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.

Public Interest
Public Interest
The Public Interest Committee (PIC) identifies areas in which the Academy should be speaking out in the public interest. Issues addressed have included raising Social Security’s retirement age and public pension plans.
Casualty
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.
Health
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.
Life
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.
Pension
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.
Risk Management and Financial Reporting
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

Financial Reporting Committee Submits Comments to ASB on IAA International Standard of Actuarial Practice 4—IFRS 17 Insurance Contracts
The Financial Reporting Committee submitted comments to the Actuarial Standards Board for consideration on the International Actuarial Association's International Standard of Actuarial Practice 4—IFRS 17 Insurance Contracts exposure draft.  (May 25, 2018)
Financial Regulatory Task Force Submits Comments to U.S. House of Representatives on Bipartisan Financial Regulation Bill
The Financial Regulatory Task Force submitted comments to the U.S. Senate on S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act. (May 21, 2018)
Academy Responds to NAIC Exposure Draft on CASTF Attestation Charge
Past Academy President Mary D. Miller submitted a letter from the Academy to the NAIC responding to an exposure draft that the Casualty Actuarial and Statistical Task Force has issued containing potential changes to the P/C Statement of Actuarial Opinion Instructions to address the CASTF’s “Attestation” charge.
(May 11, 2018)
Work Group Submits Follow-Up Letter to NAIC
The AG43/C3P2 Work Group submitted a follow-up comment letter to the NAIC Variable Annuity Issues Working Group on previously submitted recommendations to the working group.  (May 11, 2018)
Work Group Publishes FAQ on Life Insurance Tax Reserve Methods and Assumptions
The Tax Work Group published a paper on frequently asked questions about life insurance tax reserve methods and assumptions.  (May 9, 2018)
More Public Policy News...

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

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.