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
Jason Kehrberg, chairperson of the YRT Field Test Project Oversight Group, provided an update on Sept. 12 NAIC Life Actuarial (A) Task force call.( )
The Lifetime Income Risk Joint Committee sent a letter to the Employee Benefits Security Administration providing comments on the ERISA Advisory Council Report.( )
The Health Practice Council released an issue brief, Surprise Medical Bills: An Overview of the Problem and Approaches to Address It, providing an overview of the surprise-billing problem and insights on approaches how to address it. Read the news release.( )
The Longevity Risk Task Force submitted a comment letter to the NAIC Longevity Risk (A/E) Subgroup providing additional assumption sensitivities to the proposed longevity C-2 risk factors.( )
The Pension Committee, Multiemployer Plans Committee, and Public Plans Committee submitted comments to the Actuarial Standards Board regarding exposure drafts of Actuarial Standard of Practice Nos. 27 and 35.( )
The Multiemployer Plans Committee of the American Academy of Actuaries released notes from its March 2019 meeting with representatives of the U.S. Department of Treasury, the Pension Benefit Guaranty Corporation (PBGC), and the Department of Labor (DOL) pertaining to applications by plans in critical and declining status to suspend benefits or partition liabilities as permitted under the Multiemployer Pension Reform Act of 2014, withdrawal liability, mergers and transfers, and possible multiemployer pension reform legislation.( )
The Life Illustrations Work Group submitted a comment letter to the NAIC IUL Illustration (A) Subgroup providing answers to questions on the illustrations of Indexed Universal Life products under AG 49.( )
Health Solvency Subcommittee comments to the NAIC Health Risk-Based Capital (HRBC) Working Group in response to the HRBC Working Group comment letters received on the exposure of the Draft Bond Structure and Instructions.( )
Members of the LTC Reform Subcommittee submitted comments following their discussion with the Federal Interagency Task Force on Long-Term Care Insurance (LTCI) earlier this year. These comments reiterate and expand on their original discussion including addressing regulatory hurdles to innovation.( )
The Long-Term Care Valuation Work Group presented updates on the mortality and lapse tables development( )
The Group Life Waiver Valuation Table Work Group updated the Health Actuarial Task Force of the National Association of Insurance Commissioners on group life waiver of premium mortality and recovery tables development.( )
Steve Jackson, Academy assistant director for research (public policy), presented an overview of the Academy’s research initiative—its goals, infrastructure, and projects—at the Actuarial Research Conference in Indianapolis.( )
The Pension Committee submitted comments to the Society of Actuaries Retirement Plans Experience Committee regarding the Pri-2012 exposure draft.( )
The Academy has released a new Essential Elements paper, Creating a National Retirement Policy, outlining the ways in which a comprehensive national retirement policy could potentially address concerns about retirement security in the United States. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.( )
The Longevity Risk Task Force provided an update and correlation recommendation to the Life Risk-Based Capital (E) Working Group at the NAIC Summer 2019 National Meeting.( )
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.