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
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.
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.
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.
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.
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.
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
The Life Reinsurance Work Group submitted a comment letter to the Life Actuarial (A) Task Force on exposed amendment proposal forms 2019-17 and 2019-24, which pertain to yearly renewable term reinsurance.
( )The Longevity Risk Task Force provided an update on its field study results, key assumptions, and next steps to the Life Risk-Based Capital (E) Working Group at the NAIC Spring 2019 National Meeting.
( )The C-2 Work Group provided an update to the Life Risk-Based Capital (E) Working Group at the NAIC Spring 2019 National Meeting.
( )The PBR Governance Work Group gave an update on Academy PBR involvement to the Life Actuarial (A) Task Force at the NAIC Spring 2019 National Meeting.
( )The Multiemployer Plans Committee submitted comments to the Pension Benefit Guaranty Corporation (PBGC) regarding simplified methods and other aspects of computing withdrawal liability under the Multiemployer Pension Reform Act of 2014.
( )The Life Reserves Work Group gave a presentation to the Life Actuarial (A) Task Force on Amendment Proposal Form 2019-29, which deals with VM-20 and clearly defined hedging strategy requirements.
( )The Annuity Reserves Work Group gave an update on the VM-23 proposed timeline to the Life Actuarial (A) Task Force at the NAIC Spring 2019 National Meeting.
( )The SVL Interest Rate Modernization Work Group gave an update to the Life Actuarial (A) Task Force at the NAIC Spring 2019 National Meeting.
( )The Life Reserves Work Group gave a presentation on the PBR treatment for individually underwritten group insurance to the Life Actuarial (A) Task Force.
( )The Medicare Subcommittee sent a comment letter to the Department of Health and Human Services’ Office of the Inspector General on a proposed rule on safe harbor protection for rebates involving prescription pharmaceuticals and the creation of new safe harbor protections.
( )The PBR Review Procedures Work Group released an exposure draft of a practice note: Common Practices of Examining Actuaries Involved in Statutory Financial Solvency Examinations of Life and Health Insurers, Including Considerations for Principle-Based Reserves. Comments are due to the Academy on Monday, July 1, 2019.
( )The Academy responded in writing to questions from the House Subcommittee on Health, Education, Labor, and Pensions as a follow-up to the panel’s March 7 hearing, “The Cost of Inaction: Why Congress Must Address the Multiemployer Pension Crisis,” at which Josh Shapiro, the Academy’s vice president, pension, testified.
( )The Academy’s senior casualty fellow, Rich Gibson, gave a presentation on the Actuaries Climate Index at Tulane University’s conference on environmental law.
( )The Academy's senior casualty fellow, Rich Gibson, presented testimony on predictive modeling at a hearing on automobile insurance held by the District of Columbia's Department of Insurance, Securities and Banking.
( )The Life Practice Council sent a letter to the Life Actuarial (A) Task Force addressing concerns that the NAIC is moving in a direction that would deviate from a principle-based approach for life insurance.
( )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 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.
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