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 Cyber Risk Task Force sent comments to the Government Accountability Office regarding cyber-attacks and the Terrorism Risk Insurance Act.
(June 01, 2020)The C-2 Longevity Risk Work Group sent a comment letter and supplemental materials to the NAIC Life Risk-Based Capital (E) Working Group on suggested edits to the RBC forms and instructions for C-2b longevity risk.
(May 29, 2020)The Tax Work Group submitted a comment letter to the Internal Revenue Service regarding a proposed regulation that provides guidance on the computation of life insurance reserves for income tax reporting.
(May 28, 2020)The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on the "Independent Proposal" regarding IUL product illustrations under AG 49.
(May 27, 2020)The Social Security Committee released an issue brief on the 2020 Social Security Trustees Report that examines the social insurance program’s long-term solvency issues and points out that Congress should act soon to improve the long-term financial outlook of the program.
(May 21, 2020)The Annuity Reserves Work Group provided an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity PBR.
(May 20, 2020)The Vice President of the Academy Pension Practice Council and the Chairperson of the Multiemployer Plans Committee submitted a comment letter to House of Representatives leadership regarding pension provisions of H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”).
(May 15, 2020)The Health Practice Council has released an issue brief that examines the different types of risks that insurers can face and the various risk mitigation mechanisms that can be used to address them, Health Insurance Risk Mitigation Mechanisms and COVID-19.
(May 15, 2020)The Spring StateScan Quarterly highlights recent state legislation and regulation so far this year, as well as actions states are taking in response to the COVID-19 pandemic. For a more comprehensive look at state legislative and regulatory activity, log in to the StateScan portal, free for Academy members.
(May 15, 2020)Academy Senior Casualty Fellow Rich Gibson remotely presented an overview and updates on the Actuaries Climate Index and the Actuaries Climate Risk Index at the Casualty Actuarial Society’s Virtual Spring Meeting.
(May 12, 2020)The Casualty Practice Council sent a comment letter to the U.S. House of Representatives Financial Services Committee on a proposed Pandemic Risk Reinsurance Program. Read the Academy news release.
(May 12, 2020)The Committee on Property and Liability Financial Reporting submitted comments to the National Association of Insurance Commissioners Blanks Working Group, regarding proposed instructions for the 2020 P&C Statement of Actuarial Opinion.
(May 11, 2020)The Life Illustrations Work Group sent a letter to the NAIC IUL Illustration (A) Subgroup regarding the illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline XLIX (AG 49), and the American Council of Life Insurers proposal for AG 49-A.
(May 08, 2020)The American Academy of Actuaries submitted a letter to members of the Blanks Working Group regarding their proposal on the certification of continuing education (“CE”) compliance by “Appointed Actuaries” who sign statements of actuarial opinion for property and casualty insurers.
(May 05, 2020)The Medicare Subcommittee released an issue brief on the fundamental long-range financing challenges facing the Medicare program. Read the news release.
(April 28, 2020)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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