NAIC and Academy Update: Navigating the International and U.S. Regulatory Environment

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Nov. 15, 2013
Noon–1:00 p.m. Eastern

SPEAKERS

Larry J. Bruning, MAAA, FSA; Life Actuary in the Financial Regulatory Affairs Division, NAIC
Jeffrey Schlinsog, MAAA, FSA; Chairperson of the Academy’s Financial Regulatory Reform Task Force
Moderator: Kris DeFrain, MAAA, FCAS, CPCU; Director of the Research and Actuarial Department, NAIC

DETAILS

This webinar highlighted several insurance regulatory developments that are occurring at the state, federal, and international levels—a discussion of ComFrame, global systemically important financial institutions, Solvency Modernization Initiative, Own Risk Solvency Assessment (ORSA), and others. As background, the panelists provided an overview of many of the key regulatory organizations involved with implementing these regulatory changes, including the International Association of Insurance Supervisors (IAIS), the Financial Stability Oversight Council (FSOC), G-20 Finance Ministers, Financial Stability Board (FSB), and the National Association of Insurance Commissioners (NAIC).

The webinar highlighted:

Regulatory developments occurring at the state, federal, and international levels
Global financial institutions and initiatives
ComFrame
Key players

ABOUT OUR GUEST SPEAKERS

Larry J. Bruning, MAAA, FSA

Life Actuary in the Financial Regulatory Affairs Division, NAIC
Larry joined the NAIC in 2011 and works on domestic issues including the implementation of the principle-based reserving methodology within the state insurance regulatory structure as well as supporting state insurance regulators providing input to the Federal Insurance Office and the Financial Stability Oversight Council. Prior to his current role, he was an International Life Actuary with the NAIC working with the International Association of Insurance Supervisors (IAIS) in developing international insurance regulatory standards. Before joining the NAIC he was the Chief Actuary for the Kansas Insurance Department. Larry has 30 years of insurance industry experience and has worked as an actuary for AmerUs Annuity Group and Security Benefit Life. Larry is a member of the Academy’s Annuity Reserves Work Group, Life Practice Council, Public Interest Committee, and Life Financial Soundness/Risk Management Committee.

Kris DeFrain, MAAA, FCAS, CPCU
Director of the Research and Actuarial Department, NAIC

Kris’s responsibilities include working with state insurance commissioners and regulators on the Principle-Based Reserving (EX) Task Force, the Solvency Modernization Initiative (E) Task Force, and the Casualty Actuarial and Statistical (C) Task Force. Kris is currently Co-Vice Chair of the International Actuarial Association’s (IAA) Solvency Subcommittee and is the Casualty Actuarial Society’s delegate to the IAA’s Regulation Committee. Kris served as a participant and member of the IAIS Solvency and Actuarial Issues Subcommittee (2005-2010) and was Vice President – International for the Casualty Actuarial Society (2010-12). Kris is a member of the International Accounting Standards Task Force and the Committee on Membership.

Jeffrey Schlinsog, MAAA, FSA
Chairperson of the Academy’s Financial Regulatory Reform Task Force

Jeff is a Principal in the Actuarial and Insurance Management Solutions (AIMS) practice at PricewaterhouseCoopers LLP. AIMS provides audit support and advisory services to the insurance industry, as well as other financial services companies. Jeff has more than 25 years of insurance industry experience with particular emphasis on financial reporting, risk management, strategy and transactions. Jeff focuses on helping clients adapt to changes in insurance contract accounting standards, principles-based reserves, process improvements, and state and federal regulation. He has been an active participant in industry committees and meetings of the Academy, Society of Actuaries, American Council of Life Insurance and the NAIC. Jeff is a member of the Academy’s Risk Management and Financial Reporting Council and chairperson of the Financial Regulatory Reform Task Force.

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