The International Work of the American Academy of Actuaries
The American Academy of Actuaries serves as the international voice of the U.S. actuarial profession, coordinating activities among the five U.S.-based actuarial associations to identify emerging international issues affecting U.S. actuaries and, where possible, to seek consensus on positions to international organizations.
As the actuarial organization with the largest membership of U.S.-based actuaries (more than 16,000 U.S.-based members), the Academy is also committed to promoting the U.S. profession in the international arena and to multilateral stakeholders examining insurance and actuarial matters. Such stakeholders include the International Association of Insurance Supervisors (IAIS), International Accounting Standards Board (IASB), Organization for Economic Co-Operation and Development (OECD) and, in particular, the International Actuarial Association (IAA).
Within its overall mission to serve the public on behalf of the U.S. actuarial profession, the Academy continues to develop and provide communication on actuarial issues to international stakeholders, including public policymakers and standard-setters.
Below are Academy comment letters and papers regarding international accounting, risk management, and professionalism issues to international organizations, including the IASB, the Basel Committee on Banking Supervision, and the IAIS.
October 2011Academy President Mary Frances Miller advised Academy members that the International Actuarial Association has released its first exposure draft of a model International Standard of Actuarial Practice (ISAP). At the request of the Council of U.S. Presidents, the Actuarial Standards Board has provided a report to the U.S.-based actuarial associations on the proposed ISAP.
August 2011
The Academy’s Solvency Committee submitted comments to the International Association of Insurance Supervisors 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 Academy’s Solvency Committee submitted comments to the National Association of Insurance Commissioners (NAIC) on its draft U.S. responses to the International Association of Insurance Supervisors concept paper, Common Framework for the Supervision of Internationally Active Insurance Groups. The Academy committee supported the NAIC position that the modules should be outcome-oriented rather than prescriptive.
July 2011
The Academy’s Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors concept paper, Common Framework for the Supervision of Internationally Active Insurance Groups. The committee addressed questions presented in the paper relating to Own Risk & Solvency Assessment, corporate governance, and Enterprise Risk Management.
April 2011
The Academy’s Reinsurance Subcommittee of the Solvency Committee submitted a letter to the International Accounting Standards Board on its Insurance Contracts Exposure Draft.
March 2011
The Academy’s Solvency Committee submitted comments to the International Actuarial Association (IAA) and additional comments to the National Association of Insurance Commissioners (NAIC) on the International Association of Insurance Supervisors' paper, Insurance Core Principles (ICP) 14: Valuation for Solvency Purposes.
February 2011
The Academy’s Solvency Committee submitted comments to the International Association of Insurance Supervisors on the Financial Stability Board’s (FSB) Principles for Reducing Reliance on CRA [Credit Rating Agencies] Ratings document.
February 2011
The Academy presented an educational session on the discount rate for insurance contracts to the International Accounting Standards Board and the Federal Accounting Standards Board.
December 2010
The Academy’s ERM Committee provided comments to the International Association of Insurance Supervisors on its draft of Insurance Core Principles (ICP) 7: Corporate Governance.
November 2010
The IFRS Task Force submitted comments to the International Accounting Standards Board on its Insurance Contracts Exposure Draft and commented to the FASB on its accompanying Discussion Paper.
August 2010
The Academy’s Risk Management and Solvency Committee submitted comments to the International Association of Insurance Supervisors on its draft Standard on Group-wide Regulatory Requirements and Guidance on Group-wide Supervision Framework.
June 2010
The Financial Reporting Committee and the Life Financial Reporting Committee of the Academy submitted comments to the International Accounting Standards Board concerning its exposure draft Financial Instruments: Amortised Cost and Impairment.
May 2010
The Academy’s Financial Regulatory Reform Task Force released the white paper, Role of the Systemic Risk Regulator. The white paper outlines new key functions necessary for effective systemic risk regulation.
