Public Policy News

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)
The Health Practice Financial Reporting Committee released a new issue brief providing an overview of Affordable Care Act provisions - the premium-stabilization programs, new taxes and fees, advanced payments, and existing actuarial liabilities - that may create a certain amount of volatility on future financial statements. (November 1, 2013)
Registration for the next Academy Capitol Forum webinar is open! The November webinar features speakers from the National Association of Insurance Commissioners (NAIC) and the Academy’s Financial Regulatory Reform Task Force. Presenters will highlight several insurance regulatory developments that are occurring at the state, federal, and international levels—a discussion of ComFrame, global systemically important financial institutions, Solvency Modernization Initiative, Own Risk Solvency Assessment (ORSA), and others. You’ll also receive an overview of many of the key regulatory organizations involved with implementing these regulatory changes. (October 30, 2013)
Joint Committee on Retiree Health, Pension Committee, and Pension Finance Task Force sent a letter to the Actuarial Standards Board (ASB) on coordinating Actuarial Standards of Practice (ASOPs) involving retirement benefits. (October 29, 2013)
The Academy’s Enterprise Risk Management Committee will outline an iterative framework to implement or enhance the ERM discipline within insurance companies. Presenters will elaborate more on the definition, standards, regulations, and common aspects of ERM that are included in the July ERM practice note, “Insurance Enterprise Risk Management Practices.” (October 25, 2013)
The International Accounting Standards Task Force submitted a comment letter to the International Accounting Standards Board and a separate comment letter to the Financial Accounting Standards Board on their respective revised exposure drafts of accounting proposals for insurance contracts.
(October 24, 2013)
Whether you’re an actuary who signs P/C loss reserve opinions or someone who assists in preparing them, the Academy’s annual seminar on P/C Effective Loss Reserve Opinions offers you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Join us on Nov. 13 and 14 in St. Louis for this highly interactive and customized seminar. Registration spaces are limited to maximize customization and robust discussion. Register today! (October 18, 2013)
Health Solvency Work Group submitted responses to questions from the NAIC's Health Risk-Based Capital Working Group regarding HSWG's model that examines expenses within the context of business risk concentration risk. (October 18, 2013)
The Financial Regulatory Reform Task Force submitted comments to the Financial Stability Board on its paper discussing the application of key attributes of an effective resolution regime to non-bank financial institutions. (October 18, 2013)
The Group Long-Term Disability Work Group sent a final proposed group long-term disability actuarial guideline and final report to the NAIC's Health Actuarial Task Force for exposure with comments due by Oct. 30. (October 11, 2013)
The Life Capital Adequacy Subcommittee sent a comment letter on the double counting of the Asset Valuation Reserve and another one on additional collateral for transactions with unauthorized reinsures to the NAIC Life-Risk Based Capital (E) Working Group.
(October 11, 2013)
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)