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.
The Health Practice Council (HPC) provides objective technical expertise to policymakers and regulators on major health insurance and health care affordability issues, including Medicare.
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.
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.
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.
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 Public Plans Committee published a practice note reviewing current and emerging approaches to completion of the Actuarial section of the Comprehensive Annual Financial Report (CAFR).( )
The Financial Reporting Committee submitted comments to the American Institute of Certified Public Accountants (AICPA) regarding draft revisions to the Audit and Accounting Guide: Life and Health Insurance Entities.( )
The Multiemployer Plans Committee submitted a letter to the Internal Revenue Service requesting leniency on the March 30th deadline for multiemployer pension plan certifications.( )
The Health Practice Council developed answers to several FAQs discussing the pandemic’s potential effects on health care spending and insurance as insurers develop premiums for 2021. Read the news release.( )
The Health Solvency Subcommittee submitted a response letter to the NAIC Health Risk-Based Capital (HRBC) Working Group for its request to provide the health bond factors over a range of additional time horizons—spanning one to five years.( )
The Committee on Property and Liability Financial Reporting submitted comments on the CAS/SOA proposed new form for P/C Appointed Actuaries to report their continuing education activities.( )
The Pension Committee submitted a comment letter to the Internal Revenue Service on updated mortality improvement rates and static mortality tables for defined benefit pension plans for 2021.( )
Comments of the Individual and Small Group Markets Committee and Risk Sharing Subcommittee on the proposed rule for the 2020 Notice of Benefit and Payment Parameters (NBPP).( )
The Life Reinsurance Work Group sent a comment letter to the NAIC Reinsurance (E) Task Force regarding their exposed memorandum, which requested comments on whether compliance with Actuarial Guideline XLVIII (AG 48) should be considered to be "substantially similar" to Model #787 under the NAIC Financial Standards and Accreditation Program.( )
The Medicaid Subcommittee has released a new issue brief addressing concerns related to the growing health care costs through Medicaid and analyzes the public policy proposals to reform the program.( )
The Smarter Spending Work Group has released a new issue brief regarding consumers’, providers’, and payers’ roles in health care spending and initiatives and approaches to address health care costs.( )
A new issue brief has been released that explores current long-term care insurance (LTCI) programs, provides a history of long-term care (LTC) products, and discusses how a cash value LTCI design may provide consumer benefits.( )
The Casualty Practice Council submitted comments to the Actuarial Standards Board regarding a proposed new ASOP on rate-filing by property/casualty insurers.( )
The Life Illustrations Work Group sent a comment letter to the NAIC IUL Illustration (A) Subgroup on Indexed Universal Life insurance policies under Actuarial Guideline XLIX (AG 49).( )
The C-1 Work Group sent a letter to the NAIC Capital Adequacy (E) Task Force on their proposal to expand the number of bond factors in the Life Risk-Based Capital formula.( )
Public Policy Statements
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.
Analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public.
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.
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
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.
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
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.