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 Long-term Care (LTC) Reform Subcommittee released an issue brief on LTC financing reform proposals involving public programs. This issue brief provides a side-by side assessment of various federal and state reform programs and proposals using essential criteria for LTC financing reform proposals developed by the Academy.(July 28, 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 rule, Updating Payment Parameters, Section 1332 Waiver Implementing Regulations, and Improving Health Insurance Markets for 2022 and Beyond.(July 28, 2021)
The Long-Duration Contracts Work Group of the Financial Reporting Committee released an exposure draft of a public policy practice note on the Application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts. The exposure draft is Part I: Traditional and Limited-Payment Contracts – Basic Considerations Related to the Liability for Future Policy Benefits. Due to the number of areas of practice impacted by this accounting standard, the white paper is being exposed for comment in sections, of which this is the first. Please send comments to firstname.lastname@example.org by September 30.(July 27, 2021)
Automobile Insurance Committee comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for information (RFI) relating to regarding FIO's future work relating to monitoring the availability and affordability of automobile (auto) insurance.(July 26, 2021)
The Long-term Care Reform Subcommittee sent a comment letter to the National Association of Insurance Commissioners (NAIC) Long-Term Care (EX) Task Force regarding the June 10, 2021 exposure draft of the actuarial sections within the Long-Term Care Insurance Multi-State Rate Review Framework.(July 26, 2021)
The Health Equity Work Group (HEWG) released a new discussion brief, Health Equity from an Actuarial Perspective: Health Plan Benefit Design. This discussion brief is part of a series developed by the HEWG to provide more context on issues raised in the initial discussion brief, Health Equity from an Actuarial Perspective: Questions to Explore.(July 23, 2021)
The Multiemployer Plans Committee submitted comments to U.S. Department of the Treasury and Internal Revenue Service (IRS) relating to implementation of the multiemployer pension plans temporary funding relief provisions of the American Rescue Plan Act of 2021 (ARPA).(July 23, 2021)
The Pension Committee submitted comments to the Department of the Treasury and Internal Revenue Service (IRS) providing suggestions on guidance relating to the implementation of the single-employer pension plan funding relief provisions enacted under the American Rescue Plan Act of 2021 (ARPA).(July 23, 2021)
The Multiemployer Plans Committee published notes from October 9, 2020 Multiemployer Plans Committee meeting with officials of the Departments of the Treasury and Labor and Pension Benefit Guaranty Corporation on applications by plans in critical and declining status to suspend benefits or partition liabilities as permitted under the Multiemployer Pension Reform Act of 2014 (MPRA).(July 22, 2021)
The annual FAQ document to provide information relevant to the Academy Interest Rate Generator has been updated to reflect changes for 2021.(July 22, 2021)
The Annuity Reserves and Capital Work Group (ARCWG) submitted a proposed draft of revised NAIC VM-22 requirements for fixed annuity principle-based reserving framework. The following draft includes a version demonstrating the changes to the current VM-22 framework as well as a clean version of the document.(July 16, 2021)
The Health Solvency Subcommittee sent a letter to the National Association of Insurance Commissioners (NAIC) Health Risk-Based Capital (E) Working Group regarding its request of the Academy to conduct a comprehensive review of the H2—Underwriting Risk component and managed care credit calculation in the health risk-based capital formula.(July 08, 2021)
The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force on proposed changes to P/C annual statements. The letter addresses such areas as definition of exposure, calendar date alignment, and existing alternative data sources.(July 06, 2021)
The Intersector Group published notes from its May 2021 conference call with the Treasury Department and Internal Revenue Service.(July 02, 2021)
RMFRC’s Data Science and Analytics Committee (DSAC) submitted comments in response to a joint request for information and comment from several federal agencies regarding financial institutions’ use of artificial intelligence (AI) and machine learning. The DSAC letter provided actuarial insights into the use of AI in the insurance sector. The agencies making the request are the Office of the Comptroller of the Currency, the Federal Reserve’s Board of Governors, the Federal Deposit Insurance Corporation, the Bureau of Consumer Financial Protection, and the National Credit Union Administration.(June 30, 2021)
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.