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 Long-Term Care (LTC) Combination Product Valuation Work Group exposed the LTC Combination Product Valuation Practice Note to provide information to actuaries on current and emerging practices in which their peers are engaged with respect to the considerations in the statutory, Generally Accepted Accounting Principles (GAAP) and tax valuation of long-term care combination products.
( )The Medicaid Subcommittee sent comments on the May 15, 2019 CMCS Informational Bulletin (CIB) titled Medical Loss Ratio (MLR) Requirements Related to Third-Party Vendors seeking additional clarification.
( )The Academy hosted a briefing, featuring expert panelists from the Multiemployer Plans Committee, to provide essential background on the multiemployer pension crisis and its current state. This briefing is the first in the Academy’s “Multiemployer Pension Crisis: A 360-Degree Look at the Issue and Potential Reforms” briefing series, which is intended to equip attendees with a solid foundation of the past, present, and potential future of multiemployer pension plans.
( )A new issue brief developed by the Academy’s Retirement System Assessment and Policy Committee explores the concept of a national retirement policy, including the potential benefits of such a policy and the various topics that it might address. Read the news release.
( )The Life Practice Council submitted a comment letter to the Actuarial Standards Board, outlining its recommendations on the second exposure draft of the proposed actuarial standard of practice, Setting Assumptions.
( )The CECL Work Group released a white paper on estimating the uncollectible reinsurance reserve for P&C companies.
( )The Academy's Casualty Practice Council has submitted comments to the Actuarial Standards Board, regarding the proposed ASOP on Setting Assumptions.
( )The Life Illustrations Work Group submitted a comment letter to the NAIC in response to questions on illustrations of Indexed Universal Life products under Actuarial Guideline 49.
( )The Life Illustrations Work Group sent a comment letter to the NAIC IUL Illustration (A) Subgroup regarding the illustrations of Indexed Universal Life products under Actuarial Guideline 49.
( )The Individual and Small Group Markets Committee published an issue brief outlining the major drivers behind why 2020 premiums could differ from those in 2019. The brief focuses primarily on the individual market, yet many of the factors discussed are also relevant to the small group market. Read the news release.
( )The Individual and Small Groups Committee, the Medicaid Subcommittee, and the Medicare Subcommittee gave a joint presentation at the SOA Health Meeting that reviewed the proliferation of proposals to expand access to public health insurance plans, either to strengthen insurance markets under the Affordable Care Act (ACA), or to replace ACA marketplaces or other health insurance programs altogether. Panelists discussed general approaches for expanding access to public plans and their potential implications.
( )The Individual and Small Groups Market Committee gave a presentation at the SOA Health Meeting providing an overview of the challenges that the Affordable Care Act (ACA) has faced since its enactment in 2010, and looking forward to where it’s headed in the future. Panelists discussed current ACA legislative and regulatory activities, as well as ongoing ACA litigation.
( )The C-2 Work Group gave an update on life mortality RBC to the NAIC Risk-Based Capital Working Group for the working group's June 24 conference call.
( )The Academy's Extreme Events and Property Lines Committee has published a new document, Wildfire: An Issue Paper -- Lessons Learned from the 2017-2018 California Events. Read the news release.
( )The Academy published a new Essential Elements paper, High-Performance Networks: Optimizing Health Insurance Networks to Improve Care, highlighting the potential of high-performance networks between health insurers and providers to reduce costs for patients. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
( )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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