The Solvency Committee submits comments to the NAIC and IAA on the IAIS Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors and the framework for supervisors to address group-wide activities and risks.
( )Nancy Bennett, Senior Life Fellow and member of the Financial Regulatory Reform Task Force, presented to the National Conference of Insurance Legislators on modernizing insurance regulation as expressed by the Task Force to the Federal Insurance Office.
The Risk Management and Financial Reporting Council wrote a letter to the Department of Treasury urging that actuarial science be one of the specific considerations for members of the proposed Financial Research Advisory Committee that will support the work of the Office of Financial Research.
( )The Financial Reporting Committee responds to questions posed in FASB's Revenue Recognition paper.
( )The Academy presented to the National Conference of Insurance Legislators on its comments to the Federal Insurance Office regarding insurance modernization in the U.S. system.
( )The American Academy of Actuaries International Accounting Standards Task Force submitted comments to the IASB on the topic of defining the contract boundary for insurance contracts.
( )The International Accounting Standards Task Force submitted to the International Accounting Standards Board a white paper on what belongs in “other comprehensive income” and a discussion paper on the approaches to setting the discount rate for valuation of insurance contracts.
( )The Financial Regulatory Reform Task Force provided comments to the Financial Stability Oversight Council on its proposed rule relating to systemically important financial institutions.
( )The Financial Reporting Committee commented on a paper by the Public Company Accounting Oversight Board (PCAOB) on the issues surrounding the auditor’s report based on recent investor feedback. The committee’s comments included a recommendation to increase disclosure and provide more detail to the auditor's reporting model.
( )Solvency Committee comments to the International Association of Insurance Supervisor (IAIS) on its concept paper, Common Framework for the Supervision of Internationally Active Insurance Groups. These comments further address the methods of operating group-wide supervision of internationally active insurance groups.
( )The ERM Committee responds to the NAIC on its draft, Own Risk and Solvency Assessment (ORSA) Model Act regarding the ORSA requirements and exemptions from the requirements, specifically the treatment of captive insurers.
( )The ERM/ORSA Climate Related Financial Disclosures Working Group shared an update to the National Association of Insurance Commissioners (NAIC) Climate and Resiliency (EX) Task Force at its National Meeting. Work Group Chair, Michelle Young, and Academy Assistant Director of Research, Steve Jackson, shared the group's research and analysis thus far, along with plans for phase two of the project.
()The IFRS 17 Work Group of the Financial Reporting Committee submitted comments to International Financial Reporting Standards (IFRS) Foundation Interpretations Committee Chairperson Bruce Mackenzie on the foundation’s tentative agenda decision Transfer of Insurance Coverage under a Group of Annuity Contracts (IFRS 17).
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