Public Policy News

The Life Reserves Work Group submitted comments on two National Association of Insurance Commissioners' (NAIC) Life Actuarial Task Force proposed amendments to VM-20 – one comment letter related to additional definitions and the other comment letter related to proposed changes to Section 2G.
(May 2, 2017)
The Pension Committee (PC) submitted a comment letter to the Actuarial Standards Board (ASB) on the proposed Actuarial Standard of Practice (ASOP), Setting Assumptions. (May 2, 2017)
The Casualty Practice Council submitted a comment letter on the ASB's third exposure of the proposed Actuarial Standards of Practice (ASOP), Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Funding. (April 27, 2017)
The Premium Review Subgroup submitted comments to the Center for Consumer Information and Insurance Oversight on the final 2018 unified rate review template (URRT) instructions. (April 27, 2017)
The ERM/ORSA Committee submitted comments to the Actuarial Standards Board (ASB) on its Setting Assumptions exposure draft. (April 27, 2017)
The Health Practice Council published an issue brief examining ways in which the individual health insurance market can be strengthened and made more viable. Read the news release.  (April 24, 2017)
The Principle-Based Reserve (PBR) Model Governance Practice Note Work Group released a new practice note to provide additional information for practicing life actuaries seeking to better understand models, model risks, model governance, and related issues, as these actuaries implement PBR.
(April 20, 2017)
The Flood Insurance Work Group released a new public policy monograph, The National Flood Insurance Program: Challenges and Solutions. The monograph provides objective information to policy makers on differing approaches to premium setting and program financing, including both public and private financing mechanisms. It also examines improvements in flood risk assessment and modeling that are reducing the uncertainties surrounding flood coverage and could lead to greater market participation by private insurers and reinsurers. Read the news release. (April 19, 2017)
The Pension Practice Council sent a letter to Congressional leaders on pension-related revenue offsets. (April 18, 2017)
The Health Practice Council presented to the NAIC’s Health Insurance and Managed Care Committee on the potential changes to the Affordable Care Act through possible legislation and administrative actions, and subsequent actuarial considerations. (April 9, 2017)
Tricia Matson, chairperson of the Longevity Risk Task Force, presented an update on efforts to develop a methodology for recognizing longevity risk in statutory reserves and risk-based capital (RBC) to the NAIC's Life RBC Working Group. (April 8, 2017)
The Health Practice Council presented to the NAIC’s Health Actuarial Task Force on the potential changes to the Affordable Care Act through possible legislation and administrative actions and the actuarial considerations. (April 7, 2017)
Mary Bahna-Nolan, chairperson of the joint committee of the Academy’s Life Experience Committee and SOA Preferred Mortality Oversight Group, presented updates on its work to the Life Actuarial Task Force (LATF) on guaranteed issue and preneed mortality tables, and simplified issue and accelerated underwriting mortality under VM-20. (April 6, 2017)
The Life Experience Committee gave a report to the NAIC Life Actuarial Task Force (LATF) on 2017 guaranteed issue mortality tables, including spreadsheets with a blended mortality table, a male mortality table, and a female mortality table. (April 6, 2017)
The Workers Compensation Committee submitted a comment letter to California's Office of Self Insurance Plans that expresses concerns regarding guidance issued to actuaries who are evaluating self-insured workers compensation plans. (March 30, 2017)
The Pension Committee submitted a comment letter to the IRS on an update to mortality tables for determining the present value for defined benefit pension plans. (March 30, 2017)
The Individual and Small Group Markets Committee and the Medicaid Subcommittee sent comments to U.S. House Leadership on H.R. 1628, the American Health Care Act (AHCA), which is intended to repeal and replace provisions in the Affordable Care Act. (March 22, 2017)
The Medicaid Funding Work Group published an issue brief addressing key design elements of block grants and per capita caps in relation to program sustainability. (March 17, 2017)
The Life Operational Risk Work Group submitted comments to the NAIC's Operational Risk (E) Subgroup on a draft report on operational life risk-based capital. (March 17, 2017)
Academy Senior Casualty Fellow Jim MacGinnitie presented the Actuaries Climate Index and Actuaries Climate Risk Index to the Inter-Agency Forum on Climate Change Impacts and Adaptations meeting at NASA headquarters in Washington. (March 16, 2017)