The Liquidity Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note Liquidity Risk, a revision to a previous practice note published in 2000. The 2024 version broadens the scope by incorporating perspectives from the health and property/casualty practice areas as well as introducing practice-area-specific appendices.
(February 14, 2024)The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP, which covers aspects of the application of Accounting Standards Update 2018-12, published in 2018 by the Financial Accounting Standards Board.
(December 27, 2023)Exposure draft of a public policy practice note of the Long-Duration Contracts Work Group of the Financial Reporting Committee on the Application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts. The exposure draft is Part I: Traditional and Limited-Payment Contracts – Basic Considerations Related to the Liability for Future Policy Benefits. Due to the number of areas of practice impacted by this accounting standard, the white paper is being exposed for comment in sections, of which this is the first. Please send comments to rmfrcanalyst@actuary.org by September 30.
(July 27, 2021)The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2020), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations.
(January 19, 2021)Model Risk Management Work Group practice note on model risk management.
(May 17, 2019)Credit for Reinsurance Subgroup practice note, Credit for Life Reinsurance in U.S. Statutory Financial Statements. (February 02, 2018)
Credit for Reinsurance Subgroup exposure draft of a new practice note, Credit for Life Reinsurance in U.S. Statutory Financial Statements.
(May 05, 2017)
Risk Exposures Subgroup practice note on quantifying risk Exposures for Own Risk and Solvency Assessment (ORSA) reports. (June 27, 2016)
ERM/ORSA Committee exposure draft of a new practice note, Quantifying Risk Exposures for Own Risk and Solvency Assessment Reports. (March 07, 2016)
Profits Followed by Losses Subgroup practice note on accounting for profits followed by losses in long-duration contracts. (June 10, 2015)
Financial Reporting Committee exposure draft of a new practice note on profits followed by losses in long-duration contracts. Comments on the exposure draft are due Nov. 10. (October 10, 2014)
Enterprise Risk Management Committee’s practice note, “Insurance Enterprise Risk Management Practice,” which discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance. (July 25, 2013)
Enterprise Risk Management Committee’s practice note exposure draft, Insurance Enterprise Risk Management Practices, for public comment. The practice note discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance. (March 07, 2013)
COPLFR cross-practice area subgroup's Model Audit Rule practice note, intended to assist actuaries when supporting management's assertions per the Model Audit Rule, as applied to the evaluation and testing of key controls for the actuarial balances, including loss reserves for the financial reporting process.
(November 12, 2010)
