The Casualty Actuarial Society is a professional organization whose purpose is the advancement of the body of knowledge of actuarial science applied to property, casualty, and similar risk exposures.
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Category Archives: Regulation
Are You Qualified?
Earning the ACAS designation is a great accomplishment. Your college education, hundreds of hours of studying, and maybe a little exam luck have earned you a valuable accreditation for work in insurance and other industries. The question you should now ask yourself is “What does a CAS designation allow me to do?” If you work … Read more
Posted in Future of the Profession, Professional Education, Regulation.
Courses on Professionalism
I recently coordinated the CAS Course on Professionalism (COP) in Orlando for 117 candidates who are approaching their Associateship designation. Another 120 candidates attended a recent course in Las Vegas and 75 soon will be attending our Canadian course in Montreal. In total, nearly 600 candidates will have taken the course in 2018. The Course … Read more
Posted in Events, Regulation.
FASB Board Proposes Changes to P&C Insurance Company Disclosures
Since 2008, the Financial Accounting Standards Board (FASB) has been working alongside the International Accounting Standards Board (IASB) on revisiting the United States Generally Accepted Accounting Principles (US GAAP) accounting model for insurance contracts. While the IASB appears to be moving ahead with fundamental changes to insurance contract accounting under International Financial Reporting Standards (IFRS), … Read more
Posted in Communications, Future of the Profession, Regulation and tagged Disclosures, FASB, Financial Accounting Standards Board, Financial Statement, US GAAP.
New Regulation Expected in the U.S. – Own Risk and Solvency Assessment (ORSA)
The NAIC is currently discussing a proposal that some describe as the biggest enhancement to the U.S. financial regulatory framework since RBC was introduced in the 1990s. This change is a Solvency Modernization Initiative proposal to require large insurance groups and some large insurers to perform an Own Risk and Solvency Assessment (ORSA). An ORSA … Read more
Posted in Regulation and tagged ORSA.