Public Policy News

The North American Actuarial Council's (NAAC) Collaborative Research Group has issued a Request for Proposals (RFP) relating to the effect of changing health expectancy on insurance organizations and governmental programs in North America in terms of products, risks, and stakeholders. Proposals must be received by November 15. For more information, please see the RFP. (October 9, 2013)
Check out our new lunchtime webinar series—the Academy Capitol Forum—starting this month. This webinar series is an opportunity for you to learn about a wide variety of public policy topics from the policy experts themselves. Webinars will feature topics in health care, risk management, financial reporting, pensions and retirement income, property/casualty, and life insurance. The first webinar in this series will feature Gregory Martin, the Deputy Director of Stakeholder Engagement at the Patient Centered Outcomes Research Institute (PCORI). Join us on Oct. 16 to explore what PCORI is and does—and how you can be involved! (October 8, 2013)
The P/C Risk-Based Capital Committee submitted comments to the National Association of Insurance Commissioners on the Reinsurance Association of America's discussion draft on reinsurance credit risk. (October 8, 2013)
The State Long-Term Care Task Force made a presentation to the Southeastern Regulators Association Conference on actuarial implications for long-term care insurance. (October 4, 2013)
Senior Life Fellow Nancy Bennett gave a presentation to the Southeastern Regulators Association Conference on principle-based reserving for life insurance products.
(October 3, 2013)
Join us for a discussion of the Exhibit 3A instructions, which are new for the 2013 NAIC Health Annual Statement. Presenters will provide an overview of the health care receivables, discuss the purpose of the new exhibit, and share examples with cross references to Exhibit 3 and Underwriting & Investment Exhibit Part 2B. (September 30, 2013)
The AG 43/C-3 Phase II Work Group sent a comment letter to the NAIC C-3 Phase II/AG 43 (E/A) Subgroup regarding a recent amendment with modifications to current total return gross wealth ratios for Actuarial Guideline 43.  
(September 30, 2013)
The Enterprise Risk Management Committee submitted comments to the Financial Stability Board on its paper to create an effective risk appetite framework.
(September 30, 2013)
The Academy sent a letter to the National Association of Insurance Commissioners describing the many ways its mission aligns with regulators and their goals. The letter was sent in response to a request for comments to a discussion draft paper of the Joint Qualified Actuary (A/B/C) subgroup. As the home for actuarial professionalism, the Academy has long worked to serve both the public and the U.S. actuarial profession, describing this mission as “intended to support the objective of regulators to protect and assist the public.” (September 27, 2013)
The Pension Committee submitted comments to the Actuarial Standards Board on its recent modeling ASOP exposure draft that included concerns that the potential ASOP could be applied too broadly. (September 27, 2013)
The Pension Finance Task Force sent a letter to the Financial Accounting Standards Board (FASB) that provides suggestions, based on financial economics, to improve accounting for single employer pension plans, an issue that FASB may consider revisiting. (September 26, 2013)
Health Care Receivables Factors Work Group makes a presentation to the Valuation Actuarial Symposium on the NAIC Health Annual Statement's new Exhibit 3A, which provides guidelines for health care receivables. (September 24, 2013)
The Pension Committee sent comments to the Internal Revenue Service regarding the Annual Return/Report of Employee Benefit Plan (Form 5500) that focus on the electronic submission of data on Schedules SB and MB. The committee applauds the electronic filing mandate, but raises concerns over how to ensure reliability of the data and suggests sample reviews to ensure better accuracy. (September 23, 2013)
Academy/SOA Individual Disability Table Work Group presents update to the Disability Insurance & Long-Term Care Insurer's Forum on work being done to complete the individual disability table. (September 20, 2013)
The C-3 Work Group presented its recommendation of potential alternatives to C-3 Phase 1 to the NAIC Life Risk-Based Capital (E) Working Group.
(September 18, 2013)
The Terrorism Risk Insurance Subcommittee submitted comments to the Federal Insurance Office on the long-term availability and affordability of insurance for terrorism risk. (September 16, 2013)
The Joint Economic Scenario Generator Project Oversight Group of the American Academy of Actuaries and the Society of Actuaries updated a list of Frequently Asked Questions for Version 7 of the interest rate generator for life insurance products. 
(September 12, 2013)
Intersector Group reported to the Pension Practice Council its notes from a meeting with the Pension Benefit Guaranty Corporation. (September 11, 2013)
Learn what’s new and find out what has been updated in the Academy’s practice note, “Large Group Medical Insurance Reserves, Liabilities, and Actuarial Assets,” which provides information for valuation actuaries regarding their responsibilities relating to the determination of reserve levels and other actuarial assets and liabilities for large group medical insurance coverage. The Sept. 27 webinar topics will include the definition of large group medical business; funding arrangements that are currently being used; pertinent regulatory and legislative issues; and asset adequacy analysis. (September 9, 2013)
Health actuaries: Do you calculate minimum or actuarial values under the Affordable Care Act? Register now to learn about the new minimum value and actuarial value requirements under the ACA and some of the technical issues associated with these calculations. (September 6, 2013)