Public Policy News

Life Financial Soundness/Risk Management Committee made a proposed amendment to NAIC’s Life Actuarial Task Force on whether the direct iteration approach for the deterministic reserve results in the same amount as the gross premium valuation approach currently required by VM-20. (December 13, 2013)
Life Financial Soundness / Risk Management Committee provided a response to the NAIC’s Life Actuarial Task Force regarding questions from the New York Insurance Department on Academy’s proposal for treatment of due premiums. (December 13, 2013)
Life Reserves Work Group provides memo to the NAIC’s Life Actuarial Task Force of VM-20 on current and long-term spread tables.
(December 13, 2013)
Are you wondering how key global and domestic stakeholders responded to the insurance contracts accounting exposure drafts and where international accounting is headed? Find out Jan. 2 as the Academy hosts a webinar during which presenters will provide a discussion of the Academy’s comments on key issues in the IASB and FASB exposure drafts on insurance contracts; an overview of concepts and concerns from globally influential bodies on those exposure drafts; and, a look at the direction of global convergence. (December 4, 2013)
The Health Practice Council published a new fact sheet that provides an overview of the three risk-sharing mechanisms included in the Affordable Care Act (ACA) - the permanent risk adjustment program, temporary risk corridors, and the transitional reinsurance program. (December 4, 2013)
The Rate Review Practice Note Work Group submitted technical comments to the Center for Consumer Information and Insurance Oversight (CCIIO) on the current versions of the Unified Rate Review Template and the actuarial memorandum instructions. (December 4, 2013)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ paper, Common Framework for the Supervision of Internationally Active Insurance Groups. (December 4, 2013)
The Academy was a significant presence at the National Conference of Insurance Legislators (NCOIL) annual meeting Nov. 21-24 in Nashville, TN.  Senior Life Fellow Nancy Bennett, Chairperson of the Rate Review Practice Note Work Group Audrey Halvorson, Risk Management and Financial Reporting Council Vice President William Hines, and Health Care Costs Work Group member Susan Pantely, all made presentations directly to legislators at the meeting. Log in to read the full member alert. (November 25, 2013)
Susan Pantely, who chairs the Academy's Models of Care Delivery Subgroup, gave a presentation on behalf of the Academy to the National Conference of Insurance Legislators on new models of care delivery. (November 24, 2013)
The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors’ paper, Common Framework for the Supervision of Internationally Active Insurance Groups. (November 22, 2013)
The Academy’s Pension Practice Council published an issue brief that examines the different measurements of the obligations of defined-benefit pension plans that discusses two common measurements: solvency value and budget value. Read the news release. (November 21, 2013)
Audrey Halvorson, who chairs the Academy's Rate Review Practice Note Work Group, made a presentation on behalf of the Academy to the National Conference of Insurance Legislators on the Affordable Care Act's effect on premiums.  (November 21, 2013)
Senior Life Fellow Nancy Bennett addressed state legislators on the lifetime-income needs of retirees in a presentation given at the National Conference of Insurance Legislators’ annual meeting. (November 21, 2013)
Find out what researchers learned from Oregon’s efforts to expand its Medicaid program and get an inside look at the utilization, finances, and health outcomes of those who were selected in the lottery compared to those who were not. Co-author of the study, Katherine Baicker, PhD, Professor of Health Economics in the Department of Health Policy and Management at Harvard School of Public Health, will lead the discussion in providing an overview of the study, including methods, assumptions, and data received. The study led to some interesting conclusions—register to learn more! (November 15, 2013)
The NAIC's Group Long-Term Disability Valuation Table Implementation (B) Subgroup voted to re-expose the Academy's proposed Group Long-Term Disability Work Group Actuarial Guideline until Dec. 3. (November 15, 2013)
The Life Practice Council submitted comments on the Initial Report of Rector & Associates to the NAIC Principle-Based Reserving Implementation (EX) Task Force regarding assets for captive reinsurance.  
(November 15, 2013)
The Health Practice Council sent a letter to members of Congress outlining the potential consequences of proposals that would modify ACA provisions regarding plan cancellations in the individual and small group health insurance markets. Read the news release. (November 14, 2013)
The Life Practice Council’s Principle-Based Reserves (PBR) Legislation-In-Brief was distributed to insurance legislators and top insurance regulators of each state where the NAIC model Standard Valuation Law may be considered in 2014. The brief is intended to inform legislators and insurance commissioners of the importance of the new PBR methodology and the NAIC model Standard Valuation Law. (November 8, 2013)
The State Long-Term Care Task Force submitted a comment letter to the NAIC's Long-Term Care Valuation Subgroup regarding proposed changes to the NAIC's Health Insurance Reserves Model Regulation. (November 6, 2013)
The Health Practice Council sent a letter to members of Congress outlining potential adverse consequences of delaying the Affordable Care Act's (ACA) individual mandate and/or extending its open enrollment period. Read the news release. (November 5, 2013)