Public Policy News

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)
The Financial Reporting Committee sent comments to the Public Company Accounting Oversight Board on the draft Auditing Accounting Estimates and Fair Value Measurements staff consultation paper. (October 31, 2014)
The PBR Strategy Subgroup sent a comment letter to the NAIC PBR Implementation (EX) Task Force on an exposure draft of AG 48.
(October 30, 2014)
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial Task Force regarding the proposed actuarial guidelines for indexed universal life illustrations.
(October 28, 2014)
The Financial Reporting Committee (FRC) sent comments to the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) on the IASB's Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging discussion paper. (October 17, 2014)
The Rate Review Practice Note Work Group released for exposure a new practice note on rate filings, review, and disclosure under the Affordable Care Act for calendar year 2015 and beyond. Comments on the exposure draft should be submitted by Oct. 27. (October 15, 2014)
The Life Financial Reporting Committee released a practice note detailing practices on the treatment of value of business acquired (VOBA), goodwill, and other intangible assets under the purchase method of accounting of Generally Accepted Accounting Principles, or PGAAP.
(October 15, 2014)
The Profits Followed By Losses Subgroup released for exposure a new practice note on profits followed by losses in long-duration contracts. Comments on the exposure draft are due Nov. 10. (October 10, 2014)