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.
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, and defined benefit pension plans.
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 Practice Council (LPC) presented on current and future LPC workstreams to the NAIC’s Life Actuarial (A) Task Force (LATF) meeting as part of the NAIC Spring National Meeting in Louisville, Ky.
(March 24, 2023)Intersector Group notes from January 2023 conference call with Department of the Treasury and Internal Revenue Service.
(March 24, 2023)Intersector Group notes from January 2023 conference call with Pension Benefit Guaranty Corporation.
(March 24, 2023)Ronald Wilkins, vice chairperson of the Property and Casualty Risk-Based Capital (P/C RBC) Committee, presented preliminary results to NAIC's Property and Casualty Risk-Based Capital (E) Working Group to recalibrate the reserve and premium risk charges—notably, for investment income.
(March 22, 2023)The Academy has released an Essential Elements paper based on the Social Security Committee’s March 2022 issue brief Raising the Social Security Retirement Age.
The retirement age is a key consideration in addressing Social Security’s long-term financial health.
Essential Elements is a series of concise and informative papers developed by the Academy, designed to provide a quick and easy-to-understand overview of key public policy issues of interest.
(March 21, 2023)Academy Health Vice President Barb Klever provided an update on Health Practice Council activities to the NAIC’s Health Actuarial (B) Task Force (HATF) at NAIC’s 2023 Spring National Meeting.
(March 21, 2023)Academy member Sam Gutterman presented on behalf of the Academy to the National Conference of Insurance Legislators’ (NCOIL) Spring Meeting in San Diego. He presented as part of NCOIL’s Special Environmental, Social, and Governance (ESG) Series on an “Introduction to ESG and Environmental Aspects: An Actuarial Perspective.”
(March 10, 2023)The Life Financial Reporting Committee released a white paper, FASB Long-Duration Targeted Improvements—A Discussion of Enhanced Disclosures, which focuses on certain considerations in implementing FASB’s required enhanced disclosures around LDTI.
(March 09, 2023)Casualty Practice Council (CPC) Vice Chairperson Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Stephen Koca presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the CPC and COPLFR on recent publications and future work products expected for release in 2023.
(March 07, 2023)The Life Practice Council, Health Practice Council, and Casualty Practice Council submitted a joint comment letter to the Colorado Division of Insurance on its recent exposure of a draft regulation on Governance and Risk Management Framework Requirements for Life Insurance Carriers’ Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models: the first exposed implementation regulation for Colorado Revised Statute (C.R.S.) § 10-3-1104.9, signed into law on July 6, 2021.
(March 06, 2023)The P/C Committee on Equity and Fairness released an issue brief that provides a survey of methods aimed at helping to identify and/or mitigate bias in rating for property and casualty lines.
(February 28, 2023)The Health Practice Council’s Financial Reporting and Solvency Committee sent a comment letter to the National Association of Insurance Commissioners (NAIC) Long-Term Care Actuarial (B) Working Group inquiring if the Working Group might issue an accounting interpretation for the interaction between Actuarial Guideline LI (AG 51) and Appendix A-010.
(February 23, 2023)The Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners' (NAIC) LATF on the proposed changes to VM-20 outlined in APF 2023-03.
(February 21, 2023)The C1 Work Group submitted a comment letter to the National Association of Insurance Commissioners (NAIC) VOS on the proposed methodology for collateralized loan obligations (CLOs).
(February 14, 2023)The Life Practice Council and the Casualty Practice Council submitted a joint comment letter to the National Association of Insurance Commissioner’s Big Data and Artificial Intelligence (H) Working Group on its Artificial Intelligence/Machine Learning Model and Data Regulatory Questions Exposure.
(February 13, 2023)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.
