Public Policy News

The latest issue of PBA Perspectives features updates on principle-based reserving as well as regulatory, legislative, and Academy activities surrounding the implementation of the principle-based approach (PBA) for life insurance. (October 5, 2016)
The C1 Work Group submitted comments to the NAIC's Investment Risk Based Capital Working Group in response to the “Proposal for Life Bond Granularity and Related Issues” dated Sept. 6, 2016. (October 5, 2016)
The Longevity Risk Task Force gave a presentation to the Federal Reserve Insurance Policy Group on longevity risk in annuity and life insurance. (September 30, 2016)
The Life Illustrations Work Group submitted comments to the Actuarial Standards Board (ASB) on revisions to ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation. (September 29, 2016)
The Stress Testing Work Group submitted comments to the NAIC's Stress Testing (E) Subgroup on providing assistance to help meet its charge. (September 28, 2016)
The Nonforfeiture Modernization Work Group submitted comments to the NAIC's Life Actuarial Task Force (LATF) with regard to potentially updating standard nonforfeiture laws. (September 28, 2016)
The Health Practice Council sent letters to both the U.S. House and Senate on potential adverse consequences of legislation to weaken the Affordable Care Act’s (ACA) individual mandate. (September 22, 2016)
The SVL Interest Rate Modernization Work Group submitted comments to the NAIC's VM-22 (A) Subgroup on Non-Jumbo and Jumbo Sample Calculations on valuation interest rates. (September 21, 2016)
The Intersector Group provided a meeting notes excerpt regarding Form 5500 clarifications from its September 2016 meeting with the Treasury Department and Internal Revenue Service. (September 19, 2016)
The Financial Regulatory Task Force submitted comments to the Federal Reserve Board (Fed) on its proposed rule on Capital Requirements for Supervised Institutions Significantly Engaged in Insurance Activities.
(September 16, 2016)
Academy members presented on longevity risk, long-term care insurance, professionalism, and other actuarial issues before regulators at the National Association of Insurance Commissioners Summer 2016 National Meeting held the last week of August in San Diego. Read the Academy alert. (September 7, 2016)
The Pension Committee submitted comments to U.S. Senate Special Committee on Aging Chairman Susan Collins on efforts to encourage open multiple employer plans.
(September 1, 2016)
The Cancer Claims Cost Tables Work Group published a report on developing a new set of valuation tables for use with cancer insurance policies in order to aid actuaries with their pricing and reviewing product filings by providing analysis on the initial data provided by the industry. (August 25, 2016)
The Long-Term Care (LTC) Credibility Monograph Work Group presented an update to the NAIC on a monograph about increasing the awareness of the applicability of credibility procedures to LTCI-related work, providing information on current practices, and outlining considerations and suggestions for advancing actuarial practice in LTCI. (August 25, 2016)
The Academy released New Risk Regulators and Regulations, an Essential Elements report that highlights many of the new state, federal, and international regulators and oversight efforts that have emerged in the wake of the 2008-09 global recession. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (August 25, 2016)
The Medicare Part D RBC Subgroup published a report recommending RBC risk factors for Medicare Part D coverage based on analysis of detailed carrier experience, which follows up on an initial report released in 2014. (August 24, 2016)
The Life Products Committee submitted comments to the Actuarial Standards Board (ASB) on the proposed Actuarial Standard of Practice (ASOP) that applies to the pricing of life insurance and annuity products. (August 24, 2016)
Mary Bahna-Nolan, chairperson of the Life Experience Committee, presented an update on guaranteed issue and preneed mortality table to the Life Actuarial Task Force. (August 24, 2016)
John Miller, chairperson of the Annuity Reserves Work Group, provided a non-variable annuity PBR update to LATF’s VM-22 Subgroup. (August 24, 2016)
Art Panighetti, a member of the Longevity Risk Task Force, presented an update to LATF on the task force’s work, including creating a working definition of “longevity risk,” analyzing U.S. mortality tables and reviewing regulatory and company approaches to longevity risk. (August 24, 2016)