s report based on recent investor feedback. The committee’s comments included a recommendation to increase disclosure and provide more detail to the auditor's reporting model. (September 30, 2011)
The ERM Committee submitted comments to the NAIC on its Own Risk and Solvency Assessment (ORSA) Guidance Manual supporting its view that the manual offers ORSA guidance which focuses on the most fundamental components of a strong ERM framework. (August 31, 2011)
Solvency Committee comments to the International Association of Insurance Supervisor (IAIS) on its concept paper, Common Framework for the Supervision of Internationally Active Insurance Groups. These comments further address the methods of operating group-wide supervision of internationally active insurance groups. (August 31, 2011)
The ERM Committee responds to the NAIC on its draft, Own Risk and Solvency Assessment (ORSA) Model Act regarding the ORSA requirements and exemptions from the requirements, specifically the treatment of captive insurers. (May 11, 2011)