The Solvency Committee submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance hearing on "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II."
( )The Reinsurance Committee sent comments to the National Association of Insurance Commissioners on the Uniform Application Checklist for Certified Reinsurers exposure draft.
( )The Financial Regulatory Task Force submitted a comment letter to the Financial Stability and Oversight Council on the importance of actuaries in financial and insurance systems, and its perspective on updates to actuarial standards and guidance.
( )The Financial Reporting Committee sent comments to the Public Company Accounting Oversight Board on the draft Auditing Accounting Estimates and Fair Value Measurements staff consultation paper.
( )The Financial Reporting Committee (FRC) sent comments to the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) on the IASB's Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging discussion paper.
( )The Profits Followed By Losses Subgroup released for exposure a new practice note on profits followed by losses in long-duration contracts. Comments on the exposure draft are due Nov. 10.
( )The Solvency Committee submitted comments to the National Conference of Insurance Legislators on the key priorities and principles that should be considered when developing insurance group solvency and capital standards.
( )The ERM/ORSA Committee released an overview of the key content of an Own Risk and Solvency Assessment (ORSA) and the components of an ORSA for which actuarial input may be useful.
( )The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the key priorities and principles that should be considered when developing insurance group solvency and capital standards. Click here to read the news release.
( )The Reinsurance Committee submitted comments to the National Association of Insurance Commissioners’ (NAIC) Reinsurance (E) Task Force’s exposure draft, Securities Listed by the Securities Valuation Office, that specifically address the security provided for the purpose of collateralizing reinsurance obligations.
( )The Financial Reporting Committee (FRC) submitted a letter to the International Accounting Standards Board on the treatment of participating contracts within the IFRS Foundation’s insurance contracts project that includes discussions on book-yield and effective-yield approaches.
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ revised proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs).
The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors' revised proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs).
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The ORSA Subgroup submitted comments to the NAIC's Risk-Focused Surveillance Working Group on the second exposure draft of ORSA guidance, which will be included in the Financial Analysis Handbook and the Financial Condition Examiners Handbook.
( )The Solvency Committee submitted comments to the International Actuarial Association (IAA) on the International Association of Insurance Supervisors' (IAIS) Memo on a proposed approach for a global insurance capital standard.
( )The Solvency Committee submitted comments to members of the U.S. House of Representatives supporting passage of the Insurance Capital Standards Clarification Act of 2014 (S.2270/H.R.4510), which clarifies that the Fed has the authority to differentiate between banks and insurers in terms of capital requirements.
( )The Risk Management and Financial Reporting Council submitted comments to NCOIL's International Issues Task Force with recommendations on three international issues that NCOIL should address in 2014.
( )The ORSA Subgroup submitted comments to the NAIC's Risk-Focused Surveillance Working Group on draft ORSA guidance that will be included in the Financial Analysis Handbook and the Financial Condition Examiners Handbook.
( )William Hines, vice-president of the Risk Management and Financial Reporting Council, submitted written testimony to the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection for its hearing on capital regulation for insurers.
( )The ORSA Subgroup submitted comments to the NAIC on its Guidance Manual for the Own Risk and Solvency Assessment (ORSA), noting that revisions made in the March 2014 draft provide clarity for those developing ORSA reports.
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