Public Policy News

The Academy released New Risk Regulators and Regulations, an Essential Elements report that highlights many of the new state, federal, and international regulators and oversight efforts that have emerged in the wake of the 2008-09 global recession. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (August 25, 2016)
The Medicare Part D RBC Subgroup published a report recommending RBC risk factors for Medicare Part D coverage based on analysis of detailed carrier experience, which follows up on an initial report released in 2014. (August 24, 2016)
The Life Products Committee submitted comments to the Actuarial Standards Board (ASB) on the proposed Actuarial Standard of Practice (ASOP) that applies to the pricing of life insurance and annuity products. (August 24, 2016)
Mary Bahna-Nolan, chairperson of the Life Experience Committee, presented an update on guaranteed issue and preneed mortality table to the Life Actuarial Task Force. (August 24, 2016)
John Miller, chairperson of the Annuity Reserves Work Group, provided a non-variable annuity PBR update to LATF’s VM-22 Subgroup. (August 24, 2016)
Art Panighetti, a member of the Longevity Risk Task Force, presented an update to LATF on the task force’s work, including creating a working definition of “longevity risk,” analyzing U.S. mortality tables and reviewing regulatory and company approaches to longevity risk. (August 24, 2016)
The Lifetime Income Risk Joint Task Force submitted a comment letter to the Department of Labor concerning proposals for increasing retiree income options, with a focus on additional safe harbors that encourage delivering lifetime income.
(August 19, 2016)
The Long-Term Care (LTC) Credibility Monograph Work Group published a monograph on increasing the awareness of the applicability of credibility procedures to LTCI-related work, providing information on current practices, and outlining considerations and suggestions for advancing actuarial practice in LTCI. (August 17, 2016)
The ERM/ORSA Committee submitted comments to the NAIC’s National Treatment and Coordination (E) Working Group on its “Draft Form A Review Best Practices” exposure document.
(August 17, 2016)
The Financial Regulatory Task Force submitted comments to the Federal Reserve Board (Fed) on its proposed rule on Enhanced Prudential Standards for Systemically Important Insurance Companies. (August 17, 2016)
The ERM/ORSA Committee provided a presentation to the National Association of Insurance Commissioners' (NAIC) ORSA Implementation (E) Subgroup on the committee's recently released ORSA and the Regulator policy paper and an ORSA risk exposures practice note. (August 10, 2016)
The Multiemployer Subcommittee released a comment letter on the Pension Benefit Guaranty Corporation’s (PBGC) proposed rule on mergers and transfers between multiemployer plans.
(August 5, 2016)
The Life Illustrations Work Group submitted comments to the NAIC's IUL Illustrations (A) Subgroup regarding the extension of Actuarial Guideline 49 (AG 49) to all inforce life insurance illustrations. (August 1, 2016)
The Life Operational Risk Work Group submitted comments to the NAIC's Operational Risk (E) Subgroup on how operational risk, including a prospective growth charge, might be better reflected in the Life Risk-Based Capital Formula. (July 27, 2016)
Academy Senior Health Fellow Cori Uccello and Karen Bender, chairperson of the Academy's Individual and Small Group Markets Committee, submitted testimony on the general factors underlying premium rate setting and the major components driving premium changes for 2017 under the Affordable Care Act to a U.S. House Ways and Means Committee hearing on rising health care premiums. (July 22, 2016)
The Financial Reporting Committee and the Committee on Property and Liability Financial Reporting sent a comment letter to the SEC on its concept release on the modernization of certain disclosure requirements in Regulation S-K. (July 21, 2016)
The latest issue of PBA Perspectives features updates on principle-based reserving as well as regulatory, legislative, and Academy activities surrounding the implementation of the principle-based approach (PBA) for life insurance. (July 15, 2016)
The SVL Interest Rate Modernization Work Group submitted comments to the NAIC's VM-22 Subgroup of the Life Actuarial Task Force (LATF) in a question-and-answer format on the determination of statutory valuation interest rates. (July 15, 2016)
The Pension Committee released a comment letter on the decision by the Internal Revenue Service (IRS) to limit pension actuaries’ ability to interact with IRS actuaries and other experienced employee-benefits personnel. (July 15, 2016)
The Life Reserves Work Group (LRWG) submitted comments to the NAIC's Life Actuarial Task Force (LATF) on the exposed NAIC staff Amendment Proposal Form (APF) on VM-20 product aggregation. (July 5, 2016)