Public Policy News

The Financial Regulatory Reform Task Force sent comments to the IAIS on its on its proposed policy measures that would be applied to insurers whose failure would cause major disruption to the global financial system. (December 14, 2012)
The Life Practice Council presented a webinar reviewing the NAIC Fall 2012 National Meeting and progress on the principle-based approach (PBA) to life reserves. The December 13 webinar included a Fall 2012 LATF update, PBR update, and a presentation on the 2012 Individual Annuity Mortality Tables and Model Regulation. (December 13, 2012)
The Annuity Illustration Subgroup sent a comment letter to the Iowa Insurance Division on selected FAQs in its October 18, 2012 draft memorandum. (December 11, 2012)
The Social Security Committee updated its 2004 issue brief on means testing for Social Security. Means testing is one option to reform the Social Security program that would reduce or eliminate benefits for wealthy and/or high-income participants and beneficiaries as a means of reducing costs. (December 11, 2012)
The Actuarial Guideline 43/C-3 Phase II Work Group sent comments to the NAIC’s C-3 Phase II/AG 43 (E) Subgroup on its November 1, 2012 Work Plan Draft. (December 10, 2012)
The American Academy of Actuaries and Society of Actuaries are jointly sponsoring a new webinar series on recently released Affordable Care Act (ACA) proposed rules. Join John Bertko, the director of special initiatives and pricing at the Center for Consumer Information and Insurance Oversight, and his colleagues, as they provide an overview of three significant proposed rules related to the ACA, and answer audience questions on the rules. Cori Uccello, senior health fellow at the Academy will be the moderator. The webinars will be held on Dec. 10, 13, and 14. (December 7, 2012)
Join the Academy’s Life Practice Council on Dec. 13 for an overview of the NAIC Fall 2012 National Meeting and progress on the principle-based approach (PBA) to life reserves. Presenters also will provide an overview of the newly adopted 2012 Individual Annuity Reserving Table which becomes effective January 2014. (December 7, 2012)
Long-Term Care Practice Note Work Group member Dawn Helwig presented at the NAIC's Senior Issues Task Force hearing on long-term care regarding actuarial implications for long-term care insurance.  (December 6, 2012)
Senior Health Fellow Cori Uccello presented to the National Conference of Insurance Legislators regarding states' Affordable Care Act Medicaid expansion decisions.  (November 26, 2012)
COPLFR provided a comment letter to the NAIC's Casualty Actuarial & Statistical Task Force on the Statutory Accounting Principles Working Group's proposed changes to SSAP 65. (November 16, 2012)
The Health Solvency Work Group submitted a letter to the NAIC's Health Risk-Based Capital Working Group describing a model that examines administrative expenses within the context of business risk. (November 16, 2012)
The Health Care Receivables Factors Work Group submitted a letter to the NAIC's Health Risk-Based Capital Working Group that provides recommendations for receivables factors in the current RBC formula. (November 16, 2012)
The LPC submitted a comment letter in support of budget item, “Actuarial Guideline 38/Principle-Based Reserving Implementation and Monitoring.” (November 16, 2012)
The Solvency Committee responded to an NAIC Solvency Modernization Initiative Task Force request to outline methods of measuring regulatory financial success in the U.S. insurance financial regulatory system. (November 16, 2012)
The P/C RBC Committee provided a report to the NAIC's SMI RBC Subgroup on risk correlation methodologies used to determine regulatory solvency capital requirements in advanced jurisdictions outside the U.S. (November 15, 2012)
The Group Long-Term Disability Work Group submitted a proposed actuarial guideline to the NAIC's Health Actuarial Task Force (HATF) that will be used to provide instructions for the use of the proposed new Group Long-Term Disability Valuation Table.  (November 14, 2012)
The Casualty Actuarial Society (CAS), Canadian Institute of Actuaries, Society of Actuaries, and the American Academy of Actuaries’ Property/Casualty Extreme Events Committee, with input from the CAS’s Climate Index Working Group, have published a report, “Determining the Impact of Climate Change on Insurance Risk and the Global Community,” responding to the emerging risk of climate change by collaborating to recommend, support, and perform research on climate change and assess the potential risk management implications for the insurance industry.  (October 31, 2012)
The Casualty Practice Council provided an actuarial perspective on the NAIC Catastrophe Risk Subgroup's recent proposed changes to the Risk-Based Capital formula spreadsheets to incorporate property catastrophe risk.
(October 29, 2012)
The Academy’s Long-Term Care Practice Note Work Group has published an updated practice note relating to long-term care rate stability under the NAIC’s Long-Term Care Insurance Model Regulation.
(October 23, 2012)
The Academy's International Accounting Standards Task Force (IASTF) will present a webinar on the FASB and IASB Insurance Contracts Project. Attendees will learn about IASB's work on Phase 2 of the project and the resulting significant changes to the International Financial Reporting Standard (IFRS) on insurance contracts, and potential changes to U.S. GAAP. (October 16, 2012)