Public Policy News

Join the Academy and the Casualty Actuarial Society on Feb. 14 for this timely webinar on key considerations related to the risk of material adverse deviation (RMAD) disclosure required of appointed actuaries providing statements of actuarial opinion on property/casualty loss and loss adjustment expense reserves in the United States. Attendees will learn why RMAD disclosure exists and how to establish a materiality standard, evaluate whether there is an RMAD, and document their findings. Register today! (February 1, 2013)
The Academy/SOA's Cancer Claims Cost Tables Work Group submitted a letter to the NAIC's Health Actuarial Task Force that updated the progress of the valuation table and the work it expects to do over the next six months. (February 1, 2013)
The ORSA Subgroup submitted changes to the NAIC on its December 2012 draft, Guidance Manual for the Own Risk and Solvency Assessment, and included information on actuaries who are involved in enterprise risk management. (January 31, 2013)
The Life & Health Valuation Law Manual is now available. The manual is designed to help appointed actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. (January 25, 2013)
The Academy's Large Group Medical Business Practice Note Work Group has released for a 60-day comment period an updated practice note relating to Large Group Medical Business. (January 24, 2013)
The Annuity Illustration Subgroup submitted comments to the NAIC Annuity Disclosures (A) Working Group on the November 28, 2012 draft of the Buyers Guide for Deferred Annuities. (January 18, 2013)
The 2012 Academy Legislative/Regulatory Review details significant legislative and regulatory activities affecting the actuarial profession, as well as the Academy’s work on these issues. The review notes that while the presidential election dominated the news, the Academy’s nonpartisan work also covered several high profile issues including health care reform implementation, lifetime income, and principle-based reserves for life insurance. Members can log in to read the full alert.
(January 15, 2013)
The 2012 Property/Casualty Loss Reserve Law Manual is now available. The manual is designed to help appointed actuaries comply with the NAIC requirements for statements of actuarial opinion. Learn what's new and order your copy today! (January 15, 2013)
The Academy's Health Practice Council sent a letter to President Obama and congressional leaders urging them to appoint an actuary to the new Commission on Long-Term Care that was enacted as part of the American Taxpayer Relief Act of 2012. Read the news release. (January 14, 2013)
The Life Practice Council submitted a comment letter to the National Association of Insurance Commissioners' Principles-Based Reserving (E) Working Group with suggested changes to its November 2012 draft implementation plan for principle-based reserving of life insurance. (January 11, 2013)
The Health Care Receivables Factors Work Group submitted a updated proposal to the NAIC's Health Risk-Based Capital Working Group providing recommendations for receivables factors in the current RBC formula.  (January 8, 2013)
The Health Care Receivables Factors Work Group submitted a revised proposal to the NAIC's Health Risk-Based Capital Working Group providing recommendations for receivables factors in the current RBC formula.  (January 7, 2013)
The Risk Sharing Work Group submitted comments to CMS on the proposed rule, Benefit and Payment Parameters for 2014, addressing payment methodologies and data collection for the risk adjustment, reinsurance, and risk corridor mechanisms in the ACA. (December 31, 2012)
The MLR Work Group submitted comments to CMS on the proposed rule, Benefit and Payment Parameters for 2014, addressing proposed changes to the final rule on MLR. (December 31, 2012)
The Pension Committee submitted comments to the Actuarial Standards Board responding to its proposed revisions to ASOP No. 25, Credibility Procedures. The comments focused on the exposure draft’s expanded scope of ASOP 25 and raises concerns regarding the standard’s application to pension practice. (December 28, 2012)
The Individual and Small Group Task Force and Premium Review Work Group submitted comments to CMS on a proposed rule regarding health insurance market reforms, which included modifications to the final rule on rate review and disclosure requirements. (December 21, 2012)
The Individual and Small Group Market Task Force submitted comments to CMS on the EHB components of the proposed rule, Standards Related to Essential Health Benefits, Actuarial Value, and Accreditation. (December 21, 2012)
The Academy's Actuarial Value Subgroup submitted comments in response to a request for information on plan data requirements, specifically asking for clarification on whether any AV-related data collection elements will be consistent with those data elements in the AV calculator. (December 20, 2012)
The Health Care Quality Work Group updated its June 2011 fact sheet providing an overview of the Medicare Shared Savings Program and the Pioneer ACO Program. (December 19, 2012)
The Health Care Quality Work Group updated its June 2011 issue brief highlighting a number of actuarial issues that should be considered when designing and implementing accountable care organizations. (December 19, 2012)