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 Retirement Practice Council (RPC) provides objective technical expertise to policymakers and regulators on major retirement policy issues, including Social Security and retirement plans.
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.
The Prudential Regulation Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on its consultation draft application paper on climate risk scenario analysis in the insurance sector.(February 23, 2024)
The Liquidity Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note Liquidity Risk, a revision to a previous practice note published in 2000. The 2024 version broadens the scope by incorporating perspectives from the health and property/casualty practice areas as well as introducing practice-area-specific appendices.(February 15, 2024)
A new issue brief from the Asset Adequacy and Reinsurance Task Force, Asset-Intensive Reinsurance Ceded Offshore From U.S. Life Insurers (With Focus on Bermuda), offers a summary of motivations, common practices, and relevant actuarial guidance for U.S.-based actuaries involved in reinsurance transactions based offshore, particularly in Bermuda. Read the Academy press release.(February 15, 2024)
The Economic Scenario Generator Subcommittee presented to the NAIC’s Generator of Economic Scenarios (GOES) (E/A) Subgroup of the Life Actuarial (A) Task Force on proposed “quadrant” criteria for the joint distribution of interest rates and equity returns.(February 14, 2024)
The Annuity Reserve and Capital Subcommittee commented to the NAIC’s Valuation Manual (VM)-22 (A) Subgroup of the Life Actuarial (A) Task Force on the Nov 2023 exposure of VM-31, VM-G, and the VM-22 PBR Supplement Blank.(February 14, 2024)
The Health Practice Council’s Individual and Small Group Markets Committee and Active Benefits Committee responded to the DOL’s Employee Benefits Security Administration’s proposed rule on Association Health Plan’s definition of employer.(February 14, 2024)
The Social Security Committee released an issue brief on the 2023 Social Security Trustees Report examining the social insurance program’s long-term solvency issues.(February 02, 2024)
The Public Plans Committee released Introduction to Service Purchases for Public Pension Plans, a practice note considering a variety of service purchase programs that can be found across public sector pension plans, as well as plan administration topics that actuaries should be aware of when working with them.(February 02, 2024)
The Economic Scenario Generator Subcommittee submitted comments to the Life Actuarial Task Force (LATF) on the Dec 12 exposure of the updated Generator of Economic Scenarios (GOES) Targeting Criteria and Evaluation Statistics.(January 31, 2024)
The Life Valuation Committee submitted a comment letter to the Life Actuarial Task Force (LATF) on the re-exposure of APF 2023-12 concerning equity return volatility in VM-30 cash-flow testing.(January 29, 2024)
The Prudential Regulation Committee released an issue brief, Introduction to Insurance Group Capital Requirements, which focuses on U.S. application, including a discussion of the two primary approaches used to determine group capital.(January 24, 2024)
The Climate Change Joint Committee released an issue brief, ESG and the Actuary, which is intended to present some of the basics of environmental, social, and governance (ESG) considerations as actuaries contemplate how ESG may impact their work.(January 24, 2024)
The Pension Committee released an issue brief, Church-Sponsored Retirement Plans—Overview and Considerations. This issue brief discusses the broad range of church plans and practices. Among other considerations, it discusses the impact on a participant of being in a church plan when the ERISA protections and provisions for U.S. tax-qualified single or multiemployer pension plans generally do not apply.(January 24, 2024)
The Health Practice Council’s Health Care Delivery Committee, Individual and Small Group Markets Committee, and Active Benefits Committee responded to the Committee on Health, Education, Labor, and Pensions’ (HELP) request for information on access to gene therapies for patients with an ultra-rare disease.(January 22, 2024)
Health Equity Committee co-chairpersons Annette James and Rebecca Sheppard, and member Yi-Ling Lin, gave an overview of the committee’s work on equity considerations related to benefit design to AHIP’s Health Equity Workgroup.(January 09, 2024)
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.