Public Policy News

The Solvency Committee submitted written testimony for the U.S. House Financial Services Subcommittee on Housing and Insurance's hearing on "The Impact of Domestic Regulatory Standards on the U.S. Insurance Market." (September 29, 2015)
Pension Committee sent comments to the Pension Benefit Guaranty Corporation (PBGC) regarding the proposed changes to the §4010 reporting requirements. (September 25, 2015)
The Premium Review Work Group sent a letter to CCIIO with suggested changes to the unified rate review template (URRT) and rating methodology. (September 22, 2015)
The Life Practice Council (LPC) submitted comments to the NAIC’s Principle-Based Reserving Implementation (EX) Task Force on its “Substantially Similar Terms and Provisions” to Determine the Valuation Manual Operative Date exposure draft. (September 17, 2015)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposal to limit unlocking the assumptions and discount rates for long-duration insurance contracts to only the fourth quarter. (September 16, 2015)
The Reinsurance Committee sent comments to the National Association of Insurance Commissioners (NAIC) on the draft Certified Reinsurers and Passporting Public Document. (September 11, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on its Price Optimization White Paper, which was exposed at the NAIC’s summer national meeting. (September 10, 2015)
Academy Senior Health Fellow Cori Uccello provided written testimony on potential implications of expanding small-group definition to companies with 51-100 employees to the U.S. House Energy & Commerce Subcommittee on Health hearing on affordable health care. (September 9, 2015)
The Auto Insurance Committee submitted comments to the Federal Insurance Office (FIO) on proposed methods to monitor the affordability of auto insurance. (August 31, 2015)
The Illustrations Work Group (IWG) published an addendum to the practice note, Actuarial Standard of Practice No. 24: Compliance with the NAIC Life Insurance Illustrations Model Regulation, to reflect the recently adopted Actuarial Guideline 49. (August 28, 2015)
Key Academy volunteers addressed many issues including earthquake risk, long-term care terminations, actuarial professionalism, life principle-based reserving, and investment risk-based capital (RBC) among other issues before regulators at the National Association of Insurance Commissioners (NAIC) 2015 Summer National Meeting held August 15-18 in Chicago. Read the Academy Alert here. (August 21, 2015)
Social Security Committee released an issue brief on the Disability Insurance Trust Fund shortfall and ways to improve its long-term financial viability.
(August 20, 2015)
The C-1 Work Group prepared a report and made a presentation to the NAIC’s Investment Risk-Based Capital Working Group on C-1 factors for corporate bonds. (August 19, 2015)
Multiemployer Subcommittee sent comments to the IRS and Treasury on proposed regulations on suspensions of benefits under the Multiemployer Pension Reform Act of 2014.
(August 19, 2015)
The Solvency Committee provided a presentation to the National Association of Insurance Commissioners (NAIC) on the practical implications of using a 99.5 percent Value at Risk (VaR) over a one-year time horizon for valuation purposes. (August 15, 2015)
The Long-Term Care Terminations Work Group presented an update to the NAIC's Long-Term Care Actuarial Working Group on progress made in developing a recommendation on LTC terminations and next steps.  The Long-Term Care Principle-Based Work Group offered an update on developing a principle-based approach model and a timeline for completion, and the Long-Term Care Credibility Monograph Work Group presented its progress in drafting a monograph that addresses long-term care credibility.   (August 14, 2015)
The Cancer Claims Cost Tables Work Group presented to the NAIC's Health Actuarial Task Force on the progress of the valuation table and expected next steps. (August 14, 2015)
Academy representatives Richard Daillak and Mary Bahna-Nolan addressed NAIC Life Actuarial (A) Task Force at the NAIC Summer 2015 National Meeting. Mr. Daillak, Chair of the Life Reinsurance Work Group, presented on Treatment of YRT reinsurance in Stochastic Exclusion Ratio Testing. Ms. Bahna-Nolan, Chair of the Life Practice Council, discussed the topic of accelerated underwriting. (August 14, 2015)
The Nonforfeiture Modernization Work Group presented an update on the group’s activities to the NAIC Life Actuarial (A) Task Force at the NAIC 2015 Summer Meeting. (August 14, 2015)
The Life Illustrations Work Group of the American Academy of Actuaries presented an educational paper describing various bonus structures and the illustration Disciplined Current Scale (DCS) supportability testing for life insurance products subject to the NAIC Life Insurance Illustrations Model Regulation. (August 14, 2015)