Public Policy News

The Joint American Academy of Actuaries Life Experience Committee and Society of Actuaries Preferred Mortality Oversight Group submitted amendment proposals to the Life Actuarial Task Force on VM-02 Section 5A, VM-20 Sections 3 and 6, VM-M Section 1.H, and VM-A to the Valuation Manual regarding adoption of new CSO tables. (July 23, 2015)
The Academy updated its Essential Elements reports on Medicare’s Long-Term Sustainability Challenge and Securing Social Security with information from the newly released 2015 Medicare and Social Security trustees reports. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (July 22, 2015)
The Individual Disability Tables Work Group (IDTWG) provided this memo to responses received on the “The Individual Disability Valuation Standard Report of the Joint American Academy of Actuaries/Society of Actuaries Individual Disability Tables Work Group” (the “Report”). This memo summarizes the comments and responses. (July 22, 2015)
The Financial Reporting Committee (FRC) sent comments to the Financial Accounting Standards Board (FASB) on issues raised during the May 21, 2015 educational session related to retrospective unlocking in long-duration contracts. (July 22, 2015)
The Risk Management and Financial Reporting Council (RMFRC) submitted comments to the Actuarial Standards Board (ASB) on its Capital Adequacy Assessment for Insurers discussion draft. (July 21, 2015)
The Lifetime Income Risk Task Force submitted comments to the Department of Labor regarding the proposed regulations defining fiduciaries and conflict of interest.
(July 20, 2015)
Two Academy representatives addressed state officials at the National Conference of Insurance Legislators (NCOIL) Summer Meeting. Shawna Ackerman, vice president for casualty, presented on price optimization during a special Property-Casualty Committee meeting. Academy Senior Life Fellow Nancy Bennett discussed principle-based reserving (PBR) at a Life Insurance & Financial Planning Committee panel discussion at NCOIL’s meeting. (July 17, 2015)
The Pension Committee submitted comments to the IRS regarding the timing for release of the mortality tables under §§430(h)(3) and 417(e) of the Internal Revenue Code for 2016. (July 17, 2015)
The Academy released a new Essential Elements paper, Insurance Capital Standards, that outlines U.S. and international efforts to establish new solvency and capital standards for insurers. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (July 16, 2015)
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)