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.
The Health Practice Council (HPC) provides objective technical expertise to policymakers and regulators on major health insurance and health care affordability issues, including Medicare.
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.
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.
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.
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.
The C1 Work Group submitted a comment letter to the National Association of Insurance Commissioners (NAIC) RBCIRE WG to follow up on their presentation on collateralized loan obligations (CLOs) given to the RBCIRE WG at the NAIC’s Fall 2022 National Meeting.(January 31, 2023)
The Health Practice Council’s Individual and Small Group Markets Committee and Risk Sharing Subcommittee submitted a comment letter to the Centers for Medicare & Medicaid Services’ (CMS) proposed rule for the 2024 Notice of Benefit and Payment Parameters (NBPP).(January 30, 2023)
The Climate Change Joint Task Force sent a letter to the U.S. Global Change Research Program regarding the draft of the Fifth National Climate Assessment. The letter provided insights from the task force on climate trends, including a discussion on the Actuaries Climate Index—co-sponsored-by the Academy—and discussed health impacts from climate and climate related financial disclosures.(January 27, 2023)
The C2 Mortality Work Group submitted a presentation to the National Association of Insurance Commissioners (NAIC) LRBCWG on their the working group’s proposal for life C-2 structural and instruction updates and a new financial statement note.(January 26, 2023)
The latest update to the Committee on Cyber Risk’s Cyber Risk Toolkit includes a revised section on ransomware. The toolkit, released originally in 2021, is updated regularly with the latest information on cyber risk and cybersecurity-related developments.(January 20, 2023)
The P/C Committee on Equity and Fairness sent a comment letter to the District of Columbia Department of Insurance, Securities and Banking (DISB) on the DISB’s request for comment on its draft data call to support their study of unintentional bias in automobile insurance.(January 20, 2023)
The Pension Committee updated and finalized a previously exposed draft public policy practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling.(January 19, 2023)
The Pension Committee released a public policy practice note Selecting and Documenting Mortality Assumptions for Measuring Pension Obligations, updating a 2015 practice note, revised to reflect updated ASOPs (Actuarial Standards of Practice), including changes in ASOP No. 35 that are effective for actuarial reports issued on or after August 1, 2021, and when the measurement date in such report is on or after August 1, 2021.(January 19, 2023)
The Academy’s ARCWG submitted a comment letter to the National Association of Insurance Commissioners’ (VM)-22 (A) Subgroup on their Oct 2022 exposure, Requirements for Principle-Based Reserves for Non-Variable Annuities.(January 19, 2023)
The Multiemployer Plans Committee sent a letter to the Pension Benefit Guaranty Corporation (PBGC) advancing ideas about the Special Financial Assistance (SFA) application process, in regard to the expiration of the priority group period on March 11, 2023.(January 12, 2023)
The Individual and Small Group Markets Committee submitted comments to the Centers for Medicare & Medicaid Services’ Center for Consumer Information & Insurance Oversight (CCIIO) on the Draft 2024 Actuarial Value (AV) Calculator Methodology.(January 12, 2023)
The Life Financial Reporting Committee released a white paper, Considerations in Market Risk Benefits, that focuses on identification, valuation, and financial reporting of market risk benefits; a new concept introduced by Accounting Standards Update (ASU) 2018-12.(December 21, 2022)
The Life Practice Council (LPC) and Life Experience Committee (LEC) submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s Subgroup on current LPC workstreams as well as two issue briefs recently published by the LEC.(December 16, 2022)
The Economic Scenario Generator Work Group submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s Subgroup on Economic Scenario Generator Stylized Facts and Acceptance Criteria(December 16, 2022)
The C1 Work Group submitted a presentation to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on collateralized loan obligations.(December 16, 2022)
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.
Analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public.
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.
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
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.
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
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.