Consulting Services to Insurance Regulators
March 11, 2020
Asset Valuations in a Volatile and Uncertain Market Q1-2020
Authored by: Edward Toy – Senior Manager, Investment Specialist There is an inherent risk in presenting any cogent ideas about the market in an environment as what we have been experiencing in recent weeks. At any given moment, the data I am relying on may be substantially stale as the Dow Industrials, which is the...
December 3, 2019
Asset Valuations in a Volatile and Uncertain Market
Authored by: Edward Toy – Senior Manager, Investment Specialist As the various investment markets head towards the end of the calendar year, one of the inevitable questions for US insurers is, and has always been, what will be appropriate valuations for their invested assets. While the majority of invested assets for US insurers are reported...
September 1, 2019
Methodologies for Valuing Cash Flows That Extend Beyond the Yield Curve
Authored by: Benjamin Leiser and Jack Kerbeshian Published in SOA: Risk Management, September 2019 In 2018, Risk & Regulatory Consulting conducted a study on methodologies used for yield curve extrapolation to value liability cash flows that extend beyond the maximum observable portion of the yield curve. The study was sponsored by the Society of Actuaries...
July 15, 2019
Asset Liquidity
Authored by: Edward Toy – Senior Manager, Investment Specialist There have been many lessons learned over the years as to what can cause problems for investors, including insurance companies, when economies weaken and markets struggle. One of the most significant out of the financial crisis of 2007/8, is that liquidity should be a focus. In...
June 30, 2019
RRC Comments on the Statutory Financial Solvency Examinations Practice Note
Authored by: Tricia Matson, John Humphries Published to: Principle-Based Reserve Review Procedures Work Group In April 2019, the Principle-Based Reserve Review Procedures Work Group (the Work Group) issued an exposure of a Practice Note entitled “Common Practices of Examining Actuaries Involved in Statutory Financial Solvency Examinations of Life and Health Insurers Including Considerations for Principle-Based...
May 22, 2019
RRC Comments on ASOP 22
Authored by: Tricia Matson Published to: Actuarial Standards Board RRC appreciates the opportunity to offer our comments. Should you have any questions, we would be glad to discuss our comments with you. Overall, we agree with the revisions made to ASOP 22 and believe they will be helpful to actuaries as they prepare actuarial opinions...
April 17, 2019
Managing Specialists on Risk-Focused Exams
Authored by: William Michael and Alex Quasnitschka Published in: SOFE: The Examiner, Spring 2019 Have you ever been involved in a risk-focused examination (“RFE”) where the results of the Information Technology (“IT”) Review were provided AFTER fieldwork had been finalized? How about this one—have you ever been involved in an examination where the actuarial analysis...
April 17, 2019
Pension Risk Transfers – What Every Examiner Should Know
Authored by: Ben Leiser and Todd Muchnicki Published in: SOFE: The Examiner, Spring 2019 The most common and natural counterparty to the corporate plan sponsor are insurance companies. As PRT business is a growth area within the insurance industry, a target area of focus in a risk-focused exam related to current or prospective risks, in...
March 25, 2019
The Evolving Landscape of US Insurer Investments
Authored by: Edward Toy – Senior Manager, Investment Specialist Over time, the investments of US insurers have changed. This has been inevitable as market dynamics have shifted and US insurers have needed to adjust investment strategies and practices to accommodate. In recent years, the evolution has accelerated as US insurers have been driven, as have...
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RRC’s Response to 2019 NAIC Liquidity Stress Test Framework for Life Insurers Meeting the Scope Criteria