Public Policy News

The Academy's senior casualty fellow, Rich Gibson, presented testimony on predictive modeling at a hearing on automobile insurance held by the District of Columbia's Department of Insurance, Securities and Banking.
(March 25, 2019)
The Academy’s senior casualty fellow, Rich Gibson, gave a presentation on the Actuaries Climate Index at Tulane University’s conference on environmental law. (March 23, 2019)
Premium Review Work Group sent comments on the recently released final Unified Rate Review Template (URRT) and Instructions. (March 13, 2019)
The Life Illustrations Work Group submitted a comment letter to the NAIC's IUL Illustration (A) Subgroup, addressing questions raised regarding the illustrations of Indexed Universal Life (IUL) products under Actuarial Guideline 49.  (March 8, 2019)
Academy Pension Vice President Josh Shapiro testified March 7 before the House Subcommittee on Health, Employment, Labor, and Pensions, providing written and oral testimony with a nonpartisan, objective, actuarial focus on the increasing financial risks facing some multiemployer plans and the PBGC’s multiemployer program. (March 7, 2019)
Proposals to expand access to public health insurance plans are being put forward as a way to supplement efforts to strengthen insurance markets under the Affordable Care Act (ACA) or to replace the ACA marketplaces and/or other health insurance programs altogether. Goals of these proposals vary and include increasing access to affordable coverage, exerting downward pressure on provider prices, increasing plan availability, and reducing the number of uninsured. This issue paper from the American Academy of Actuaries Health Practice Council briefly outlines four approaches aiming to achieve such goals and highlights the key design elements that would need to be specified for an approach to be fully evaluated and implemented. Read the news release. (March 4, 2019)
The Pension Practice Council published a practice note providing information on current and emerging practices in the selection of investment return assumptions based on anticipated future experience.  (February 27, 2019)
The Medicaid and Long-Term Care Insurance Work Group published an issue brief exploring the potential for catastrophic long-term care costs as a major financial risk especially facing older Americans and to help clarify the options currently available for dealing with it. (February 26, 2019)
The Lifetime Income Risk Joint Committee, Retirement System Assessment and Policy Committee and Social Security Committee submitted a comment letter to the Bipartisan Policy Center on its 2016 Report of the Commission on Retirement Security and Personal Savings. (February 22, 2019)
The Pension Committee published a practice note discussing the valuation of lump sum benefits for financial accounting purposes.  (February 22, 2019)
The RBC Tax Reform Work Group submitted a comment letter to the NAIC Life Risk-Based Capital Working Group on their exposed guidance document on the Interpretation of 2018 Life Risk-Based Capital Results. (February 19, 2019)
The Individual and Small Group Markets Committee and the Risk Sharing Subcommittee submitted comments on the proposed rule for the 2020 notice of benefit and payment parameters (NBPP). (February 19, 2019)
The Life Reserves Work Group submitted a comment letter to the Life Actuarial (A) Task Force regarding exposed APF 2019-04, which seeks to provide clarification for expense allowance formulas for universal life with secondary guarantee (ULSG). (February 19, 2019)
The Life Experience Committee sent a comment letter to the Life Actuarial (A) Task Force to address questions that were raised during the NAIC Fall 2018 National Meeting regarding the current process used to develop the AG38 and VM-20 annual mortality improvement scale recommendations.  (February 19, 2019)
Mary D. Miller, on behalf of the American Academy of Actuaries, submitted a comment letter pertaining to the Executive (EX) Committee's Ad Hoc commissioner group’s proposed changes of the Property and Casualty 2019 Actuarial Opinion Instructions, including the Ad Hoc Group's draft qualified actuary definition. (February 15, 2019)
Mary D. Miller, on behalf of the American Academy of Actuaries, submitted a comment letter to the Casualty Actuarial and Statistical (C) Task Force (CASTF) to the CASTF 's draft qualification and related documentation requirements and copy of a letter to the Executive (EX) Committee's Ad Hoc commissioner group’s proposed changes of the Property and Casualty 2019 Actuarial Opinion Instructions, including the Ad Hoc Group's draft qualified actuary definition.
(February 15, 2019)
The Life Illustrations Work Group updated their 2018 practice note to reflect implications from the 2017 passage of the Tax Cuts and Jobs Act, pertinent to ASOP No. 24.  (February 15, 2019)
The Role of the Actuary Subgroup sent a comment letter to the Variable Annuities Capital and Reserve (E/A) Subgroup on the use of the terms "actuary" and "qualified actuary" in draft revisions to VM-21.  (February 13, 2019)
The LTC Practice Note Work Group published an exposure draft of a practice note to provide a source of information to practicing long-term care (LTC) actuaries seeking to better understand the considerations in evaluating experience, setting assumptions, valuation, and financial reporting. (January 31, 2019)
The Life Reinsurance Work Group provided comments to the NAIC's Life Actuarial (A) Task Force regarding the possible impact of varying interpretations of current VM-20 guidance for determination of future nonguaranteed yearly renewable term reinsurance rates.  (January 31, 2019)