The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs).

Academy President Tom Terry urged the Federal Insurance Office to include actuaries on the expanded Federal Advisory Committee on Insurance.

The Financial Reporting Committee sent comments to the Financial Accounting Standards Board and International Accounting Standards Board regarding their joint project on classification and measurement of financial instruments.

The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs).

In the Academy’s Jan. 2 webinar, “IFRS Update: Where In The World Are We Going With Insurance Contracts?” members of the Academy’s Risk Management and Financial Reporting Council discussed the Academy’s and other key stakeholders’ responses to the 2013 International Accounting Standards Board and Financial Accounting Standards Board exposure drafts on insurance contracts. Presenters offered their opinions on the timing and likelihood of passage of any new standards, as well as the effect they would have on insurers, regulators, and actuaries. Click here to listen to the recorded webinar.

The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ paper, Common Framework for the Supervision of Internationally Active Insurance Groups.

Are you wondering how key global and domestic stakeholders responded to the insurance contracts accounting exposure drafts and where international accounting is headed? Find out Jan. 2 as the Academy hosts a webinar during which presenters will provide a discussion of the Academy’s comments on key issues in the IASB and FASB exposure drafts on insurance contracts; an overview of concepts and concerns from globally influential bodies on those exposure drafts; and, a look at the direction of global convergence.

The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors’ paper, Common Framework for the Supervision of Internationally Active Insurance Groups.

The International Accounting Standards Task Force submitted a comment letter to the International Accounting Standards Board and a separate comment letter to the Financial Accounting Standards Board on their respective revised exposure drafts of accounting proposals for insurance contracts.

The Financial Regulatory Reform Task Force submitted comments to the Financial Stability Board on its paper discussing the application of key attributes of an effective resolution regime to non-bank financial institutions.

The Enterprise Risk Management Committee submitted comments to the Financial Stability Board on its paper to create an effective risk appetite framework.

The Enterprise Risk Management Committee released the final version of its practice note, “Insurance Enterprise Risk Management Practices,” which discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance.

Solvency Committee comments to the NAIC on its revised version of a draft white paper, The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative.

The Enterprise Risk Management Committee exposed its practice note, 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.

The International Accounting Standards Task Force sent papers to FASB on issues related to the Insurance Contracts project discussed at a November 2012 meeting with FASB staff.

The ORSA Subgroup submitted changes to the NAIC on its December 2012 draft, Guidance Manual for the Own Risk and Solvency Assessment, and included information on actuaries who are involved in enterprise risk management.

The Financial Regulatory Reform Task Force sent comments to the IAIS on its on its proposed policy measures that would be applied to insurers whose failure would cause major disruption to the global financial system.

The Solvency Committee responded to an NAIC Solvency Modernization Initiative Task Force request to outline methods of measuring regulatory financial success in the U.S. insurance financial regulatory system.

The Academy's International Accounting Standards Task Force (IASTF) will present a webinar on the FASB and IASB Insurance Contracts Project. Attendees will learn about IASB's work on Phase 2 of the project and the resulting significant changes to the International Financial Reporting Standard (IFRS) on insurance contracts, and potential changes to U.S. GAAP.

The International Accounting Standards Task Force comments to the International Accounting Standards Board on its working drafts, Feedback on the premium-allocation approach decisions, Feedback on the Non-Insurance Components and on measuring earned premium under the building block approach.