Public Policy News

The Role of the Actuary Subgroup submitted comments to the NAIC’s Life Actuarial (A) Task Force (LATF) on revisions to the Corporate Governance Guidance Appendix, Section VM-G, of the Valuation Manual applicable to qualified actuaries for clarification and consistency with the Standard Valuation Law. (March 10, 2016)
The Risk Exposures Subgroup of the ERM/ORSA Committee released a new practice note, Quantifying Risk Exposures for Own Risk and Solvency Assessment Reports. (March 7, 2016)
The SVL Interest Rate Modernization Work Group submitted comments to the NAIC’s V-22 Subgroup of the Life Actuarial Task Force on statutory regulations regarding the determination of statutory valuation interest rates. (February 23, 2016)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update, Fair Value Measurement (Topic 820): Disclosure Framework. (February 18, 2016)
The Short-Duration Contracts Work Group released a new white paper, Challenges and Issues Implementing the FASB Short-Duration Contract Disclosures, for exposure comments through March 15. (February 17, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC’s Actuarial Opinion (C) Working Group on the Actuarial Opinion Instructions. (February 12, 2016)
The Public Plans Subcommittee submitted comments to the Governmental Accounting Standards Board on the exposure draft on Pension Issues—an amendment of GASB Statements No. 67, No. 68 and No. 73.
(February 12, 2016)
Senior Property/Casualty Fellow Jim MacGinnitie submitted comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft.
(February 5, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC's Statutory Accounting Principles (E) Working Group on the proposed Treatment for Fees Incurred for Salvage/Subrogation Recoveries. (February 3, 2016)
The ERM/ORSA Committee released a public-policy overview on the role of regulatory actuaries in reviewing Own Risk and Solvency Assessment (ORSA) reports. (February 1, 2016)
The Life Illustrations Work Group (LIWG) submitted comments to the NAIC’s Life Insurance and Annuities (A) Committee on the new working group formed to explore disclosures required in Model #580 and #582. (January 29, 2016)
The Actuarial Guideline 43/C-3 Phase II Work Group submitted comments to the NAIC on the variable annuities blanks proposal exposed on Nov. 19.
(January 29, 2016)
The Academy’s 2016 Life and Health Valuation Law Manual — designed to help appointed actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation — is now available in a variety of formats. (January 27, 2016)
The Medicare Subcommittee sent a letter to the Senate Finance Committee with comments on the Bipartisan Chronic Care Working Group’s Policy Options Document. (January 26, 2016)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Non-traditional Non-insurance Activities and Products public consultation document dated November 25, 2015. (January 25, 2016)
The LTC Principle-Based Reserves Work Group sent its final report on a principle-based approach model to the NAIC's Long-Term Care Actuarial Working Group. (January 21, 2016)
The Individual Disability Tables Work Group sent its final report and documentation on a recommended new statutory valuation standard basis for morbidity to the NAIC's Health Actuarial Task Force. (January 21, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft. (January 19, 2016)
The Academy released its 2015 P/C Loss Reserve Law Manual, which is updated from 2014 and designed to help appointed actuaries comply with NAIC annual statement requirements. The manual includes SAO requirements and state laws and regulations establishing requirements; annual statement instructions for the SAOs for P/C, title loss, and loss expense reserves; and other pertinent annual statement instructions. The manual is available online or as a CD-ROM, and members can order online here. (January 12, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note. (December 22, 2015)