It's debatable if the fiduciary standard is 'higher' than suitability. But the better question might be, who's holding the bar?
NEW YORK, Nov. 12, 2012 /PRNewswire/ -- Deloitte & Touche LLP has continued the aggressive expansion of its governance, regulatory and risk strategies (GR&RS) practice within the insurance sector with the addition of David Vacca as a senior advisor. Vacca will focus on assisting Deloitte's account teams in serving insurance clients as they prepare for the "game-changing" regulatory requirement known as Own Risk and Solvency Assessment (ORSA).
(Logo: http://photos.prnewswire.com/prnh/20120803/MM52028LOGO-a )(Logo: http://photos.prnewswire.com/prnh/20120803/MM52028LOGO-b )
Vacca previously served as lead subject matter specialist for the National Association of Insurance Commissioners (NAIC) and was responsible for providing NAIC members with technical assistance in the development and incorporation of an ORSA requirement within the U.S. Solvency Framework. The ORSA requirement, which will be adopted in some states as early as January 2015, is an internal assessment of risks associated with an insurer's current business strategy and the sufficiency of capital resources to support those risks.
"David's depth of regulatory experience in the insurance industry will be an asset to our account teams. David brings keen insights and perspective, both within the U.S. and globally, to our insurance clients," said Kevin McGovern, national managing partner of Deloitte's GR&RS practice. "We are delighted to welcome aboard such a key industry influencer."
Vacca spent nearly a decade at the NAIC in managerial roles and has extensive experience in U.S. financial solvency regulation with an emphasis on financial analysis, examination, and intervention practices. During his years of service, Vacca represented the NAIC and U.S. insurance regulators as a member on several subcommittees and drafting groups of the International Association of Insurance Supervisors (IAIS) to develop global standard-setting principles, standards and guidance.
"The reputation of Deloitte's insurance arm as an ever-adapting team is something I am extremely excited to be a part of," said Vacca.
Vacca is a Certified Public Accountant (CPA). He holds a master's degree in accountancy and a bachelor of science in business administration accounting and finance from Kansas State University. He graduated cum laude from his undergraduate programs and was a member of the Business Honors Program.
About Deloitte's Governance, Regulatory & Risk Strategies Practice
Deloitte's GR&RS practice professionals provide consultative services to assist organizations and their boards in their efforts to create and protect value and enhance effective management of their strategic, regulatory, financial, operational, and compliance risks on a sustained basis. Deloitte GR&RS helps our clients develop sustainable governance, compliance, and risk management programs by helping organizations identify, remediate, monitor, and manage their enterprise risks in addition to coordinating the utilization of people, process, and technology to improve effectiveness and help manage costs.
As used in this document, "Deloitte" means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries. Certain services may not be available to attest clients under the rules and regulations of public accounting.
Hill + Knowlton Strategies
SOURCE Deloitte & Touche LLP