Description: The National Association of Insurance Commissioners (NAIC) has developed the Group Capital Calculation (GCC) for U.S.-based insurance groups since late 2015. GCC is designed to provide a coherent analytical framework to show a panoramic, transparent view of the interconnectedness, business activities and underlying capital support for an insurance group. The last field testing was completed in May 2019. The final proposal was adopted in late 2020. The Federal Reserve Board (FSB) also recently updated the group capital standard to an aggregation method, which is similar to the NAIC GCC. The Insurance Capital Standard (ICS) is under the development by International Association of Insurance Supervisors (IAIS) for Internationally Active Insurance Groups (IAIGs). It has entered the five-monitoring period from January 2020 to monitor the performance of the ICS V2.0 and the IAIS will perform a comparability assessment of the ICS V2.0 with the Aggregation Method (e.g. NAIC GCC) during this period.

Description: This session from the 2003 SOA Orlando Meeting covers insolvencies of insurance companies in the U.S., developments within the IAA with respect to solvency assessment and risk measurement. From the Record of the Society of Actuaries, Volume 29, No. 3.

Description: background history of the insurance industry and the role of actuaries within it, followed by the current environment and anticipated future environment.

Description: 2011 Enterprise Risk Management Symposium, Chicago. This study investigates whether simulation-based models can be used to predict liquidity risk for banks, which must comply with Basel III by January 2015. The paper looks at the process of developing a measurement framework using Black-Scholes and Merton’s asset-based models to measure liquidity risk.

Description: Speaker examines economic globalization and other reasons for actuaries to reconsider how we think about risks in the future. From the 1987 Record of Society of Actuaries, Vol. 13, No. 4B.

Description: Read the April 2020 issue of Risk Management, published by the Joint Risk Management Section. Newsletters provide practical information for the working actuary, articles on trends that impact sections and news about section activities.

Description: Note developed by the IAA for insurers to support the ERM Standards and Guidance materials developed by the International Association of Insurance Supervisors for supervisors.

Description: 2011 Enterprise Risk Management Symposium, Chicago. This paper uses a case-study research design looking at two companies: Infosys and Rolls-Royce Corp. The goal of the research is to develop an explanation of how ERM brings about the strategic implications or its “promise” as it is popularly known in the ERM circle. The influential factors and how they are linked to the ERM process of achieving strategic implications are highlighted.

Description: 2011 Enterprise Risk Management Symposium, Chicago. This is the abstract of the entitled paper.

Description: Gross Domestic Product (GDP) has been our chosen metric for growth since the Great Depression, but expectations are for lower GDP growth going forward than we are accustomed to. Its two components, population and productivity, face headwinds—population from a declining birth rate and longevity, and productivity from increased climate events, energy costs, global conflict and raw materials shortages. Comparing demographic results from the U.S., China and Nigeria, representing countries with varying population growth rates, illustrates the potential economic growth issues of aging populations and high dependency ratios. The demographic challenges can be turned into opportunities to broaden prosperity; productivity can be improved by providing a level playing field and helping those in the lowest socioeconomic classes find opportunities. These topics and more will be discussed and enhance foresight about them.