April 2010
The Academy’s Risk Management and Solvency Committee commented to the IAIS on its Guidance Paper on Capital Adequacy for Regulatory Solvency Purposes.
February 2010
The Academy's Financial Reporting Committee commented on the recent vote by the IASB and confirmation by the FASB to not permit the recognition of revenue for incremental acquisition expenses upon the initial measurement of an insurance contract.
January 2010
The Academy’s Enterprise Risk Management Subcommittee of the Risk Management & Financial Reporting Council commented on the Basel Committee on Banking Supervision's consultation document: Recognizing the risk-mitigating impact of insurance in operational risk modeling.
October 2009
The Academy’s Financial Reporting Committee commented to the IASB on its Exposure Draft, Fair Value Measurement.
September 2009
The Academy’s Life Financial Reporting Committee and Financial Reporting Committee commented to the IASB on its Exposure Draft, Financial Instruments: Classification and Measurement.
September 2009
The Academy’s Financial Reporting Committee commented to the IASB on its Discussion Paper, Credit Risk in Liability Measurement.
May 2009
The Academy’s Financial Reporting Committee commented to the International Association of Insurance Supervisors (IAIS) on the Draft Issues Paper on the Roles of and Relationship Between the Actuary and the External Auditor in the Preparation and Audit of Financial Reports.
April 2009
The Academy’s Financial Reporting Committee responded to the joint IASB/FASB Financial Crisis Advisory Group (FCAG) in which FCAG sought input from constituents to discussion questions surrounding accounting and reporting matters related to the financial crisis.
February 2009
The Academy’s Financial Reporting Committee commented to International Accounting Standards Board regarding its Revenue Recognition project.
May 2008
The Academy’s Risk Margin Task Force commented on an IAA draft concerning current estimates and risk margins in measuring insurance liabilities.
February 2008
The Academy’s Financial Reporting Committee commented to the IASB on the proposed ISA 620, “Using the Work of an Auditor’s Expert.”
November 2007
The Academy’s International Financial Reporting Standards (IFRS) Task Force commented on an IASB discussion paper, “Preliminary Views on Insurance Contracts.”
November 2007
The Academy’s Financial Reporting Committee commented on a related invitation from FASB to comment on the same IASB discussion paper, “Preliminary Views on Insurance Contracts.”
August 2007
The Academy’s Risk Management and Solvency Committee commented on several IAIS papers.
May 2007
The Academy’s Risk Margin Task Force commented on the IAA's exposure draft on current estimates and risk margins in measuring liabilities for insurance contracts.
January 2007
The Academy’s Risk Management and Solvency Committee commented on a new version of an IAIS paper about a common structure for insurer solvency assessment.
November 2006
The Academy’s Risk Management and Solvency Committee commented on a revised IAIS paper about a common structure for insurer solvency assessment.
July 2006
The Academy’s Risk Management and Solvency Committee (RMSC) commented to the IAA on the IAIS Draft Supervisory Standard and Issues Paper on Asset Liability Management.
July 2006
The Academy’s Risk Management and Solvency Committee (RMSC) commented to the IAA on the IAIS Draft Common Structure Paper for the Assessment of Insurer Solvency.
March 2006
The Academy’s Financial Reporting Committee offered suggestions for revising a proposed IAA practice guideline on insurance risk disclosure.
October 2005
The Academy’s Financial Reporting Committee presented at a FASB forum on phase 2 of the IASB’s insurance contracts project.
February 2005
The Academy’s Financial Reporting Committee commented on an IAA draft Practice Guideline: Actuarial Practice When Providing Professional Services to Reporting Entities Concerning Financial Reporting of Insurance Contracts, Financial Instruments, and Service Contracts under International Financial Reporting Standards.
February 2005
The Academy’s Financial Reporting Committee commented on an IAA draft Practice Guideline: Current Estimates.
February 2005
The Academy’s Financial Reporting Committee commented on an IAA draft Practice Guideline: Measurement of Investment Contracts and Service Contracts under International Financial Reporting Standards.
