Public Policy News

The Risk Management and Financial Reporting Council sent a letter to the Federal Reserve Board on issues related to a “margin over current estimate” (MOCE) for international insurance capital standards. (July 14, 2015)
In the July issue of HealthCheck, read the Academy’s statement following the Supreme Court’s King v. Burwell decision last month that ruled Affordable Care Act (ACA) subsidies are available to individuals in states participating in the federally facilitated marketplace. Also, follow some of the widespread media coverage of the Academy in the run-up and aftermath of King v. Burwell, read a new Academy issue brief examining wellness initiatives in several countries, and see several Medicare-related bills that were passed by the U.S. House of Representatives. (July 9, 2015)
The Terrorism Risk Insurance Subcommittee submitted a comment letter to the NAIC on its “Terrorism Risk Insurance Supplement and Instructions” draft. (July 6, 2015)
The Academy's Health Practice International Committee released an issue brief exploring current wellness initiatives, highlighting four international case studies. (July 6, 2015)
The Academy released its new PBA Perspectives, a quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance. (July 2, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on the second exposure of its “Price Optimization White Paper.” (July 2, 2015)
The Academy submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force on its review of the Society of Actuaries’ (SOA) general insurance track request. (June 29, 2015)
The Academy’s Public Interest Committee released a paper providing a common framework for discussion on sustainability of U.S. financial security programs, including Social Security, Medicare, and other types of insurance. Sustainability in American Financial Security Programs describes sustainability and related factors for policymakers, actuaries, and others for use when examining and proposing reforms of these programs. (June 24, 2015)
The Annuity Reserves Work Group submitted a report to the NAIC's VM-22 (A) Subgroup outlining the potential uses of the representative scenarios method (RSM) in calculating annuity reserves. (June 23, 2015)
Two Academy members participated in the NAIC Center for Insurance Policy and Research (CIPR) Symposium on retirement issues earlier this week. Lifetime Income Risk Joint Task Force member Mark Shemtob presented on lifetime income insurance products and related issues. Warren Jones, chairperson of the LTC Terminations Work Group, was a panelist on a discussion about the future of long-term care support and services. (June 16, 2015)
The Financial Regulatory Task Force (FinReg) sent a letter to the U.S. House Financial Services Committee (HFSC) on the Financial Stability Oversight Council (FSOC) 2015 annual report. (June 16, 2015)
The District of Columbia is seeking a senior property and casualty actuary to provide actuarial analysis of reserving matters for the review of financial solvency for insurance companies domiciled in the District. (June 15, 2015)
The Pension Committee released an update to “Selecting and Documenting Mortality Assumptions” for Pensions to reflect a new mortality improvement scale (BB) published by the Retirement Plans Experience Committee (RPEC) of the Society of Actuaries in 2012, mortality table RP-2014, and mortality improvement scale MP-2014 published by the Society of Actuaries in 2014.  (June 15, 2015)
The Deposit Fund Subgroup submitted a letter to the NAIC Life Actuarial (A) Task Force recommending edits to model regulation 695 concerning synthetic guaranteed investment contracts (GICs). (June 15, 2015)
The Catastrophe Risk Subcommittee of the P/C Risk-Based Capital (RBC) Committee submitted comments to the NAIC’s Catastrophe Risk Subgroup on the proposal to revise the calculation of catastrophe risks R6 and R7 for the 2015 reporting year. (June 12, 2015)
Members of the Life Practice Council and Academy Senior Life Fellow Nancy Bennett gave a presentation to the Treasury Department's Office of Financial Research (OFR) on stress testing of U.S. life insurers. The open-ended dialogue provided OFR staff an overview of how U.S. life insurers and regulators use stress testing, including how insurer stress testing differs from bank stress testing. (June 12, 2015)
The Financial Reporting Committee’s Profits Followed by Losses Subgroup released a practice note on accounting for profits followed by losses in long-duration contracts. (June 10, 2015)
The Health Care Cost Work Group published an issue brief addressing health care cost growth in Medicare by providing a framework for understanding and evaluating the options for reforming Medicare and their potential effects on cost growth, quality of care, and access to care. (June 5, 2015)
The Intersector Group released notes of its April 2015 meeting with the Treasury Department and Internal Revenue Service.  (June 2, 2015)
The Intersector Group released notes of its April 2015 meeting with the Pension Benefit Guaranty Corporation.   (June 2, 2015)