Public Policy News

The Solvency Committee submitted comments to the NAIC's Group Capital Calculation (E) Working Group on the group capital calculation and the proposed treatment of captives. (September 5, 2017)
The Financial Regulatory Task Force submitted comments to the U.S. Senate Committee on Banking, Housing, and Urban Affairs on S. 1463, Financial Stability Oversight Council Insurance Member Continuity Act. (August 31, 2017)
The Financial Regulatory Task Force submitted comments to the U.S. Senate Committee on Banking, Housing, and Urban Affairs on S. 1360, International Insurance Capital Standards Accountability Act of 2017. (August 31, 2017)
The Academy sent a letter to members of Congress regarding the importance of an actuarial perspective on tax reform proposals and discussions. (August 31, 2017)
The Casualty Practice Council sent a letter to members of the U.S. House of Representatives urging reauthorization and reform of the National Flood Insurance Program. (August 30, 2017)
The Financial Reporting Committee submitted comments to the Public Company Accounting Oversight Board’s (PCAOB) on their proposed amendments to auditing standards for auditor’s use of the work of specialists. (August 29, 2017)
The Life Reserves Work Group (LRWG) submitted a comment letter on term insurance riders to the NAIC's Life Actuarial Task Force (LATF) regarding VM Maintenance Agenda Item 2017-40. (August 28, 2017)
The Casualty Practice Council sent a letter to the U.S. Senate Committee on Banking, Housing, and Urban Affairs urging reauthorization and reform of the National Flood Insurance Program. Read the news release. (August 23, 2017)
The Academy's Principle-Based Reserving Review Procedures Work Group submitted a comment letter to the NAIC's Financial Examiners Handbook Technical Group regarding the exposure of proposed changes to the Financial Condition Examiners Handbook.  (August 17, 2017)
The Academy presented on both public policy and professionalism matters at the National Association of Insurance Commissioners (NAIC) 2017 Summer National Meeting Aug. 6-9 in Philadelphia, PA. A wide range of public policy topics across the Academy's practice areas were covered at the meeting, including: health insurer cost-sharing reduction (CSR) reimbursements, principle-based reserving for life insurance and other products, Long-Term Care Insurance (LTCI),  the availability and affordability of automobile insurance, and reauthorization of the National Flood Insurance Program. (August 11, 2017)
Standard Valuation Law Interest Rate Modernization Work Group presented an update to the NAIC's Life Actuarial Task Force (LATF) summarizing its activities on its new project to modernize the process of setting valuation interest rates for non-variable annuities (except SPIAs).  (August 5, 2017)
The Annuity Reserves Work Group presented an update on its work related to issues that need to be modified for non-variable annuities to the Life Actuarial Task Force. (August 5, 2017)
Mary Bahna-Nolan, chairperson of the Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group, presented on PBR valuation considerations and recommendations related to accelerated underwriting to the Life Actuarial Task Force. (August 4, 2017)
Mary Bahna-Nolan, chairperson of the Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group, presented on the guaranteed issue report and amendment proposal forms (APFs) to the Life Actuarial Task Force. The first APF examines implementation of guaranteed issue mortality tables under current requirements; the second APF examines implementation under principle-based reserve requirements. (August 4, 2017)
Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group presented to the Life Actuarial Task Force on the 2017 simplified issue composite mortality tables report.
(August 4, 2017)
The Academy released Auto Insurance in the 21st Century, which explores insurance issues surrounding autonomous vehicles, ride-sharing services, and distracted driving. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (August 2, 2017)
The Tax Work Group released an issue brief on the implications of calculating tax-deductible claim reserves based on incurral date versus issue date for long-term disability insurance policies. (July 28, 2017)
The P/C RBC Committee and the Health Solvency Subcommittee submitted a joint comment letter to the NAIC’s Investment Risk-Based Capital Working Group expressing concern about proposed changes to corporate bond factors. (July 25, 2017)
The Health Practice Council sent a letter to U.S. Senate leadership on the potential adverse consequences of legislation to eliminate the Affordable Care Act’s (ACA) individual mandate which would lead to lower enrollment, a deterioration of the risk pool, and higher premiums. (July 25, 2017)
The Health Practice Council released a new policy paper highlighting cost-sharing reductions including what they are and why they need to be funded. (July 24, 2017)