Public Policy News

The Lifetime Income Risk Joint Task Force submitted a comment letter to Congress on the Lifetime Income Disclosure Act. (July 6, 2018)
The AG43/C3 Phase II Work Group submitted a comment letter to the NAIC on the assumption governance for Actuarial Guideline 43.  (July 5, 2018)
The Annuity Illustration Work Group submitted a comment letter to the NAIC on proposed changes to the Annuity Disclosure Model Regulation #245.  (July 2, 2018)
The Life Illustrations Work Group submitted a comment letter to the California Department of Insurance on Assembly Bill 2634.  (July 2, 2018)
The summer StateScan Quarterly highlights state legislation and regulation in the past quarter including casualty issues related to auto insurance and autonomous vehicles, flood and travel insurance, climate risk, and workers’ compensation; health issues including the individual market, Medicaid, and long-term care; and life insurance issues, public pension plans, and cross-practice issues, such as captive insurers and credit for reinsurance. For a comprehensive review, log in to StateScan, the legislative and regulatory portal free for Academy members.
(June 28, 2018)
Individual and Small Group Markets Committee members present at the 2018 SOA Health Meeting on examining rules surrounding association health plans, short-term limited duration insurance plans, and health reimbursement arrangements from the Trump Administration. (June 27, 2018)
The Life Reserves Work Group submitted a revised APF to the NAIC on the aggregation of mortality segments for the purpose of determining credibility. (June 27, 2018)
Big Data Task Force presentation to the NAIC Casualty Actuarial and Statistical Task Force (CASTF) Predictive Analytics Book Club on the Big Data and the Role of the Actuary monograph. (June 26, 2018)
The C1 Work Group submitted a comment letter to the NAIC Valuation of Securities Task Force on their proposal to add comprehensive instructions for fund investments to the Purposes and Procedures Manual.  (June 25, 2018)
The Social Security Committee released an issue brief on the 2018 Social Security Trustees Report that examines the social insurance program’s long-term solvency issues and recommends that Congress should act soon to improve the long-term financial outlook of the program. (June 22, 2018)
The Long-Term Care & Disability Committee sent comments on proposed legislation to add a long-term care benefit to the Medicare program, evaluating in terms of financing, benefits, and coordination with other programs. (June 15, 2018)
A new issue brief produced by the Individual and Small Group Markets Committee, Drivers of 2019 Health Insurance Premium Changes, provides an overview of the general factors underlying premium rate setting and highlights the major components driving premium changes for 2019. Read the news release. (June 13, 2018)
The Medicare Subcommittee published an issue brief, Medicare’s Financial Condition: Beyond Actuarial Balance, on significant concerns about Medicare’s long-term financial health. (June 13, 2018)
The Life Reserves Work Group submitted a revised APF on the Aggregation of Mortality Segments in response to comments received on their original version of the APF.  (June 11, 2018)
Ted Goldman, Senior Pension Fellow, responded to questions for the record from the Joint Select Committee on Solvency of Multiemployer Pension Plans April 18 hearing on “The History and Structure of the Multiemployer Pension System.” (June 7, 2018)
The RBC Tax Reform Work Group submitted its third comment letter to the NAIC Risk-Based Capital Working Group on the impact of tax reform on life RBC calculations.  (June 6, 2018)
The Life Operational Risk Work Group submitted a comment letter to the NAIC Operational Risk (E) Subgroup on incorporating prospective operational risk growth charge into the life Risk-Based Capital formula.  (June 6, 2018)
The Academy released the monograph, Big Data and the Role of the Actuary, at the International Congress of Actuaries meeting in Berlin on June 5. The monograph examines how Big Data is providing actuaries with powerful new analytical tools and opportunities to work on Big Data projects, Academy Past President and Big Data Task Force Chairperson Bob Beuerlein told ICA attendees. Read the news release.

Interested in learning more? Join us on Nov. 1 and 2 for the Academy’s 2018 Annual Meeting and Public Policy Forum, which will feature a plenary session that will look at the evolution and implications of Big Data. Visit the event website for more information about the agenda and how to register.

(June 5, 2018)
The Life Reserves Work Group submitted an APF which seeks to revise the approach in VM-20 to determine the credited rate for index accounts in the calculation of the Deterministic Reserve (DR).  (June 1, 2018)
The Life Products Committee submitted a comment letter to the NAIC Life Actuarial (A) Task Force on the exposed Actuarial Guideline, Application of Section 6 of the Standard Nonforfeiture Law for Individual Deferred Annuities Model 805.   (May 29, 2018)