Public Policy News

The Tax Work Group submitted an amendment proposal form regarding the VM-20 transition period. (January 12, 2012)
The Academy’s Health Practice Council will present a webinar on Feb. 10 to provide actuaries from all practice areas with essential background on the Affordable Care Act (ACA), including key provisions in the law (focusing on those intended to expand coverage and the status of implementation). Members are invited free of charge. Learn more.  (January 11, 2012)
The Medicare slide decks—the first topic to be addressed in the Academy’s Campaign 2012 Toolkits series—include an overview of the structure of Medicare, the challenges to the program’s solvency and sustainability, and options that have been proposed to reform the program. You can download these files here: (December 23, 2011)
Life Practice Council Vice President Cande Olsen made a presentation to the NAIC’s  Contingent Deferred Annuity (A) Subgroup on the Academy’s Contingent Annuity Work Group’s report that was submitted to the NAIC on October 28. (December 22, 2011)
The American Academy of Actuaries International Accounting Standards Task Force submitted comments to the IASB on the topic of defining the contract boundary for insurance contracts. (December 21, 2011)
The International Accounting Standards Task Force submitted to the International Accounting Standards Board a white paper on what belongs in “other comprehensive income” and a discussion paper on the approaches to setting the discount rate for valuation of insurance contracts. (December 19, 2011)
The Financial Regulatory Reform Task Force provided comments to the Financial Stability Oversight Council on its proposed rule relating to systemically important financial institutions. (December 19, 2011)
The Academy and the Society of Actuaries (SOA) have joined resources to manage the economic scenario generators used in regulatory reserve and capital calculations. The latest version of the interest rate and equity generator is now on the SOA website. The SOA will provide frontline support and maintenance for the economic scenario generators. A joint Society of Actuaries/American Academy of Actuaries Project Oversight Group will oversee the generators and assist the SOA in providing technical support and direction for the current and future versions of the generators.

All versions of the generators, pre-packaged scenario sets, and documentation will be archived on the Academy website. Academy members involved in creating and updating the generators will continue to work with the regulatory community and the SOA to refine the generators and implement regulatory requirements for economic scenario generators. Support questions should be directed to: ESGhelp@SOA.org. (December 16, 2011)
The Academy’s Tax Work Group submitted a discussion paper to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting. 
(December 14, 2011)
The Financial Regulatory Reform Task Force responded to the Federal Insurance Office on how to modernize and improve the U.S. system of insurance regulation. (December 11, 2011)
The Academys Pension Accounting Committee and Joint Committee on Retiree Health submitted a comment letter to the National Association of Insurance Commissioners (NAIC) on the exposure drafts of Statements of Statutory Accounting Principles (SSAP) No. 92 and No. 102. These exposure drafts are intended to replace existing standards governing accounting for pension benefits and postretirement benefits other than pensions (OPEBs). (December 9, 2011)
The Academy’s Tax Work Group submitted a discussion paper to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting.
(December 7, 2011)
Click here to order your copy. The law manual is designed to help appointed actuaries comply with the NAIC annual statement requirements for statements of actuarial opinion. (December 2, 2011)
The Academy submitted written comments to the International Actuarial Association (IAA) in response to its exposure draft on model International Standard of Actuarial Practice (ISAP) 1–General Actuarial Practice. Mary Frances Miller, then the Academy’s president, advised members in October that the IAA had released its first exposure draft to IAA member associations and individual actuaries for comment. The Actuarial Standards Board (ASB) provided a report to the U.S.-based actuarial associations on the proposed ISAP and also submitted a comment letter that was strongly endorsed by the Academy. To learn more, read the Academy’s comment letter, Miller’s message, and the ASB’s report and comment letter. (December 2, 2011)
The Academy is creating toolkits designed to provide actuaries in every practice area with the tools necessary to deliver objective information on public policy issues to their own communities. The first in this series of toolkits is on Medicare’s financial condition. The toolkit includes a slide deck that provides an overview of the structure of Medicare, the challenges to the program’s solvency and sustainability, and options that have been proposed to reform the program. Learn more
(November 23, 2011)
The Health Practice Council co-signed a letter with the Committee on Qualifications to the Arizona insurance director pointing out that their regulatory definition of “qualified actuary” for health premium actuarial certifications was inappropriate and suggested corrective language. (November 18, 2011)
The Academy’s Cancer Claims Cost Tables Work Group submitted a letter to the NAIC’s Health Actuarial Task Force (HATF) indicating progress it has made over the last year and informing HATF of what it intends to do in the coming year. (November 11, 2011)
The Academy’s Group Long-Term Disability Work Group provided an update to the NAIC's Health Actuarial Task Force (HATF) at the NAIC’s Fall Meeting highlighting progress on the Long-Term Disability Valuation Table as well as indicating what work still needs to be completed.  (November 11, 2011)
The Premium Review Work Group sent a letter to the Mass. Senate regarding an amendment to the state budget that would require the disapproval of any health insurance rates to be “supported by sound actuarial assumptions and methods.” (November 1, 2011)
The Academy’s Life Practice Council will present a webinar on Nov. 22 to review the NAIC Fall 2011 National Meeting and progress on implementing the Principle-based Approach (PBA) to reserving. This 90-minute webinar also will include updates regarding the VM-20 impact study and NAIC developments on the Own Risk Solvency Assessment (ORSA). Click here to learn more. (October 31, 2011)