Risk Management & Financial Reporting
The Academy’s Risk Management and Financial Reporting Council (RMFRC) serves as a trusted source for objective technical insights, and guidance for policymakers and regulators.
RMFRC is dedicated to illuminating decisions and redefining the standards of excellence in the ever-evolving world of Risk and Finance.
Additional Considerations in Data Science
A series of issue briefs providing a more complete, contextual view of important topics that arise in data science.
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Big Data
Academy resources on analyzing vast datasets using advanced computational methods to uncover trends, patterns, and associations.
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Enterprise Risk Management
Issues related to ERM encompassing property/casualty, life, and health actuarial practice areas.
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Federal Insurance Regulation/Systemic Risk
Regulation of insurance by the federal government or as a systemic risk to the economy.
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Financial Reporting/International Accounting
Global financial reporting issues that affect multiple areas of actuarial practice.
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Solvency/Reinsurance
Solvency, risk management, and reinsurance issues impacting various actuarial practices globally.
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Risk Management & Financial Reporting News
Uncategorized
ASB Approves Third Exposure of Proposed ASOP on Estimating Future Costs
The ASB recently approved a third exposure draft of a proposed new actuarial standard of practice (ASOP) titled Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk…
Topics: ASB News
Date Published: 02/08/2017
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Uncategorized
ASB Adopts Final Revision of ASOP No. 23
The ASB recently adopted a final revision of Actuarial Standard of Practice (ASOP) No. 23, Data Quality. The ASOP provides guidance to actuaries when selecting data, performing a review of data,…
Topics: ASB News
Date Published: 01/18/2017
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Uncategorized
ASB Adopts Final Revision of ASOP No. 24
The ASB recently adopted a final revision of ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation. The ASOP provides guidance to actuaries when performing professional…
Topics: ASB News
Date Published: 01/06/2017
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Risk Management & Financial Reporting Resources
Comment / Letter
Practice Councils Comment to NAIC on Revised RBC Principles
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Practice Council submitted a joint comment letter to the NAIC’s…
Comment / Letter
Comment Letter to CASTF Regarding the “Unknown Risk Characteristics in Personal Rating Lines” Exposure Draft
The Data Science and Analytics Committee (DSAC) submitted a comment letter in response to the NAIC Casualty Actuarial and Statistical (C) Task Force’s (CASTF) exposure draft, Unknown Risk…
Resource
Applicability Guidelines for Actuarial Standards of Practice
Introduction to the Applicability Guidelines Actuarial Standards of Practice. The Actuarial Standards Board (ASB) sets standards for appropriate actuarial practice in the United States…
Policy Paper
Scope 3 Emissions for Property/Casualty Insurers
In this policy paper, the Climate Related Financial Disclosures work group has detailed some of the most difficult challenges involved in financial reporting of Scope 3 Emissions for United States…
Comment / Letter
Comment Letter to NAIC on AI Systems Evaluation Tool
Providing an actuarial perspective on responsible use of AI in insurance, vice presidents from the Academy’s casualty, health, life, and risk management and financial reporting councils sent a…
Policy Paper
Climate Data: Actuarial Perspectives on Quality, Challenges, and Effective Risk Quantification
The Climate Change Joint Committee released a policy paper examining the wide variety of actuarial data challenges in climate-related risk quantification. While reflecting the current emphasis on…
Comment / Letter
Practice Councils Comment to NAIC on RBC Principles
The Casualty Practice Council, Health Practice Council, Life Practice Council, and Risk Management and Financial Reporting Practice Council submitted a joint comment letter to NAIC’s Risk-Based…
Topics: Risk-Based Capital
Comment / Letter
Academy Comments to NAIC on Proposed AI in Insurance Model Law
Academy casualty, health, life, and risk management and financial reporting vice presidents sent a comment letter to the NAIC in response a request for information by NAIC’s Big Data and Artificial…
Comment / Letter
Committees Comment to FASB on Standard-Setting Agenda
The Financial Reporting Committee and Life GAAP Reporting Committee sent a letter to the Financial Accounting Standards Board (FASB) as a response to the invitation to comment regarding FASB’s…
Topics: Financial Reporting
Comment / Letter