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.

The Pension Practice Council (PPC) and Pension Finance Task Force (PFTF) submitted letters to Congressional leaders on concerns about proposals to raise revenues by changing private sector pension law to offset unrelated spending increases.

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.

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.

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.

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.

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.

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.

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 Casualty Practice Council submitted comments on the Casualty Actuarial Society’s Statement of Principles on P&C Ratemaking revised draft.

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.

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.

On June 18, Cori Uccello, the Academy's senior health fellow, provided members of the U.S. House Committee on Oversight and Government Reform's Subcommittee on Economic Growth, Job Creation, and Regulatory Affairs with an objective actuarial assessment of the three Affordable Care Act (ACA) risk-sharing mechanisms. Read the written testimony and the news release.

The Stress Testing Work Group sent a comment letter to the NAIC Life Risk-Based Capital Working Group on its recent stress testing proposal.

Academy Senior Life Fellow Nancy Bennett gave a presentation on regulatory capital requirements for U.S. life insurers to the Financial Stability Oversight Council Insurance Industry Work Group.

The Medicare Part D RBC Subgroup published a report to the NAIC’s Health Risk-Based Capital Working Group recommending that no change be made to the risk factors for Medicare Part D coverage.

The C-3 Work Group submitted a report on a recommended approach for updating regulatory Risk-Based Capital requirements for interest rate risk for fixed annuities and single premium life insurance

The Auto Insurance Committee submitted comments to the Federal Insurance Office on issues surrounding monitoring the availability and affordability of auto insurance. The comments addressed the definition of affordability, and the metrics and data sources to use when monitoring the extent to which low- and moderate-income consumers have access to affordable auto insurance.

The Solvency Committee submitted comments to the International Actuarial Association (IAA) on the International Association of Insurance Supervisors' (IAIS) Memo on a proposed approach for a global insurance capital standard.