Public Policy News

The Health Solvency Subcommittee provided an update on the evaluation of asset risk in the health risk-based capital (HRBC) formula.
(November 9, 2015)
Pension Practice Council submitted comments to the Treasury Department and Internal Revenue Service regarding final regulations concerning Qualified Longevity Annuity Contracts (QLACs) and their advantages. (November 6, 2015)
The Financial Reporting and Solvency Committee submitted a comment letter to the NAIC's Emerging Accounting Issues (E) Working Group on the “ACA Risk Corridors Collectability” exposure draft.  (October 30, 2015)
The Academy's Health Practice International Committee released a new issue brief exploring the similarities and differences with respect to long-term care reform in Austria, Germany, Israel, Japan, Korea, the Netherlands, and the U.S.  (October 29, 2015)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the Group Capital Calculation Recommendation exposure draft. (October 27, 2015)
The Academy held a forum on issues surrounding aging securely at the U.S. Capitol that explored long-term care, lifetime income, and the sustainability of public programs like Medicare and Social Security. (October 23, 2015)
The Medicare Subcommittee released an issue brief that examines the potential for Medicare Advantage plans to improve quality of care at lower prices as part of its Medicare@50 series. (October 23, 2015)
The Long-Term Care (LTC) Reform Subcommittee released issue briefs on LTC insurance portability, product design flexibility, and pricing flexibility as part of its new series on LTC issues. (October 23, 2015)
The Lifetime Income Risk Joint Task Force released three issue briefs in the Risky Business series: one explores financial literacy and education for prospective retirees, and refocused plan design and federal retirement policies; another provides actuarial insights regarding lifetime income planning; and a third examines risk sharing by retirees. The task force also released an issue brief that explains general retirement planning considerations, and another designed to provide a high-level perspective on key aspects related to lifetime income. (October 22, 2015)
The Life Reserves Work Group submitted an amendment proposal to the NAIC regarding the removal of references to the “seriatim reserve” in the Valuation Manual. (October 21, 2015)
The Life Reserves Work Group submitted an amendment proposal to the NAIC regarding the definition and clarification of the term “modeled reserve” in the VM-20.  (October 21, 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 that was exposed on Oct. 13. (October 21, 2015)
The Nonforfeiture Modernization Work Group submitted additional comments related to cancellation benefits on the Draft Contingent Deferred Annuity (CDA) Cancellation of Benefits Document to the NAIC CDA (A) Working Group. (October 20, 2015)
The AG 43/C-3 Phase II Work Group submitted comments on the "Variable Annuities Framework for Change" to the NAIC Variable Annuities Issues (E) Working Group. (October 16, 2015)
Read the newest edition of PBA Perspectives, the Academy’s quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance. (October 6, 2015)
The Active Benefits Subcommittee sent a letter to the IRS regarding Notice 2015-52 on the excise tax for high-cost employer-sponsored health coverage under the Affordable Care Act (ACA). (October 1, 2015)
The Principle-Based Reserves Strategy Subgroup submitted comments to the Reinsuirance Task Force on the exposure draft, Non-Universal Life and Universal Life With Secondary Guarantees Credit for Reinsurance Model Regulation. (September 30, 2015)
The Life Illustrations Work Group (LIWG) submitted comments to the Life Insurance and Annuities (A) Committee regarding possible life insurance policy illustration issues that could be reviewed by the proposed Illustration Review (A) Working Group. (September 30, 2015)
The VM-22 drafting subgroup of the Annuity Reserve Work Group (ARWG) submitted comments to LATF’s VM-22 subgroup on draft sections of VM-22 that cover all non-variable annuities and deposit funds. (September 29, 2015)
The C1 Work Group (C1WG) provided comments on the ACLI’S proposal, Life Insurer C-1 Asset Risk-Based Capital Requirement – Real Estate,” which was exposed by the NAIC Investment Risk-Based Capital Working Group. (September 29, 2015)