The Academy’s Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force and its Indexed Universal Life (IUL) Illustration (A) Subgroup regarding the August 15, 2022 Indexed Universal Life (IUL) Illustration (A) Subgroup Indexed Universal Life Exposure.
(September 06, 2022)The Academy's Social Security Committee released an issue brief that explores a wide variety of proposals made over the years for changing the formulas for determining benefits by members of Congress, government-appointed panels and commissions, and outside experts, with an eye toward how the proposed changes would affect the balance between individual equity and social adequacy.
(August 31, 2022)The Academy's Social Security Committee released an issue brief that explores a wide variety of proposals made over the years for increasing the system’s revenue by members of Congress, government-appointed panels and commissions, and outside experts.
(August 31, 2022)The Academy's Lifetime Income Risk Joint Committee released an issue brief that provides a discussion of the various types of insured annuities available to individuals and their potential uses, as well as some relevant tax implications.
(August 31, 2022)The Academy's Lifetime Income Risk Joint Committee released an issue brief that that provides a discussion of a variety of approaches for adding annuity options to defined contribution (DC) plans providing for insured lifetime income that begins immediately, is deferred, or is provided under an accumulation product that converts funds to lifetime income.
(August 31, 2022)The Academy's Lifetime Income Risk Joint Committee released an issue brief providing a discussion of Qualifying Longevity Annuity Contracts (QLACs), which are insured annuities paid out one or more years after purchase, possibly starting at an advanced age.
(August 31, 2022)The Health Equity Committee released a public policy issue brief on health care and health insurance system risk assessment and risk adjustment in the context of health equity. Risk assessment and risk adjustment are valuable tools that are used for a variety of purposes and are being reexamined to understand whether and how they should incorporate social risk factors.
(August 30, 2022)The Health Equity Committee sent comments responding to the Centers for Medicare & Medicaid Services’ (CMS) request for information (RFI) that was seeking public comment on the Medicare Advantage program. The committee specifically focused on the health equity aspects of the questions posed within the RFI.
(August 30, 2022)Academy Health Equity Committee Chairperson Annette James gave a presentation on equity considerations for barriers to care and health plan benefit design to the National Association of Insurance Commissioners (NAIC) Special (EX) Committee on Race & Insurance Workstream #5.
(August 23, 2022)The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note exposure draft Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP, which covers aspects of the application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, published in August 2018 by the Financial Accounting Standards Board. The comment deadline for this exposure draft is November 21, 2022.
(August 23, 2022)The Academy’s Index-Linked Variable Annuity Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup regarding Exposure 4 of the Proposed Actuarial Guideline ILVA, Nonforfeiture Requirements for Index Linked Variable Annuity Products.
(August 23, 2022)The Casualty Practice Council submitted written comments to the Washington, D.C. Department of Insurance, Securities and Banking's (DISB) Request for Comments on evaluating unintentional bias in private passenger automobile insurance. The letter expanded on the Academy's previous comments to the DISB on recommended actuarial considerations for determining unintentional bias in auto insurance.
(August 22, 2022)The Academy's Social Security Committee has released a one-pager to accompany its issue brief on the 2022 Social Security Trustees Report examining the latest detailed annual assessment by the federal government of the program’s solvency.
(August 17, 2022)The Academy’s Annuity Reserves and Capital Work Group (ARCWG) submitted comments to the National Association of Insurance Commissioners’ Valuation Manual (VM)-22 (A) Subgroup on its exposure draft regarding specific treatment in the VM-22 Framework for addressing longevity reinsurance.
(August 12, 2022)Academy Health Practice Council (HPC) Vice Chairperson, Barb Klever, provided an update on HPC activities to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force during their virtual meeting in lieu of the 2022 Summer National Meeting.
(August 01, 2022)The Academy’s Climate Change Joint Task Force (CCJTF) submitted comments to the International Sustainability Standards Board (ISSB) on their Exposure Draft IFRS S2 Climate-related Disclosures. The draft builds upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).
(July 29, 2022)The Academy’s Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Indexed Universal Life (IUL) Illustration (A) Subgroup regarding the July 18, 2022 Indexed Universal Life Exposure.
(July 28, 2022)The Workers' Compensation Committee released an issue brief discussing the growing importance of telehealth for workers' compensation insurers, the variations across different states, and the opportunities for the actuarial profession to help all parties involved better direct their efforts and maximize the return of any telehealth initiatives.
(July 21, 2022)The Health Solvency Subcommittee submitted a letter response to its previous report to the NAIC’s Health Risk-Based Capital (E) Working Group to provide a timeline to analyze and comprehensively review the H2—Underwriting Risk component and the managed care credit calculation in the health risk-based capital (HRBC) formula.
(July 13, 2022)The Casualty Practice Council submitted written comments following the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their hearing, "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance." The letter expanded on the Academy's verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance.
(July 08, 2022)