Public Policy News

The Academy released a new Essential Elements paper, Terrorism Risk Insurance, that explores the Terrorism Risk Insurance Program, how terrorism insurance is different from other types of insurance, and the case for extending the program. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences. (June 30, 2014)
The Tax Work Group sent a comment letter to the NAIC Health Actuarial Task Force on the tax implications of the 2013 Individual Disability Income Valuation Tables.
(June 26, 2014)
The Life Practice Council sent a comment letter to the NAIC Principle-based Reserving Implementation (EX) Task Force on its June 4 exposure of the Rector Report.
(June 25, 2014)
The Casualty Practice Council submitted comments on the Casualty Actuarial Society’s Statement of Principles on P&C Ratemaking revised draft. (June 20, 2014)
The Health Practice Financial Reporting Committee submitted comments to the NAIC’s Statutory Accounting Principles Working Group on its new accounting proposal for the risk-sharing programs of the Affordable Care Act. (June 20, 2014)
The Academy published PBA Perspectives to provide quarterly updates on activities surrounding the implementation of the Principle-based Approach (PBA) for life insurance.  The newsletter includes reports on legislative, regulatory, and Academy activity relating to PBA.  PBA Perspectives will also provide updates on state legislative adoption of the new principle-based methodology. (June 20, 2014)
On June 18, Cori Uccello, the Academy's senior health fellow, provided members of the U.S. House Committee on Oversight and Government Reform's Subcommittee on Economic Growth, Job Creation, and Regulatory Affairs with an objective actuarial assessment of the three Affordable Care Act (ACA) risk-sharing mechanisms. Read the written testimony and the news release. (June 18, 2014)
The Stress Testing Work Group sent a comment letter to the NAIC Life Risk-Based Capital Working Group on its recent stress testing proposal.
(June 18, 2014)
Academy Senior Life Fellow Nancy Bennett gave a presentation on regulatory capital requirements for U.S. life insurers to the Financial Stability Oversight Council Insurance Industry Work Group.
(June 17, 2014)
The Medicare Part D RBC Subgroup published a report to the NAIC’s Health Risk-Based Capital Working Group recommending that no change be made to the risk factors for Medicare Part D coverage. (June 12, 2014)
The C-3 Work Group submitted a report on a recommended approach for updating regulatory Risk-Based Capital requirements for interest rate risk for fixed annuities and single premium life insurance
(June 12, 2014)
The Solvency Committee submitted comments to the International Actuarial Association (IAA) on the International Association of Insurance Supervisors' (IAIS) Memo on a proposed approach for a global insurance capital standard. (June 6, 2014)
The Solvency Committee submitted comments to members of the U.S. House of Representatives supporting passage of the Insurance Capital Standards Clarification Act of 2014 (S.2270/H.R.4510), which clarifies that the Fed has the authority to differentiate between banks and insurers in terms of capital requirements. (June 5, 2014)
The Separate Account Product Work Group submitted a comment letter to the NAIC Separate Account Risk Working Group on its revised recommendations for separate accounts that was exposed May 7, 2014.
(June 5, 2014)
The Health Practice Council released a new issue brief providing an overview of the factors underlying general premium rate setting and highlighting the major drivers behind why 2015 premiums could differ from those in 2014 under the Affordable Care Act (ACA). Click here to read the news release. (June 4, 2014)
The Risk Management and Financial Reporting Council submitted comments to NCOIL's International Issues Task Force with recommendations on three international issues that NCOIL should address in 2014. (June 2, 2014)
The Reinsurance Work Group submitted a comment letter to the NAIC Emerging Actuarial Issues Working Group on the exposed Reinsurance Ceded Interpretation Question.
(June 2, 2014)
The Academy released a new Essential Elements, What Drives the Growing Cost of Health Care?, as part of its series designed to make actuarial analyses of public policy issues more accessible. Visit the Essential Elements webpage. (May 28, 2014)
The C-3 Work Group made a recommendation to NAIC’s Life-Based Capital Working Group on an approach for updating regulatory risk-based capital requirements for interest rate risk for fixed annuities and single premium life insurance. (May 27, 2014)
The ORSA Subgroup submitted comments to the NAIC's Risk-Focused Surveillance Working Group on draft ORSA guidance that will be included in the Financial Analysis Handbook and the Financial Condition Examiners Handbook. (May 16, 2014)