Public Policy News

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)
The Life Financial Reporting Committee has re-exposed the practice note, Optional Retrospective Application of ASU 2010-26 Acquisition Costs, for an additional two weeks. The deadline for comments is Oct. 28, 2011. (October 14, 2011)
A joint work group comprised of members of the SOA Long-Term Section Council and the Academy’s Federal Long-Term Care Task Force submitted a letter to HHS Secretary Sebelius regarding the department’s extension of the Genetic Information Nondiscrimination Act (GINA) to long-term care insurance in proposed regulations.  (October 13, 2011)
The Academy hosted a jointly sponsored Capitol Hill briefing, Important New Research Findings Indicate a “Rising Tide” of Contributions Facing Defined Benefit Pensions, with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrate a “rising tide” of pension funding challenges facing the private defined benefit system. Presenters discussed important implications for plan sponsors, beneficiaries, and policymakers.

 

(October 12, 2011)
The Casualty Practice Council submitted comments to the NAIC’s Casualty Actuarial & Statistical Task Force on its proposed 2012 Actuarial Opinion Instructions. (October 10, 2011)
Exchanges Work Group comments to CMS in response to proposed regulations establishing health insurance exchanges and qualified health plans under the ACA.  (October 6, 2011)
The Academy recently sent a letter to the NAIC Medigap PPACA Subgroup offering comments on the subgroup’s new discussion paper, Medicare Supplement Insurance First Dollar Coverage and Cost-Shares. (October 4, 2011)
The Financial Reporting Committee commented on a paper by the Public Company Accounting Oversight Board (PCAOB) on the issues surrounding the auditor’s report based on recent investor feedback. The committee’s comments included a recommendation to increase disclosure and provide more detail to the auditor's reporting model. (September 30, 2011)
The Academy's Social Security Committee urged President Obama and congressional leaders to improve the long-term solvency and sustainability of Social Security whether in a broader deficit-reduction package or through an alternative legislative track. (September 23, 2011)
The Committee on Property and Liability Financial Reporting sent comments to the AICPA regarding its working draft of Audit and Accounting Guide Property and Liability Insurance Entities. (August 31, 2011)
The Academy recently sent a comment letter to the members of the new Joint Select Committee on Deficit Reduction urging action to improve the long-term solvency and sustainability of the Medicare program.  (August 31, 2011)
The Academy/SOA Long-Term Disability Work Group gave an update to the NAIC's Health Actuarial Task Force on the work group's progress regarding the creation of a valuation table for group long-term disability. The work group expects the table to be completed by March of 2012.  (August 31, 2011)