AmericanAcademyOfActuaries

As the public policy arm of the U.S. actuarial profession, the Academy provides independent, objective analysis to policymakers and regulators. Academy members use their actuarial expertise to contribute to the public debate on major issues ranging from Social Security solvency to terrorism insurance.

The Academy’s public policy efforts—papers and testifying before Congress and state legislatures to actuarial analysis of the impact of regulations and working with the National Association of Insurance Commissioners (NAIC)—are supported by the Casualty Practice Council, Health Practice Council, Life Practice Council, Pension Practice Council, and Risk Management and Financial Reporting Council. The Academy’s senior health fellow and senior pension fellow help represent the Academy on public policy issues.

The Academy also provides an actuarial perspective on key issues by sponsoring Capitol Hill briefings for congressional staff and policymakers. The Hill briefings have covered such varied topics as Social Security reform, asbestos liability, retirement security, and the Medicare prescription drug benefit. The Hill briefings reflect an increased emphasis on the public policy debate at the national level. Similarly, members have been called upon to testify on numerous occasions about pension funding and medical liability reform issues. At the same time, Academy volunteers continue to work extensively on state insurance issues with the NAIC, the National Conference of Insurance Legislators, rule-making bodies such as the Federal Accounting Standards Board and the Governmental Accounting Standards Board, and interested parties such as the American Institute of Certified Public Accountants and the AARP. International issues have also moved into the foreground in recent years.

To assist Academy members and staff involved in public policy activities, the Board of Directors adopted the “Guidelines for Making Public Statements” in 1982. The guidelines were updated most recently in 2007 to cover public statements made in an international context. The Academy’s public statements include issue briefs, monographs, and comment letters, as well as other types of comment and analysis.

Vision and Strategic Direction

The Academy is the primary source of impartial expertise and practical advice on public policy issues regarding financial security and management of risk.
Strategic Directions

1. Educate public policymakers and the general public on aspects of issues relating to financial security and actuarial soundness to promote the public good.
2. Advocate for public policy outcomes that are actuarially sound.
3. Advocate on behalf of the actuarial profession in order to promote and protect the profession and to increase the influence of the Academy and the actuarial profession in the creation of public policy that affects the profession.
4. Advocate on behalf of the actuarial profession for sound public policy outcomes to increase the recognition, appreciation, and use of actuaries in new areas of practice.