Public Policy News

The Casualty Practice Council submitted comments to the Actuarial Standards Board on an exposure draft of a proposed Actuarial Standard of Practice on Property/Casualty Ratemaking. (January 31, 2015)
The Stress Testing Work Group submitted a comment letter to the NAIC Stress Testing (E) Subgroup regarding their stress testing proposal as an outline for field testing of life insurance reserves.
(January 30, 2015)
The Academy published a new Essential Elements paper, Climate Change, on the increased losses borne by businesses, homeowners, and insurers caused by hurricanes, severe storms, tornadoes, and other weather-related events. The Essential Elements series is designed to make actuarial analyses of public-policy issues clearer to general audiences. (January 29, 2015)
The Life Capital Adequacy Committee (LCAC) sent a comment letter to the NAIC Life Risk-Based Capital (E) Working Group regarding exposure drafts related to the XXX/AXXX reinsurance framework.
(January 29, 2015)
Janet Barr, former chairperson of the Academy’s Social Security Committee, submitted post-hearing testimony to the U.S. Senate Committee on Finance following its hearing on “Social Security: Is a Key Foundation of Economic Security Working for Women?” (January 15, 2015)
Pension Practice Council (PPC) sent a letter to Treasury Department regarding the benefits of allowing qualified defined benefit pension plans to provide longevity annuities directly, rather than requiring them to purchase an insurance contract. (January 14, 2015)
Pension Committee sent a comment letter to the PBGC regarding interpretation of plan provisions governing actuarial equivalence. (January 13, 2015)
The Life Illustrations Work Group sent a letter to the NAIC Life Actuarial (A) Task Force regarding principles for a sound actuarial guideline on illustrations of life insurance products.
(January 8, 2015)
Life Capital Adequacy Committee, Property and Casualty Risk-Based Capital Committee, and Health Solvency Work Group comments to the National Association of Insurance Commissioners (NAIC) on operational risk issues. (January 7, 2015)
The Academy has published its annual year-end Legislative/Regulatory Review that offers members a retrospective of the significant federal, state, and international developments that affected the U.S. actuarial profession last year, and key issues that will carry over into 2015. This special alert also highlights the Academy’s work in all practice areas. (January 7, 2015)
The Financial Reporting Committee sent comments to the International Accounting Standards Board (IASB) on its treatment of participating contracts in its insurance contracts project in follow-up to a November conference call. (December 23, 2014)
Pension Committee comment letter to the IRS regarding the updated final and newly proposed regulations for hybrid retirement plans.  (December 18, 2014)
The Financial Regulatory Task Force sent comments to the Government Accountability Office (GAO) on its global capital standards report. (December 16, 2014)
The Academy published its winter PBA Perspectives, a quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance. (December 15, 2014)
The Life Practice Council (LPC) submitted comments to the Actuarial Standards Board regarding an exposed Actuarial Standard of Practice (ASOP) on Principle-Based Reserves for Life Products.
(December 15, 2014)
The Life Products Committee(LPrC) submitted comments to the Actuarial Standards Board regarding an exposed Actuarial Standard of Practice (ASOP) on Life Insurance and Annuity Pricing.
(December 15, 2014)
The Risk Management and Financial Reporting Council sent comments to the Financial Stability Board (FSB) on the consultative document: Recovery and Resolution Planning for Systemically Important Insurers: Guidance on Identification of Critical Functions and Critical Shared Services. (December 15, 2014)
The Solvency Committee sent comments to the National Association of Insurance Commissioners on the U.S. Group Capital Methodology Concepts Discussion Paper. (December 5, 2014)
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)