Public Policy News

Life PBR—The New Valuation World (Sept. 24–25): Register now for this interactive seminar that will combine instructor-led training with small-group discussions on the practical application of the principle-based reserving mechanics as outlined in VM-20. Principle-based reserve experts will discuss the latest developments, including the new PBR Actuarial Standard of Practice and PBR practice note—both expected to be completed this year. (July 24, 2013)
The C1 Work Group submitted a comment letter to the NAIC Investment Risk-Based Capital Working Group on the Illinois’ common stock proposal for C1 Risk-based Capital.  
(July 24, 2013)
Senior Life Fellow Nancy Bennett presented on annuities regulation at the National Conference of Insurance Legislators Summer Meeting. (July 13, 2013)
The Academy hosted a briefing on the need for retirees to secure a lifetime income. The briefing, "Risky Business: Living Longer Without Income for Life," coincides with the June 19 release of the Lifetime Income Risk Joint Task Force’s discussion paper. The Academy briefed policy makers on how improved life expectancy affects planning for retirement; the challenges to ensuring lifetime income; and potential solutions to the risk of outliving one's income, including emphasizing financial literacy and education, refocusing retirement plan design, and developing policies that support lifetime income needs. (June 27, 2013)
The Health Practice Financial Reporting Committee released a new white paper providing an overview of provisions in the Affordable Care Act - the premium-stabilization programs, new taxes and fees, advanced payments, and existing actuarial liabilities - that may create a certain amount of volatility on future financial statements. (June 25, 2013)
The U.S. Government Accountability Office (GAO) is looking for credentialed actuaries from any practice area to fill two open Senior Actuary positions. The deadline for application is July 19, 2013. Click here to learn more and how you can apply. (June 24, 2013)
The Medicare Steering Committee submits written testimony to the House Ways and Means Subcommittee on Health regarding a hearing on the 2013 Medicare Trustees Report. (June 20, 2013)
The American Academy of Actuaries will host a June 27 Capitol Hill briefing that will examine the financial risks of increased lifespans, and the need for retirees to secure lifetime income. The Academy’s Lifetime Income Initiative is part of its continuing effort to provide objective, unbiased information to serve the public and the United States actuarial profession. (June 20, 2013)
The Academy’s Lifetime Income Risk Joint Task Force, composed of actuaries from the life and pension practice areas, has released its discussion paper, Risky Business: Living Longer Without Income for Life. The discussion paper focuses on the issue of ensuring retirees secure income that lasts their entire lifetime and discusses potential solutions through changes in education, plan design, and federal retirement policy. Read the news release. (June 19, 2013)
The Medicare Steering Committee updated its annual issue brief that offers an actuarial perspective on Medicare's financial condition and outlines the public policy options to address the program's long-term financial challenges. (June 12, 2013)
The PBR Strategy Subgroup submitted an additional comment letter to the NAIC Principle-Based Reserving Implementation (EX) Task Force on the May 9 drafts of the PBR legislative and educational briefs.   
(June 11, 2013)
The CAS Climate Change Committee has issued a call for essays discussing the impact of climate change on the insurance industry. This follows the committee’s Climate Index Working Group’s (CIWG) release of its Phase 1 report, Determining the Impact of Climate Change on Insurance Risk and the Global Community. The CIWG is a collaborative endeavor comprised of representatives from the Academy, the CAS, the Canadian Institute of Actuaries, and the SOA. Essays are due July 17 and are expected to be published later this year. Click here to learn more and how to submit your essay. (June 7, 2013)
Solvency Committee comments to the NAIC on its revised version of a draft white paper, The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative. (June 6, 2013)
The Pension Committee submitted comments to the Pension Benefit Guaranty Corporation (PBGC) regarding its proposed rule on reportable events under ERISA Section 4043. (June 3, 2013)
The Pension Finance Task Force submitted comments to the Actuarial Standards Board on revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (May 31, 2013)
Life Practice Council members presented a practical application of PBR Valuation on life insurance products to regulators attending the NAIC Financial Summit. (May 30, 2013)
The Health Practice Financial Reporting Committee submitted comments to the NAIC on its proposed modifications to the Maintenance Submission Form that addresses an Accounting Standards Update surrounding fees paid to the federal government by health insurers.  (May 17, 2013)
The American Academy of Actuaries will host a May 17 Hill briefing on how changes to health insurance premiums stemming from the Affordable Care Act (ACA) could vary considerably. Experts will present basic premium concepts; provisions in the ACA that affect premiums; and, how the provisions in ACA may change premiums. (May 12, 2013)
The Academy's Senior Health Fellow has written an issue brief that provides an overview of the basic concepts underlying premium calculations, and highlights and examines several Affordable Care Act-related provisions that could affect premiums. (May 9, 2013)
Read about recent health care reform activities in the latest edition. (May 8, 2013)