Public Policy
The Academy, through its public policy work, seeks to address pressing issues that require or would benefit by the sound application of actuarial principles. The Academy provides unbiased actuarial expertise and advice to public policy decision makers and stakeholders at the state, federal and international levels in all areas of actuarial qualifications. It also advocates on behalf of the profession and promotes the use of actuaries in non-traditional areas.
Health
The Health Practice Council (HPC) provides objective technical expertise to policymakers and regulators on major health insurance and health care affordability issues, including Medicare.
Pension
The Pension Practice Council (PPC) provides objective technical expertise to policymakers and regulators on major retirement policy issues, including Social Security, defined benefit pension plans, and retiree health.
Casualty
The Casualty Practice Council (CPC) provides objective technical expertise to policymakers and regulators on major property/casualty issues, including medical professional liability and flood insurance.
Life
The Life Practice Council (LPC) provides objective technical expertise to policymakers and regulators on life insurance issues, including a principle-based regulatory approach to reserving and risk-based capital.
Risk Management and Financial Reporting
The Risk Management and Financial Reporting Council (RMFRC) provides objective technical expertise to policymakers and regulators on issues involving risk management and/or financial reporting.
Public Policy News
The Extreme Events and Property Lines Committee has updated its monograph on the National Flood Insurance Program and related issues, including new data from the 2019 hurricane season.
(September 30, 2020)The Financial Reporting Committee submitted comments to the American Institute of Certified Public Accountants (AICPA) regarding Long-Duration Contracts Implementation Issue 11AC (ceded reinsurance), to be included in the Audit and Accounting Guide: Life and Health Insurance Entities.
(September 23, 2020)The Pension Committee published an issue brief considering the near-term and long-term effects of COVID-19 on pension plans, mortality, and other assumptions.
(September 22, 2020)The Committee on Property and Liability Financial Reporting has issued a new public policy paper, An Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserve Expertise. This document replaces an earlier publication on the same subject.
(September 21, 2020)C-2 Mortality Work Group presented an update to the NAIC's Life Risk-Based Capital (E) Working Group reviewing the C-2 overall approach and current risk-based capital (RBC) factors.
(September 11, 2020)The Committee on Property and Liability Financial Reporting has submitted comments to the NAIC's Actuarial Opinion Working Group, suggesting changes to the wording in the Financial Examiners Handbook.
(August 27, 2020)The Long-Term Care (LTC) Valuation Work Group gave a presentation to the National Association of Insurance Commissioners’ (NAIC’s) LTC Actuarial (B) Working Group on the work group’s progress on the NAIC’s requests that the work group develop a replacement mortality table for LTC active life reserves, develop a replacement lapse table, and consider developing tables for valuation on total lives basis as well as active lives basis.
(August 25, 2020)The Multiemployer Plans Committee submitted comments to the Internal Revenue Service about a proposed form for reporting the annual actuarial certification for multiemployer defined benefit plans.
(August 24, 2020)The Academy C-3 Life and Annuities Work Group (C-3 WG) has a request from the NAIC Life Risk-Based Capital (E) Working Group (LRBC) to “Update the current C-3 Phase I or C-3 Phase II methodology to include Indexed Annuities.”
(August 21, 2020)The Long-Term Care (LTC) Valuation Work Group gave a presentation to NAIC’s LTC Actuarial (B) Working Group as part of the NAIC Summer 2020 Virtual National Meeting.
(August 07, 2020)The PBR Governance Work Group provided an update on Academy PBR Resources to the Life Actuarial (A) Task Force at the NAIC 2020 Summer National Meeting.
(August 04, 2020)The Life Experience Committee Mortality Improvement Subgroup presented an update on the 2020 Life MI Scale Recommendation to the Life Actuarial (A) Task Force during the NAIC 2020 Summer National Meeting.
(August 04, 2020)The Pension Committee published a practice note, ASOP No. 51: Risk Assessment in Practice, providing information to actuaries on current or emerging practices affected by ASOP No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions.
(July 29, 2020)The Academy's senior casualty fellow Rich Gibson submitted comments on the latest draft of the NAIC's proposed white paper on Regulatory Review of Predictive Models.
(July 27, 2020)The Variable Annuity Reserves and Capital Work Group released the VM-21 Checklist. This checklist provides a comprehensive guide to VM-21, which specifies requirements for principle-based reserves for variable annuity contracts.
(July 23, 2020)Public Policy Statements
Comments and letters
Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.
Issue briefs
Analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public.
Policy papers
Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public. Includes monographs and white papers.
Presentations
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
Reports to the NAIC
The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of Academy practice councils.
Testimony
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
Practice Notes
Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.
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