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 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)
The Life Underwriting and Risk Classification Work Group sent a follow-up letter to the NAIC Accelerated Underwriting (A) Working Group on Actuarial Standards of Practice that were referenced in their June 18 presentation.(July 22, 2020)
The ASOP No. 6 Practice Note Work Group released an exposure draft, ASOP No. 6 - Development of Age-Specific Retiree Health Cost Assumptions for Pooled Health Plans, Including Applications to Non-Pooled Health Plans, to provide information for actuaries valuing retiree health benefit plans. Comments on the exposure draft are due to the Academy by September 30, 2020, and can be sent to Health@actuary.org.(July 21, 2020)
The Pension Committee, Multiemployer Plans Committee, and Public Plans Committee submitted comments to the Actuarial Standards Board regarding the second exposure draft of Actuarial Standard of Practice No. 4, Measuring Pension Obligations and Determining Pension Costs or Contributions.(July 20, 2020)
The Multiemployer Plans Committee published an issue brief about some of the considerations that go into the selection of actuarial assumptions for multiemployer plans.(July 16, 2020)
The Lifetime Income Risk Joint Committee released a new issue brief, Actuarial Perspectives on Determining a Retirement Income Budget.(July 13, 2020)
The Pension Practice Council published an issue brief detailing why the investment return assumption should be determined by the asset allocation, not the other way around.(July 06, 2020)
The Health Practice Council and its Task Force to Review Actuarial Standard of Practice (ASOP) 11 filed a comment on the Actuarial Standards Board exposure draft, Reinsurance Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports.(July 02, 2020)
The Risk Sharing Subcommittee filed comments with the Department of Health and Human Services and the Centers for Medicare and Medicaid Services on exposed Amendments to the HHS-Operated Risk Adjustment Data Validation Under the Patient Protection and Affordable Care Act’s HHS-Operated Risk Adjustment Program.(July 02, 2020)
The Intersector Group released the notes of its May 2020 conference call with the Pension Benefit Guaranty Corporation.(July 01, 2020)
The Casualty Practice Council commented on H.R. 7011, a proposal to facilitate expansion of Business Interruption insurance to include future pandemic events.(June 26, 2020)
The Workers’ Compensation Committee released an issue brief, Presumptive Benefits in Workers’ Compensation: Emerging Issues Before and After COVID-19, which covers what workers’ compensation presumption of benefits means, how laws vary by state, what occupations are covered by presumptions, what injuries or diseases are classified as presumptive, who is eligible, how claims can be rebuttable by the employers, what are the cost elements of workers’ compensation presumptions, and other cost considerations.(June 25, 2020)
The Life Underwriting and Risk Classification Work Group gave a presentation on actuarial perspectives on accelerated underwriting to the NAIC Accelerated Underwriting (A) Working Group.(June 18, 2020)
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.