American Academy of Actuaries-Risk management and financial reporting news

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Risk management and financial reporting news

The Risk Management and Financial Reporting Council provides objective technical expertise to policy-makers and regulators on issues involving risk management and/or financial reporting.

Henry Siegel, Academy vice president for risk management and financial reporting issues, leads the council.

Comments on IASB Amortized Costs Exposure Draft

The Academy sends comments to the IASB concerning its Exposure Draft Financial Instruments: Amortised Cost and Impairment.

DTA Bridge Group Report

The Academy's DTA Bridge Group submits a requested interim report to the NAIC Capital Adequacy Task Force showing the appropriate treatment of the Deferred Tax Asset (DTA) in the Risk-Based Capital formulas for Life, Property / Casualty (P&C), and Health.

Task Force sends letter on Office of Financial Research

The Financial Regulatory Reform Task Force urges Congress to include an Office of the Chief Actuary in the Office of Financial Research as Congress is in conference reconciling bills H.R.4173 and S.3217.

Systemic Risk White Paper released

The Financial Regulatory Reform Task Force releases the white paper, Role of the Systemic Risk Regulator. The white paper outlines new key functions necessary for effective systemic risk regulation.

Comments on IAIS Capital Adequacy Guidance Paper

The Committee commented to the IAIS on its Guidance Paper on Capital Adequacy for Regulatory Solvency Purposes.

Solvency modernization comments to NAIC

The Academy's ERM Subcommittee comments on the NAIC's Solvency Modernization Initiative (EX) Task Force's
Consultation Paper on Corporate Governance and Risk Management and the Regulatory Capital Requirements Task Force responds to questions posed in the Consultation Paper on Regulatory Capital Requirements and Overarching Accounting and Valuation Issues for the Solvency Modernization Initiative.

Webinar on the financial crisis and federal regulatory responses

This April 20 webinar outlined federal regulatory responses to the financial crisis and their potential effects on the life and casualty insurance industry. Panelists discussed current proposals for modernizing financial services regulation and examined reactions to the proposals from Congress, the NAIC, and the Academy.

Letter to IASB and FASB

The Academy's Financial Reporting Committee comments on the recent vote by the IASB and confirmation by the FASB to not permit the recognition of revenue for incremental acquisition expenses upon the initial measurement of an insurance contract.

Webcast on proposed changes to GAAP Accounting Standard for insurance

The IASB and the FASB have announced they intend to publish an Exposure Draft of a new GAAP accounting standard for insurance in the second quarter 2010. To help you better understand the implications of the changes to general purpose insurance contract accounting, the Academy’s International Financial Report Standard (IFRS) Task Force is hosting a 60-minute webinar for anyone who could benefit from an introduction to the work of the IASB, and will provide the high level details of what is likely to be a long and technical document.

Comments to FASB

The Academy's Life Financial Reporting Committee and Financial Reporting Committee comment on the FASB on exposure draft, Proposed ASU-Financial Services-Insurance (Topic 944): Accounting for Costs Associated with Acquiring or Renewing Insurance Contracts.

Comments to NAIC

The Academy's Risk Management and Solvency Committee comments to the NAIC on its draft memorandum, "Windows and Walls" Approach for Regulation of United States Based Insurers Operating within Corporate Groups.

Operational risk modelling comments to Bank for International Settlements

The Academy's ERM Subcommittee comments on the Basel Committee on Banking Supervision's consultation document, Recognizing the risk-mitigating impact of insurance in operational risk modelling.

Comments supporting the creation of an Office of the Actuary

In comments on H.R. 2609, the Insurance Information Act, and H.R. 4173, the Wall Street Reform and Consumer Protection Act of 2009, the Financial Regulatory Reform Task Force recommends including an explicit provision in the legislation to include important professional expertise by creating an Office of the Actuary.

Comments to NAIC on financial solvency framework

The Risk Management and Solvency Committee comments to the NAIC on its draft paper, United States Insurance Financial Solvency Framework.

Testimony addressing systemic risk

The Risk Management & Financial Reporting Council provides testimony to the Senate Committee on Agriculture, Nutrition & Forestry supporting the establishment of a governmental systemic risk regulator.

Letter to the House of Representatives

The Financial Regulatory Reform Task Force writes to Representatives Barney Frank and Spencer Bachus recommending a change to the current draft of the Insurance Information Act, HR 2609 to include an explicit provision in the legislation to include important professional expertise by creating an Office of the Actuary.