The Long-Term Care Terminations Work Group presented an update to the NAIC’s Long-Term Care Actuarial Working Group on progress made in developing a recommendation on LTC terminations and next steps.(August 15, 2014)
The Health Practice International Task Force published an issue brief providing an overview of the prevalence and costs associated with diabetes internationally and exploring ways in which several countries are addressing the high cost of diabetes.(August 13, 2014)
The Principle-Based Reserves Strategy Subgroup sent a comment letter to the NAIC Life Actuarial Task Force on the Net Premium Reserve component of the Rector report.(August 12, 2014)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ revised proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs).
The Medicare Steering Committee updated its annual issue brief that offers an actuarial perspective on Medicare's financial condition and outlines the public policy options to address the program's long-term financial challenges.(July 31, 2014)
The Academy published a new Essential Elements paper, Securing Social Security, which examines the long-term solvency challenges facing the nation’s largest social insurance program and approaches that could provide adequate long-term financing for the program. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.(July 28, 2014)
The ORSA Subgroup submitted comments to the NAIC's Risk-Focused Surveillance Working Group on the second exposure draft of ORSA guidance, which will be included in the Financial Analysis Handbook and the Financial Condition Examiners Handbook.(July 22, 2014)
The Casualty Practice Council sent letter to U.S. House leaders on the TRIA Reform Act of 2014 in support of reauthorizing the terrorism risk insurance program and maintaining a government backstop for a peril that is difficult to fully insure in the private market.(July 16, 2014)
Several Academy members presented at the National Conference of Insurance Legislators’ summer meeting in Boston, July 9-13. Mike Angelina, vice president of the Casualty Practice Council, presented on the evolving role of the private market in providing flood insurance, and Senior Life Fellow Nancy Bennett offered an update on principle-based reserving (PBR) implementation that included a legislation-in-brief document and FAQs. Ellen Kleinstuber, vice-chairperson of the Pension Committee, discussed NCOIL’s proposed Pension De-Risking Model Act in the wake of the Pension Committee sending a letter to NCOIL on the proposal last week.(July 12, 2014)
The Committee on Property and Liability Financial Reporting submitted a comment letter to the NAIC's Casualty Actuarial and Statistical Task Force on proposed changes to IRIS ratios 11, 12, and 13, which would add adjusting and other expenses to the basis for calculating those ratios.(July 10, 2014)
The Medicaid Work Group submitted comments to the Centers for Medicare and Medicaid Services requesting specific guidance on the Affordable Care Act's Health Insurance Providers (HIP) fee and how it affects the Medicaid program.(July 07, 2014)
The Academy released a new Essential Elements paper, Terrorism Risk Insurance, that explores the Terrorism Risk Insurance Program, how terrorism insurance is different from other types of insurance, and the case for extending the program. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.(June 30, 2014)
The Tax Work Group sent a comment letter to the NAIC Health Actuarial Task Force on the tax implications of the 2013 Individual Disability Income Valuation Tables.
The Life Practice Council sent a comment letter to the NAIC Principle-based Reserving Implementation (EX) Task Force on its June 4 exposure of the Rector Report.
The Academy published PBA Perspectives to provide quarterly updates on activities surrounding the implementation of the Principle-based Approach (PBA) for life insurance. The newsletter includes reports on legislative, regulatory, and Academy activity relating to PBA. PBA Perspectives will also provide updates on state legislative adoption of the new principle-based methodology.(June 20, 2014)
The Health Practice Financial Reporting Committee submitted comments to the NAIC’s Statutory Accounting Principles Working Group on its new accounting proposal for the risk-sharing programs of the Affordable Care Act.(June 20, 2014)
The Casualty Practice Council submitted comments on the Casualty Actuarial Society’s Statement of Principles on P&C Ratemaking revised draft.(June 20, 2014)