Public Policy News

The Actuarial Guideline 43/C-3 Phase II Work Group submitted comments to the NAIC on the variable annuities blanks proposal exposed on Nov. 19.
(January 29, 2016)
The Academy’s 2016 Life and Health Valuation Law Manual — designed to help appointed actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation — is now available in a variety of formats. (January 27, 2016)
The Medicare Subcommittee sent a letter to the Senate Finance Committee with comments on the Bipartisan Chronic Care Working Group’s Policy Options Document. (January 26, 2016)
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) on the Non-traditional Non-insurance Activities and Products public consultation document dated November 25, 2015. (January 25, 2016)
The LTC Principle-Based Reserves Work Group sent its final report on a principle-based approach model to the NAIC's Long-Term Care Actuarial Working Group. (January 21, 2016)
The Individual Disability Tables Work Group sent its final report and documentation on a recommended new statutory valuation standard basis for morbidity to the NAIC's Health Actuarial Task Force. (January 21, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft. (January 19, 2016)
The Academy released its 2015 P/C Loss Reserve Law Manual, which is updated from 2014 and designed to help appointed actuaries comply with NAIC annual statement requirements. The manual includes SAO requirements and state laws and regulations establishing requirements; annual statement instructions for the SAOs for P/C, title loss, and loss expense reserves; and other pertinent annual statement instructions. The manual is available online or as a CD-ROM, and members can order online here. (January 12, 2016)
The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note. (December 22, 2015)
Read the newest edition of PBA Perspectives, the Academy’s quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance. (December 22, 2015)
The Enterprise Risk Management/Own-Risk and Solvency Assessment Committee provided a presentation to the Financial Stability Oversight Council (FSOC) on the role actuaries play in promoting financial stability. (December 11, 2015)
Academy Senior Life Fellow Nancy Bennett and Senior Casualty Fellow Jim MacGinnitie provided a presentation to the Financial Stability Oversight Council (FSOC) on regulatory capital requirements for U.S. insurers. (December 11, 2015)
The Intersector Group released the notes of its September 2015 meeting with the Treasury Department and Internal Revenue Service. 
(December 9, 2015)
The Intersector Group released the notes of its September 2015 meeting with the Pension Benefit Guaranty Corporation.
(December 9, 2015)
The Life Illustrations Work Group submitted comments to LATF’s IUL Illustration (A) Subgroup on the draft revision of Actuarial Guideline (AG) 49. (December 1, 2015)
The Academy continued its dialog with insurance regulators on a wide variety of issues, including long-term care insurance, automobile insurance, risk-based capital, and principle-based reserving at the National Association of Insurance Commissioners 2015 Fall National Meeting held November 19-22 at National Harbor, outside of Washington, DC. Read the Academy Alert here.  (November 25, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Property/Casualty Committee on the Price Optimization White Paper after its adoption by the Casualty Actuarial and Statistical Task Force (CASTF). (November 21, 2015)
The ERM/ORSA Committee submitted comments to the International Actuarial Association (IAA) on its white paper "Actuarial Aspects of ERM for Insurance Companies." (November 20, 2015)
Academy Senior Property/Casualty Fellow Jim MacGinnitie testified at the National Association of Insurance Commissioners’ (NAIC) public hearing on "The Pricing of Automobile Insurance." (November 19, 2015)
The Individual Disability Tables Work Group (IDTWG) presented updated incidence modifiers report for use in active life reserve calculations for employer-sponsored disability income policies along with a corresponding memo to the chair of the Health Actuarial Task Force.
(November 18, 2015)