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

Academy Provides Comments to NAIC’s CASTF on Continued Competence Exposure Draft
Past Academy President Mary D. Miller submitted a letter with extensive comments from the Academy to the NAIC responding to an exposure draft that the Casualty Actuarial and Statistical Task Force (CASTF) issued on a CAS/SOA proposal regarding CASTF’s “Continued Competence” charge. This is a significant proposal that would affect many actuaries. Comments are due by Monday, July 23. Those interested may wish to consider filing their own comments.
(July 20, 2018)
Committee Submits Questions for Regulators on Private Flood Insurance to NAIC
The Extreme Events & Property Lines Committee submitted a paper to the NAIC highlighting regulatory questions that arise if the flood insurance market transitions from relying upon the National Flood Insurance Program to a greater role for private-market coverage.
(July 20, 2018)
Work Group Submits Comment Letter to NAIC on Alternative C1 Bond Factors
The C1 Work Group submitted a comment letter to the Investment Risk-Based Capital (E) Working Group on alternative C1 bond factors for different levels of statutory reserve offset.  (July 17, 2018)
Task Force Submits Comment Letter to NAIC on Scope Considerations for Liquidity Stress Test
The Macroprudential Task Force submitted a comment letter to the NAIC Liquidity Assessment (EX) Subgroup on the considerations for a liquidity stress test.  (July 16, 2018)
Work Group Submits Comment Letter on Proposed Policyholder Behavior Assumptions
The AG43/C3 Phase II Work Group submitted a comment letter to the Variable Annuities Issues Working Group on proposed policyholder behavior assumptions.  (July 16, 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.