The Financial Reporting Committee submitted comments to the American Institute of Certified Public Accountants (AICPA) regarding draft revisions to the Audit and Accounting Guide: Life and Health Insurance Entities.
( )The ERM/ORSA Committee submitted comments to the International Association of Insurance Supervisors' (IAIS) Issues Paper on the Implementation of the Recommendations of the Task Force on Climate-Related Financial Disclosures ("TCFD Recommendations").
( )The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) regarding IAIS's Draft Application Paper on Liquidity Risk Management.
( )The Financial Reporting Committee sent a letter to the International Accounting Standards Board regarding the exposed amendments to International Financial Reporting Standard 17.
( )The CECL Work Group released a white paper on estimating the uncollectible reinsurance reserve for P&C companies.
( )The Academy presented a seminar on Predictive Modeling for regulators attending the NAIC's Insurance Summit in Kansas City.
( )The ERM/ORSA Committee submitted a comment letter to the Actuarial Standards Board on December 2018 exposure draft of ASOP No. 22, Statements of Actuarial Opinion Based on Asset Adequacy Analysis for Life or Health Liabilities.
( )The Model Risk Management Work Group released a practice note on model risk management.
( )The Financial Regulatory Reform Task Force submitted a comment letter to the Financial Stability Oversight Council regarding the Council’s proposed guidance on nonbank financial company determinations.
( )The ERM/ORSA Committee submitted a comment letter to the Actuarial Standards Board on the fourth exposure draft of a proposed new actuarial standard of practice for modeling.
( )The IFRS 17 Work Group submitted comments to the IAA on the exposure draft of IAN 100 on Application of IFRS 17 Insurance Contracts.
( )The Academy published a new Essential Elements paper, Big Data, Big Changes for Insurance and Pensions, highlighting the opportunities and challenges that rapidly evolving advancements in data analysis and storage pose for insurers, consumers, and regulators. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Risk-based Global Insurance Capital Standard Version 2.0 (ICS 2.0) public consultation document dated July 31, 2018.
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The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Common Framework for the Supervision of Internationally Active Insurance Groups (ComFrame) public consultation document dated July 31, 2018.
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The Solvency Committee submitted comments to the NAIC's Group Capital Calculation (E) Working Group on scope and non-insurance testing.
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The Big Data Task Force submitted comments ahead of the U.S. Senate Committee on Banking, Housing, and Urban Affairs' hearing, Fintech: Examining Digitization, Data, and Technology.
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The ERM/ORSA Committee submitted comments to the NAIC’s Financial Regulation Standards and Accreditation (F) Committee on their ORSA Review Timelines exposure
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Big Data Task Force presentation to the NAIC Casualty Actuarial and Statistical Task Force (CASTF) Predictive Analytics Book Club on the Big Data and the Role of the Actuary monograph.
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The Academy released the monograph, Big Data and the Role of the Actuary, at the International Congress of Actuaries meeting in Berlin on June 5. The monograph examines how Big Data is providing actuaries with powerful new analytical tools and opportunities to work on Big Data projects, Academy Past President and Big Data Task Force Chairperson Bob Beuerlein told ICA attendees. Read the news release.
Interested in learning more? Join us on Nov. 1 and 2 for the Academy’s 2018 Annual Meeting and Public Policy Forum, which will feature a plenary session that will look at the evolution and implications of Big Data. Visit the event website for more information about the agenda and how to register.
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The Financial Reporting Committee submitted comments to the Actuarial Standards Board for consideration on the International Actuarial Association's International Standard of Actuarial Practice 4—IFRS 17 Insurance Contracts exposure draft.
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