Public Policy News

The Casualty Practice Council presented a full-day program on predictive modeling for the National Association of Insurance Commissioners’ Insurance Summit in Kansas City on May 22-26. The program ended with a public policy panel discussion led by Senior Casualty Fellow Jim MacGinnitie. (May 25, 2017)
The Operational Risk Work Group submitted comments to the NAIC on the Life Risk-Based Capital (RBC) operational risk factor. (May 25, 2017)
The Health Practice Council (HPC) sent comments to the Senate Finance Committee on improving the individual health insurance market and changing the approach to Medicaid funding. (May 23, 2017)
The Financial Regulatory Task Force submitted comments to U.S. House leadership on H.R. 10, the Financial CHOICE Act of 2017, noting that if Congress chooses to establish an Office of the Independent Insurance Advocate, that office should include an Office of the Actuary. (May 19, 2017)
The Life Principle-Based Approach Practice Note Work Group released the final practice noteLife Principle-Based Reserves Under VM-20, to assist actuaries with the implementation of the principle-based life reserve valuation approach adopted by the NAIC as detailed in the Requirements for Principle-Based Reserves for Life Products—VM-20.
(May 18, 2017)
The Life Reserves Work Group submitted an amendment proposal form to the National Association of Insurance Commissioners Life Actuarial Task Force regarding the VM-20 wording on modeling of policy loans and separate account assets.
(May 12, 2017)
The Pension Committee submitted a comment letter to the IRS and Treasury Department on the projection of benefits under cash balance plans with variable interest credits. (May 12, 2017)
The Social Security Committee produced an issue brief that discusses gender-related factors that can cause differences to the benefits women and men receive from Social Security. Read the news release.  (May 12, 2017)
The Risk Sharing Subcommittee published an issue brief examining the risk adjustment program implemented under the Affordable Care Act (ACA) and the implications for the program under different potential changes to current insurance market rules.  (May 10, 2017)
The Stop-Loss Work Group sent comments to the NAIC’s Capital Adequacy (E) Task Force concerning calibration of risk factors in the Stop-Loss Factors Report. (May 9, 2017)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Revised Insurance Core Principles (ICPs) and ComFrame material integrated with ICPs’ public consultation package dated March 3, 2017. (May 8, 2017)
The Credit for Reinsurance Subgroup of the Reinsurance Committee released an exposure draft of a new practice note, Credit for Life Reinsurance in U.S. Statutory Financial Statements. (May 5, 2017)
The Life Reserves Work Group submitted comments on two National Association of Insurance Commissioners' (NAIC) Life Actuarial Task Force proposed amendments to VM-20 – one comment letter related to additional definitions and the other comment letter related to proposed changes to Section 2G.
(May 2, 2017)
The Pension Committee (PC) submitted a comment letter to the Actuarial Standards Board (ASB) on the proposed Actuarial Standard of Practice (ASOP), Setting Assumptions. (May 2, 2017)
The Casualty Practice Council submitted a comment letter on the ASB's third exposure of the proposed Actuarial Standards of Practice (ASOP), Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Funding. (April 27, 2017)
The Premium Review Subgroup submitted comments to the Center for Consumer Information and Insurance Oversight on the final 2018 unified rate review template (URRT) instructions. (April 27, 2017)
The ERM/ORSA Committee submitted comments to the Actuarial Standards Board (ASB) on its Setting Assumptions exposure draft. (April 27, 2017)
The Health Practice Council published an issue brief examining ways in which the individual health insurance market can be strengthened and made more viable. Read the news release.  (April 24, 2017)
The Principle-Based Reserve (PBR) Model Governance Practice Note Work Group released a new practice note to provide additional information for practicing life actuaries seeking to better understand models, model risks, model governance, and related issues, as these actuaries implement PBR.
(April 20, 2017)
The Flood Insurance Work Group released a new public policy monograph, The National Flood Insurance Program: Challenges and Solutions. The monograph provides objective information to policy makers on differing approaches to premium setting and program financing, including both public and private financing mechanisms. It also examines improvements in flood risk assessment and modeling that are reducing the uncertainties surrounding flood coverage and could lead to greater market participation by private insurers and reinsurers. Read the news release. (April 19, 2017)