Public Policy News

The Principle-Based Reserves Model Governance Practice Note Subgroup of the Principle-Based Reserves Strategy Subgroup released a draft model governance 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 principle-based reserving (PBR). The deadline for comments is Jan. 2, 2017. (December 1, 2016)
The Academy, in conjunction with three other actuarial organizations, launched the Actuaries Climate Index (ACI) that provides a quarterly measure of changes in extreme events and sea levels to inform actuaries, public policymakers, and the public about climate trends in the U.S. and Canada. Read the news release. (November 30, 2016)
Laurel Kastrup, the chairperson of the Academy’s Health Financial Reporting and Solvency Committee, testified at a U.S. House Subcommittee on Government Operations hearing on the federal long-term care insurance program. (November 30, 2016)
The LTC Criteria Work Group published an issue brief examining the essential criteria that should be used to analyze long-term care (LTC) financing reform proposals. Read the news release. (November 29, 2016)
Academy Senior Life Fellow Nancy Bennett made a presentation to the National Conference of Insurance Legislators (NCOIL) National Meeting that provides an update and background on the implementation of principle-based reserving (PBR). (November 18, 2016)
The Stop Loss Factors Work Group sent a report to the NAIC Health Risk-Based Capital (RBC) Work Group (E) reviewing the RBC formulas currently used for medical excess of loss business.
(November 14, 2016)
The AG 43/C-3 Phase II Work Group submitted comments to the Variable Annuities Issues (E) Working Group on the exposed proposal to revise Actuarial Guideline 43 (AG 43) and C-3 Phase II. (November 14, 2016)
The SVL Interest Rate Modernization Work Group submitted comments on valuation rate buckets to the NAIC's VM-22 (A) Subgroup on its exposure draft on the VM-22 maximum valuation interest rates for income annuities. (November 2, 2016)
The SVL Interest Rate Modernization Work Group submitted comments to the NAIC's VM-22 (A) Subgroup on its exposure draft on the VM-22 maximum valuation interest rates for income annuities.
(November 2, 2016)
The Longevity Risk Task Force gave a presentation to the Financial Stability Oversight Council (FSOC) Nonbank Designations Committee on longevity risk in annuity and life insurance. (November 1, 2016)
The Life Operational Risk Work Group submitted comments to the NAIC's Operational Risk (E) Subgroup on proposed operational risk factors and growth charge for the life risk-based capital (RBC) formula. (October 31, 2016)
The Property and Casualty Risk-Based Capital Committee submitted a report to the NAIC's Property/Casualty Risk-Based Capital (E) Working Group providing a detailed update of property and casualty risk-based capital underwriting factors. (October 28, 2016)
The Solvency Committee submitted comments to the NAIC’s Group Capital Calculation (E) Working Group on its NAIC Staff Memo – Inventory Method Items with Questions exposure draft. (October 24, 2016)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Risk-based Global Insurance Capital Standard Version 1.0 public consultation document dated July 19, 2016. (October 19, 2016)
The C1 Work Group submitted comments to the NAIC's Investment Risk Based Capital Working Group on proposed RBC factors for fixed income securities for the NAIC’s life RBC formula. (October 17, 2016)
The Casualty Practice Council (CPC) and the Committee on Product and Liability Financial Reporting (COPLFR) submitted a letter to the Actuarial Standards Board, commenting on the third exposure draft of the proposed Actuarial Standard of Practice (ASOP) for modeling.
(October 14, 2016)
The Risk Sharing Subcommittee and Premium Review Work Group submitted a letter to the U.S. Department of Health and Human Services (HHS) regarding the proposed rule for the 2018 benefit and payment parameters. The comments address proposed changes to the risk sharing mechanisms, market reforms, and rate review provisions. (October 6, 2016)
The Tax Work Group submitted comments to the NAIC's Statutory Accounting Principles (E) Working Group in response to the Issue Paper No. 15X concerning the implementation of principle-based reserving (PBR). (October 6, 2016)
The Intersector Group released the notes of its September 2016 meeting with the Treasury Department and Internal Revenue Service. (October 6, 2016)
The Intersector Group released the notes of its September 2016 meeting with the Pension Benefit Guaranty Corporation. (October 6, 2016)