Public Policy News

Casualty Practice Council sent letters to U.S. Senate and House leaders urging reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire on Dec. 31. (December 4, 2014)
The Solvency Committee sent comments to members of the U.S. House of Representatives and the U.S. Senate in support of passage of the Insurance Capital Standards Clarification Act of 2014, which clarifies that the Federal Reserve has the authority to differentiate between banks and insurers in terms of capital requirements. (December 2, 2014)
The Financial Reporting Committee submitted comments to the Financial Accounting Standards Board on its disclosure requirements for short duration contracts. (November 21, 2014)
Mike Angelina, the Academy’s immediate past vice-president for casualty, made a presentation to the Casualty Actuarial and Statistical (C) Task Force (CASTF) at the Fall NAIC Meeting on the public policy implications raised by the practice of price optimization in ratemaking. (November 20, 2014)
The Reinsurance Committee submitted comments to the International Accounting Standards Board on the Insurance Contracts Project's reinsurance and ceding commissions proposal. (November 20, 2014)
The Individual Disability Work Group made a presentation to the NAIC’s Health Actuarial Task Force at the Fall NAIC National Meeting on the newly revised individual disability report and actuarial guideline. (November 18, 2014)
Medicare Supplement Work Group made a presentation to the NAIC’s Health Actuarial Task Force on recommendations for potential modifications to the Medicare Supplement refund formula. (November 18, 2014)
The Solvency Committee submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance hearing on "The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers, Part II." (November 18, 2014)
The American Academy of Actuaries and Society of Actuaries Joint Project Oversight Group made a presentation to the NAIC Life Actuarial (A) Task Force on the development of the 2014 VBT and CSO tables.
(November 14, 2014)
The Deposit Fund Subgroup of the Annuity Reserves Work Group made a presentation to the NAIC Life Actuarial (A) Task Force on the subgroup’s proposal to modify regulations of synthetic guaranteed investment contracts (GIC). 
(November 14, 2014)
The Deposit Fund Subgroup of the Annuity Reserves Work Group submitted a supplemental proposal on reserving for synthetic guaranteed investment contracts (GIC) and proposed changes to the existing model regulation.  (November 14, 2014)
The Medicare Supplement Work Group submitted a report to the NAIC on recommendations for potential modifications to the Medicare Supplement refund formula. (November 12, 2014)
The Medicaid Work Group sent a comment letter to the Centers for Medicare & Medicaid Services on the introduction of Sovaldi and other new  Breakthrough Therapy Designation medications and their potential impact on Medicaid costs. (November 11, 2014)
The Reinsurance Committee sent comments to the National Association of Insurance Commissioners on the Uniform Application Checklist for Certified Reinsurers exposure draft. (November 11, 2014)
The Contingent Annuity Issues Work Group sent a comment letter to the NAIC Contingent Deferred Annuity (A) Working Group on regulatory guidance for issuers of CDAs.  (November 7, 2014)
The Academy released a new Essential Elements paper, Medicaid Overview, on the federal-state program that funds health care for millions of low-income Americans. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (November 5, 2014)
The C-3 Work Group submitted to the NAIC Life Risk-Based Capital (RBC) Working Group an updated spreadsheet and instructions for calculating the CTE 90 RBC measure as part of the 2014 C-3 Phase 1 field test for large companies. (November 3, 2014)
The Financial Regulatory Task Force submitted a comment letter to the Financial Stability and Oversight Council on the importance of actuaries in financial and insurance systems, and its perspective on updates to actuarial standards and guidance. (November 3, 2014)
The Individual Disability Table Work Group provided a revised final report and actuarial guideline on a new individual disability table to the NAIC's Health Actuarial Task Force. (October 31, 2014)
 The Individual Disability Work Group made a presentation to the NAIC’s Health Actuarial Task Force on the newly revised individual disability report and actuarial guideline. (October 31, 2014)