Public Policy

The Solvency Committee submitted comments to the Federal Insurance Office regarding its Study on the Insurance Capital Standard (ICS).

The Casualty Practice Council filed comments on the Actuarial Standards Board exposure draft, Using Models Outside the Actuary's Expertise (Property and Casualty).

Members of the Financial Reporting Committee submitted fatal flaw comments to the American Institute of Certified Public Accountants (AICPA) regarding Issues 3 & 4CD (market risk benefits) as part of ongoing discussions at the Insurance Experts Panel.

The Committee on Property and Liability Financial Reporting issued an updated and expanded set of questions and answers concerning the impact of COVID-19 on p/c financial reporting. This supercedes the first edition, published in June 2020.

The Health Solvency Subcommittee sent a comment letter in response to a request from the NAIC’s Health Risk-Based Capital (E) Working Group providing additional detail regarding the potential investment income adjustment factor for Health H2 Experience Fluctuation Risk.

The ERM/ORSA Committee's Climate-Related Financial Disclosures (CRFD) Work Group submitted comments to the International Association of Insurance Supervisors (IAIS) on its Application Paper on the Supervision of Climate-related Risks in the Insurance Sector. 

The Academy's Cyber Risk Task Force responded to the U.S. Treasury Department's questions about the applicability of the Terrorism Risk Insurance Act (TRIA) in cases of cyber-attacks that are aimed at targets outside the U.S. but cause insured losses in the U.S. The task force also noted the potential difficulty of meeting TRIA's requirement for an official finding that  the source of an attack was a non-governmental terrorist organization.

The Individual and Small Group Markets Committee and its Risk Sharing Subcommittee submitted comments to the Centers for Medicare & Medicaid Services (CMS) on the Proposed Notice of Benefit and Payment Parameters for 2022.

The Intersector Group released its notes of a November 2020 conference call with the Pension Benefit Guaranty Corporation (PBGC).

The Life Practice Council's Life Underwriting and Risk Classification Work Group sent a letter to the NAIC Life Insurance and Annuities (A) Committee on state regulatory and legislative actions in regards to life insurance underwriting implications of COVID-19. 

The Health Solvency Subcommittee submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Health Risk-Based Capital (E) Working Group to provide analysis to incorporate investment income into the existing underwriting risk factors within the health risk-based capital formula.

The Public Plans Committee published an issue brief considering the impact of the COVID-19 pandemic on public pension plans.

Mary Bahna-Nolan submitted a statement to the NAIC's Special (EX) Committee for Race and Insurance, Workstream #4.

Academy volunteers presented at the National Council of Insurance Legislators (NCOIL) Annual Meeting during the Special Committee on Race in Insurance Underwriting’s session. Dorothy Andrews, chairperson of the Data Science and Analytics Committee, presented on behalf of the committee and provided an update on its ongoing work relevant to NCOIL’s examination of these issues. Casualty Vice President Lauren Cavanaugh presented on behalf of the Casualty Practice Council, and Mary Bahna-Nolan presented on the issue from a life perspective.

The Life Practice Council's Asset Adequacy Testing Task Force (AATTF) published a discussion paper titled, Asset Adequacy Testing Considerations for Year-End 2020, for the purposes of raising awareness and summarizing actuarial practices for life financial reporting actuaries involved with asset adequacy testing (AAT) and related activities in 2020’s extreme economic environment.