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, 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 Academy has released an original research paper on scalar methodologies to aggregate capital requirements across regulatory frameworks. Scalars are a central part of efforts to develop capital adequacy measures for financial groups that operate businesses in more than one country and/or more than one industry.
(April 09, 2021)The VM-22 Subgroup released its VM-22 In Brief, providing an overview of Valuation Manual (VM)-22 requirements, which specifies new Interest rate requirements for reserves on single premium immediate annuities and similar contracts.
(April 08, 2021)Life Vice President, Laura Hanson, presented an update of Life Practice Council activities to the Life Actuarial (A) Task Force at the National Association of Insurance Commissioners 2021 Virtual Spring National Meeting.
(April 08, 2021)The Health Equity Work Group (HEWG) has released a discussion brief on health equity from an actuarial perspective. This brief serves as an introduction to the HEWG’s work in examining the following areas: health insurance benefit design, provider contracting and network development, premium pricing, and managing population health. Read the news release.
(March 31, 2021)The Casualty Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the legislation’s impact on casualty insurance.
(March 29, 2021)The Life Underwriting and Risk Classification Work Group submitted a letter on Colorado Senate Bill 21-169 aimed at unfair discrimination in insurance, addressing potential concerns of the legislation’s impact on life insurance.
(March 29, 2021)The Health Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments focused on potential impacts to health insurance.
(March 29, 2021)The Academy’s Economic Scenario Generator Work Group (ESGWG) submitted a comment letter to the National Association of Insurance Commissioners' Life Actuarial Task Force regarding its recent Economic Scenario Generator exposures.
(March 25, 2021)The Automobile Insurance Committee released an issue brief on automobile insurance considerations arising from the COVID-19 pandemic.
(March 24, 2021)The Variable Annuity Reserves and Capital Work Group submitted an amendment proposal to the NAIC’s Life Actuarial Task Force (LATF) to update the reference to the required minimum distribution (RMD) age in the VM-21 Standard Projection Amount pursuant to enactment of the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act.
(March 15, 2021)The Academy’s Annuity Reserves and Capital Work Group submitted a summary of the differences between the Academy fixed annuity principle-based reserving (PBR) framework proposal exposed by the National Association of Insurance Commissioners VM-22 Subgroup in October 2020 and the current framework for Valuation Manual (VM)-21 (variable annuity PBR).
(March 15, 2021)The ASOP No. 6 Practice Note Work Group released their practice note, ASOP No. 6—Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to Pooled and Non-Pooled Health Plans, to provide information on valuing retiree health benefit plans.
(March 15, 2021)The Social Security Committee released a monograph and an issue brief on individual equity and social adequacy as those principles apply to social security reform options. The monograph and issue brief compare three different Social Security reform proposals using individual equity and social adequacy, two of the important principles underlying the program and provide details on each of the proposals and examines the data used in the illustrations.
(March 12, 2021)The C1 Work Group submitted comments to the NAIC's Life Risk-Based Capital (LRBC) Working Group on the exposed January 21, 2021 proposal to restate the capital requirements for real estate in the LRBC formula.
(March 11, 2021)The C1 Work Group submitted a letter to the NAIC's Life Risk-Based Capital (LRBC) Working Group, including an update to previously proposed base bond factors and companion portfolio adjustment formula to reflect corporate tax rates enacted by the Tax Cuts and Jobs Act of 2017 for the LRBC formula.
(March 11, 2021)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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