Director of Research (Public Policy) Steve Jackson and Peter Ott, chairperson of the ACI/ACRI (Actuaries Climate Index / Actuaries Climate Research Index) Working Group and a vice chairperson of the Climate Change Joint Committee, delivered a virtual presentation to the German Actuarial Association, “U.S. Actuarial Societies & the American Academy of Actuaries’ Climate Work.” (March 14, 2024)
Catch up on all the NAIC news during this recap. Academy policy analysts share key highlights of the spring meeting and look ahead to issues likely to be discussed at the NAIC Summer National Meeting, set for August in Chicago. They share updates on priority projects and identify ongoing opportunities to provide an actuarial perspective with state insurance commissioners, other regulators and stakeholders, and industry professionals. (March 22, 2024)
The Financial Reporting Committee and the Life GAAP Reporting Committee sent a comment letter to the Financial Accounting Standards Board (FASB) on the exposure draft of Chapter 6: Measurement, of Concepts Statement No. 8, Conceptual Framework for Financial Reporting. (March 21, 2024)
Academy Senior Health Policy Analyst Matthew Williams provided an update on the Health Practice Council (HPC) activities of interest to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force during its 2024 Spring National Meeting. Topics included key policy priorities and project updates for the HPC, as well as current workstreams with the NAIC Health Risk-Based Capital (E) Working Group (HRBC) on tiered risk-based capital factor development. (March 15, 2024)
Academy Senior Fellow Rich Gibson provided a brief overview of the Committee on Cyber Risk to NAIC’s Cybersecurity (H) Working Group. The presentation highlighted the cyber risk toolkit, including an overview on the papers in the toolkit, papers expected to be published in the toolkit later this year, the public policy department’s ongoing research project on cybersecurity, and how the Academy and the committee can be helpful to the Cybersecurity (H) Working Group now that cyber insurance is included in their charges. (March 17, 2024)
Academy Casualty Policy Analyst Rob Fischer provided an update on the Casualty Practice Council (CPC) activities of interest to NAIC’s Casualty Actuarial (C) Task Force, including an update on recent publications, and anticipated releases from other CPC workstreams of interest to the NAIC. (March 16, 2024)
The Academy’s Health, Life, and Casualty practice councils submitted comments on New York State Department of Financial Services’ proposed insurance circular letter on the use of Artificial Intelligence Systems (AIS) and External Consumer Data and Information Sources (ECDIS) in insurance underwriting and pricing. The councils support efforts to curb underwriting and pricing methods that “reflect systemic biases and can reinforce and exacerbate inequality.” (March 14, 2024)
The Annuity Reserve and Capital Subcommittee, along with representatives from EY, presented updates on the upcoming VM-22 Field Test to LATF at the NAIC's Spring National Meeting in Phoenix. (March 13, 2024)
The C1 Subcommittee presented to the NAIC’s Risk-Based Capital (RBC) Investment Risk and Evaluation (E) Working Group at the NAIC Spring National Meeting in Phoenix, giving an update on the committee’s work on asset-backed securities for RBC. (March 13, 2024)
The Variable Annuity and Capital Subcommittee and the Society of Actuaries Individual Annuity Experience Committee presented to LATF on proposed mortality adjustment factor updates for Valuation Manual (VM)-21 SPA assumptions at the NAIC Spring National Meeting in Phoenix. (March 13, 2024)
The Asset Adequacy and Reinsurance Issues Task Force presented to LATF on its recent issue brief, Asset-Intensive Reinsurance Ceded Offshore From U.S. Life Insurers (With Focus on Bermuda), at the NAIC Spring National Meeting in Phoenix. (March 14, 2024)
Life Policy Analyst Amanda Barry-Moilanen presented on behalf of the Life Practice Council (LPC) on current and future LPC workstreams to the National Association of Insurance Commissioners’ (NAIC) Life Actuarial (A) Task Force (LATF), as part of the NAIC Spring National Meeting in Phoenix. (March 15, 2024)
The Committee on Professional Responsibility released a new paper, The Actuary's Toolbox: Peer Review—How Can It Help? Many actuaries or employers of actuaries have developed policies and best practices for peer review to support actuarial professionalism in the performance of actuarial services. This discussion paper provides some ways for actuaries to consider peer review in the context of professionalism. (March 07, 2024)
The Pension Committee released an issue brief, Aligning the PBGC’s Single-Employer Premium Structure With Its Objectives, which discusses options for modifying the Pension Benefit Guaranty Corporation’s (PBGC) single-employer premium structure to better support the single-employer defined benefit system, while preserving a strong level of retirement security.
Read the Academy news release. (March 05, 2024)
The Variable Annuity Reserve and Capital Subcommittee commented to the NAIC’s Life Actuarial (A) Task Force on the order of operations between the interest maintenance reserve (IMR) and cash surrender value (CSV) floor in the VM-21 reserve calculation. (March 04, 2024)