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 Solvency Committee submitted comments to the Federal Insurance Office regarding its Study on the Insurance Capital Standard (ICS).(January 15, 2021)
The Casualty Practice Council filed comments on the Actuarial Standards Board exposure draft, Using Models Outside the Actuary's Expertise (Property and Casualty).(January 15, 2021)
Members of the Financial Reporting Committee submitted fatal flaw comments to the American Institute of Certified Public Accountants (AICPA) regarding Issues 3 & 4CD (market risk benefits) as part of ongoing discussions at the Insurance Experts Panel.(January 15, 2021)
The Committee on Property and Liability Financial Reporting issued an updated and expanded set of questions and answers concerning the impact of COVID-19 on p/c financial reporting. This supercedes the first edition, published in June 2020.(January 13, 2021)
The Health Solvency Subcommittee sent a comment letter in response to a request from the NAIC’s Health Risk-Based Capital (E) Working Group providing additional detail regarding the potential investment income adjustment factor for Health H2 Experience Fluctuation Risk.(January 11, 2021)
The ERM/ORSA Committee's Climate-Related Financial Disclosures (CRFD) Work Group submitted comments to the International Association of Insurance Supervisors (IAIS) on its Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.(January 11, 2021)
The Academy's Cyber Risk Task Force responded to the U.S. Treasury Department's questions about the applicability of the Terrorism Risk Insurance Act (TRIA) in cases of cyber-attacks that are aimed at targets outside the U.S. but cause insured losses in the U.S. The task force also noted the potential difficulty of meeting TRIA's requirement for an official finding that the source of an attack was a non-governmental terrorist organization.(January 07, 2021)
The Individual and Small Group Markets Committee and its Risk Sharing Subcommittee submitted comments to the Centers for Medicare & Medicaid Services (CMS) on the Proposed Notice of Benefit and Payment Parameters for 2022.(December 30, 2020)
The Intersector Group released its notes of a November 2020 conference call with the Pension Benefit Guaranty Corporation (PBGC).(December 29, 2020)
The Life Practice Council's Life Underwriting and Risk Classification Work Group sent a letter to the NAIC Life Insurance and Annuities (A) Committee on state regulatory and legislative actions in regards to life insurance underwriting implications of COVID-19.(December 18, 2020)
The Health Solvency Subcommittee submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Health Risk-Based Capital (E) Working Group to provide analysis to incorporate investment income into the existing underwriting risk factors within the health risk-based capital formula.(December 17, 2020)
The Public Plans Committee published an issue brief considering the impact of the COVID-19 pandemic on public pension plans.(December 14, 2020)
Mary Bahna-Nolan submitted a statement to the NAIC's Special (EX) Committee for Race and Insurance, Workstream #4.(December 10, 2020)
Academy volunteers presented at the National Council of Insurance Legislators (NCOIL) Annual Meeting during the Special Committee on Race in Insurance Underwriting’s session. Dorothy Andrews, chairperson of the Data Science and Analytics Committee, presented on behalf of the committee and provided an update on its ongoing work relevant to NCOIL’s examination of these issues. Casualty Vice President Lauren Cavanaugh presented on behalf of the Casualty Practice Council, and Mary Bahna-Nolan presented on the issue from a life perspective.(December 09, 2020)
The Life Practice Council's Asset Adequacy Testing Task Force (AATTF) published a discussion paper titled, Asset Adequacy Testing Considerations for Year-End 2020, for the purposes of raising awareness and summarizing actuarial practices for life financial reporting actuaries involved with asset adequacy testing (AAT) and related activities in 2020’s extreme economic environment.(December 04, 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.