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.
Big Data
Academy resources on analyzing vast datasets using advanced computational methods to uncover trends, patterns, and associations.
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Data Science Toolkit
DSAC’s Data Science Toolkit offers a series of resources related to data science, including defining big data, data bias, correlation and causation, emphasizing how they may affect actuarial modeling, and consumer experience.
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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
Comments on Reinsurance Thresholds in the Disclosure of Material Transactions Model Act #285
The Reinsurance Work Group submitted comments in response to the NAIC Financial Condition (E) Committee’s memorandum of Model Act #285.
Comment / Letter
Comment Letter to NAIC on Reinsurance Recapture
The Reinsurance Work Group submitted comments in response to the NAIC Life Risk-Based Capital (E) Working Group’s referral on developing a reinsurance recapture RBC factor.
Comment / Letter
Comments on RBC Gaps and Inconsistencies Exposure
The Cross-Practice RBC Task Force commented on the NAIC’s RBC Model Governance (EX) Task Force exposure of potential gaps and inconsistencies for prioritization. The Academy included a summary of…
Comment / Letter
Possible Structure Exposure Comment Letter
Leadership from RBC-related Academy committees provided some priority considerations in response to an NAIC RBC Model Governance (EX) Task Force exposure on proposed RBC oversight structures.
Policy Paper
Attribution Science Methodologies from an Actuarial Perspective
The Climate Change Joint Committee released Attribution Science Methodologies from an Actuarial Perspective, a paper examining how attribution science, which quantifies climate change’s influence on…
Policy Paper
Climate Change Impact on Insurance Affordability, Availability, and Accessibility
The Climate Change Joint Committee released Climate Change Impact on Insurance Affordability, Availability, and Accessibility, a policy paper examining how climate-driven disasters are straining…
Presentation
Committee Presents at the Virtual SOA Health Conference
Members of the Climate Change Joint Committee presented at the virtual SOA Health Conference, offering a health insurance company case study based on its recent policy paper, Climate Scenario…
Presentation
Committee Presents to CASTF Book Club
Members of the AI, Data Science, and Analytics Committee presented “Measuring Statistical Bias in Data Using Entropy” at the NAIC CASTF Book Club meeting.
Topics: Data Science / Big Data
Comment / Letter
GIC Exposure Comment Letter
The Annuity Reserves and Capital Subcommittee submitted comments to the NAIC’s Life Actuarial (A) Task Force on VM-22 Application to GICs, Funding Agreements, SGICs, and Stable Value Contracts.
Issue Brief