Public Policy News

On April 28, the Academy will host a forum, Retirement for the AGES:  Measuring for Success, that will bring together retirement community leaders for a discussion of retirement plans and proposals, and an assessment of them using the Academy’s new framework for retirement-income systems. The all-day forum at the Ronald Reagan International Trade Center in Washington will include a review of the Academy’s AGES framework, presentations of policy proposals to increase retirement security, and panel discussions on how well these retirement plans and proposals adhere to the AGES framework.  Click here to register. (April 10, 2014)
The American Academy of Actuaries’ initiative, Examining the Health Care Equation – Actuarial Perspectives on Cost and Quality, examines health care cost growth and explores options to reduce long-term spending growth and promote high-quality care.

On April 7, 2014, the Academy launched this initiative with a Capitol Hill Briefing as part of its continuing effort to provide objective, unbiased information to serve the public and the United States actuarial profession. The first paper in the series, "New Models of Care Delivery," and the flyer "What Drives the Growing Cost of Health Care" were presented.  If you were unable to attend the briefing, please click here to view the presentation.

Click Here for more information on the Academy's latest initiative. (April 7, 2014)
The Life Financial Reporting Committee completed its draft of its  Practice Note detailing practices on the purchase method of accounting on VOBA, goodwill and other intangible assets under Generally Accepted Accounting Principles commonly referred to as Purchase GAAP and is exposed for comment until June 2. 
(April 4, 2014)
The Pension Practice Council sent a letter to congressional leaders regarding the sunset of certain multiemployer provisions in the Pension Protection Act of 2006 that will expire the end of 2014. Read the news release here. (March 31, 2014)
The C-1 Work Group gave a presentation at the NAIC Spring National Meeting to the Investment Risk-Based Capital Working Group on C-1 Factors for Corporate Bonds in the Life Risk-Based Capital Instructions. 
(March 29, 2014)
The Medicare Supplement Work Group presented an update to the NAIC's Health Actuarial Task Force on the progress of a review of the Medicare supplement review and a list of next steps. (March 28, 2014)
The Academy released two new Essential Elements papers on principle-based reserving (PBR) and the National Flood Insurance Program (NFIP) adding to its series designed to make actuarial analyses of public policy issues more accessible to widespread audiences. Visit the Essential Elements webpage to read these and other papers in the series. (March 28, 2014)
The Nonforfeiture Modernization Work Group updated the NAIC Life Actuarial Task Force on the Gross Premium Nonforfeiture Method.
(March 28, 2014)
The Actuarial Guideline 33 Non-elective Incidence Proposal Work Group presented the NAIC Life Actuarial Task Force with proposed language to AG 33 to address the non-elective incidence reserve issue.
(March 28, 2014)
The Life Experience Subcommittee presented an update to the NAIC Life Actuarial Task Force on mortality development of the 2014 Commissioners Standard Ordinary table, the 2014 Valuation Basic Table, and margins under VM-20 for determination of Prudent Estimate Mortality.
(March 27, 2014)
The NAIC Life Actuarial Task Force adopted a Life Reserves Work Group amendment proposal to VM-20 regarding treatment of due premiums in reserve calculation.
(March 27, 2014)
The Contingent Annuity Issues Work Group responded to questions from the NAIC regarding the reserving and capital requirements for contingent annuities
(March 21, 2014)
The Principle-Based Reserve Strategy Subgroup submitted comments on the exposed Feb. 17, 2014, Report of Rector & Associates, Inc. to the Principle-Based Reserving Implementation (EX) Task Force.
(March 21, 2014)
Frank Todisco, chief actuary of the Government Accountability Office, spoke at an Academy Capitol Forum webinar on the GAO’s mission, the role of the actuary at the agency, and some of its selected work areas. If you missed this webinar, click here to listen to the audio recording. (March 20, 2014)
The AOM Discussion Group released a report on ideas to improve the communication of issues within the appointed actuary’s memorandum.
(March 19, 2014)
Senior Pension Fellow Donald Fuerst provided written testimony to U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Economic Policy hearing on the state of U.S. retirement security. (March 12, 2014)
The Health Solvency Work Group sent a letter to the NAIC Health Risk-Based Capital Working Group that offered ideas for alternatives to increasing riks-based capital factors to cover the 3Rs. (March 11, 2014)
William Hines, vice-president of the Risk Management and Financial Reporting Council, submitted written testimony to the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection for its hearing on capital regulation for insurers.  (March 11, 2014)
Academy members made well-received presentations at the National Conference of Insurance Legislators’ Spring Meeting in Savannah March 7-9.  Ellen Kleinstuber, vice-chairperson of the Academy’s Pension Committee, presented on a March 7 panel, “Longevity Risk & Insurance.”  She also offered comments at a special point-counterpoint discussion on a proposed pension de-risking model act.  Joyce Bohl, a member of the Federal Health Committee, presented on March 8 as part of a panel on the Affordable Care Act and underwriting. (March 10, 2014)
The ORSA Subgroup submitted comments to the NAIC on its Guidance Manual for the Own Risk and Solvency Assessment (ORSA), noting that revisions made in the March 2014 draft provide clarity for those developing ORSA reports. (March 5, 2014)