Public Policy News

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)
The Solvency Committee submitted comments to the National Conference of Insurance Legislators on the key priorities and principles that should be considered when developing insurance group solvency and capital standards. (October 10, 2014)
Representatives of the Actuarial Climate Volatility Index Subcommittee presented “Implications for Increasing Catastrophe Volatility on Insurers and Consumers” that updated progress on the development of an Actuaries Climate Index and Actuaries Climate Risk Index at the NAIC’s Center for Insurance Policy and Research (CIPR) Symposium. (October 7, 2014)
The PBR Strategy Subgroup sent a comment letter to the NAIC's Life Actuarial Task Force regarding an updated version of the AG 48 exposure draft.
(October 2, 2014)
The P/C Risk-Based Capital Committee submitted comments to the National Association of Insurance Commissioners on the Reinsurance Association of America's updated proposal on reinsurance credit risk factors. (October 1, 2014)
The ERM/ORSA Committee released an overview of the key content of an Own Risk and Solvency Assessment (ORSA) and the components of an ORSA for which actuarial input may be useful. (September 26, 2014)
The Life Practice Council presented a webinar reviewing the National Association of Insurance Commissioners (NAIC) Summer 2014 National Meeting, including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of the activities at the Life Risk-Based Capital (E) Working group, an update on the Kansas Field Test, and XXX/AXXX captives developments. (September 25, 2014)
The Academy published its second PBA Perspectives, which provides a quarterly update on activities surrounding the implementation of the Principle-based Approach (PBA) for life insurance. The newsletter includes reports and updates on legislative, regulatory, and Academy activity relating to the new principle-based methodology. (September 23, 2014)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the key priorities and principles that should be considered when developing insurance group solvency and capital standards. Click here to read the news release. (September 18, 2014)
The PBR Strategy Subgroup sent a comment letter to the NAIC's Life Actuarial Task Force regarding the exposure draft of AG 48. (September 17, 2014)
The Contingent Annuity Work Group sent comments to the NAIC’s Contingent Deferred Annuity Working Group regarding regulatory guidelines for CDAs.
(September 12, 2014)
The Reinsurance Committee submitted comments to the National Association of Insurance Commissioners’ (NAIC) Reinsurance (E) Task Force’s exposure draft, Securities Listed by the Securities Valuation Office, that specifically address the security provided for the purpose of collateralizing reinsurance obligations. (September 5, 2014)
The Financial Reporting Committee (FRC) submitted a letter to the International Accounting Standards Board on the treatment of participating contracts within the IFRS Foundation’s insurance contracts project that includes discussions on book-yield and effective-yield approaches.
(September 2, 2014)
The Joint Committee on Retiree Health sent a letter to the Governmental Accounting Standards Board commenting on proposed statements of accounting and financial reporting by governmental employers for other postemployment benefits (OPEBs). (August 29, 2014)
The Pension Committee's Public Plans Subcommittee sent a letter to the Governmental Accounting Standards Board commenting on an Exposure Draft on accounting and financial reporting for pension plans that are not administered through trusts and amendments to certain provisions of GASB Statements 67 and 68. (August 29, 2014)
The Asset Adequacy Analysis Committee released for exposure a practice note on current practices in asset adequacy analysis and testing.  Comments are due by Oct. 6. (August 21, 2014)