Intersector Group notes of its October 2023 conference call with the Pension Benefit Guaranty Corporation (PBGC).

Intersector Group notes from September 2023 hybrid meeting with Department of the Treasury and Internal Revenue Service.

The Social Security Committee released an issue paper, Social Security and Financially Disadvantaged Groups, focusing on how benefits received by different groups are shaped by features of the program interacting with circumstances and trends associated with members of financially disadvantaged groups. The paper also discusses various reform proposals and how they might affect members of certain groups.

The Life Valuation Committee released a white paper, Pre-Tax vs. Post-Tax Maintenance Reserves in Stochastic Principle-Based Reserves. The paper discusses considerations of using various interest maintenance reserves in VM-22 applications.

Social Security Committee one-pager on the 2023 Annual Report Of The Board Of Trustees Of The Federal Old-Age And Survivors Insurance And Federal Disability Insurance Trust Funds.

Intersector Group notes from January 2023 conference call with Department of the Treasury and Internal Revenue Service.

Intersector Group notes from January 2023 conference call with Pension Benefit Guaranty Corporation.

Casualty Practice Council (CPC) Vice Chairperson, Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Stephen Koca presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the CPC and COPLFR on recent publications and future work products expected for release in 2023.

The Life Financial Reporting Committee released a white paper, FASB Long-Duration Targeted Improvements—A Discussion of Enhanced Disclosures, which focuses on certain considerations in implementing FASB’s required enhanced disclosures around LDTI.

White Paper on Considerations in Market Risk Benefits

Intersector Group notes from May 2022 conference call with Department of the Treasury and Internal Revenue Service.

This infographic illustrates the factors underlying premium rate setting and highlighting the major components driving premium changes in the individual and small group markets for 2023, that are discussed in the recently released issue brief.

The Academy's Extreme Events and Property Lines Committee published a paper, Insurance Linked Securities and Catastrophe Bonds, a public policy issue paper.

Intersector Group notes from February 2022 virtual meeting with the Pension Benefit Guaranty Corporation (PBGC).

The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. This toolkit is intended to be a resource for interested readers of the general public, public policymakers, the actuarial profession, the insurance sector, and other stakeholders. Since the initial publication of the Cyber Risk Toolkit, this document has been updated to include the “War, Cyberterrorism, and Cyber Insurance” section and the “Cyber Risk Resource Guide” section. The toolkit will continue to be updated periodically to reflect new and emerging work from the task force.

The Academy's Extreme Events and Property Lines Committee published a new document, Wildfire: An Issue Paper—Lessons Learned from the 2017-2021 Events.

The Data Science and Analytics Committee released a major issue paper, Big Data and Algorithms in Actuarial Modeling and Consumer Impacts. The purpose of this paper is to provide a framing for understanding how developments in big data and artificial intelligence (AI) may impact insurance offerings and their oversight; education for actuaries, regulators, legislators, and other interested stakeholders on the evolving impacts of big data and AI technologies on the oversight, accessibility, and sustainability of insurance since the publication of the Big Data and the Role of the Actuary monograph; and education for a framework on algorithmic accountability and considerations specific across different lines of insurance.

The Life Financial Reporting Committee’s Market Risk Benefits Work Group exposure draft of a white paper titled, Considerations in Market Risk Benefits. The paper is exposed for public comment for 60 days through December 6, 2021. Comments can be submitted to lifeanalyst@actuary.org.

The Academy’s Essential Elements paper, Medicare’s Long-Term Sustainability Challenge, provides updated figures and information on the financial outlook of Medicare following the release of the 2021 Medicare Trustees report. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.

The Academy’s Essential Elements paper, Securing Social Security, updates figures and information on the financial outlook of Social Security following the release of the 2021 Social Security Trustees report. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.

The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. This toolkit is intended to be a resource for interested readers of the general public, public policymakers, the actuarial profession, the insurance sector, and other stakeholders. Cyber risk issues have been in the news regularly recently, and those using the toolkit can benefit from the perspectives offered in the papers.

Exposure draft of a public policy practice note of the Long-Duration Contracts Work Group of the Financial Reporting Committee on the Application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts. The exposure draft is Part I: Traditional and Limited-Payment Contracts – Basic Considerations Related to the Liability for Future Policy Benefits. Due to the number of areas of practice impacted by this accounting standard, the white paper is being exposed for comment in sections, of which this is the first. Please send comments to rmfrcanalyst@actuary.org by September 30.

Notes from October 9, 2020 Multiemployer Plans Committee meeting with officials of the Departments of the Treasury and Labor and Pension Benefit Guaranty Corporation on applications by plans in critical and declining status to suspend benefits or partition liabilities as permitted under the Multiemployer Pension Reform Act of 2014 (MPRA).

Intersector Group notes from May 2021 conference call with Department of the Treasury and Internal Revenue Service.

Intersector Group notes of its November 2020 conference call with the Pension Benefit Guaranty Corporation (PBGC).

The Life Practice Council's Asset Adequacy Testing Task Force's (AATTF) discussion paper titled, Asset Adequacy Testing Considerations for Year-End 2020.  

States have moved to develop their own laws given there is a lack of federal regulation of notice requirements to consumers in the event of cyber breaches. The purpose of this paper is to provide a systematic comparison of the existing regulations with respect to data breaches involving personally identifiable information across the states. The National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law is also examined.

The Health Practice International Committee (HPIC) released the International Health Care Funding Report. This report is the first iteration of a project is intended to be an illustration of international models of health care funding, and reflects the state of 36 health funding systems from around the world as of December 31, 2019. This report is a joint effort of volunteers of the American Academy of Actuaries Health Practice International Committee (HPIC), the International Actuarial Association Health Section (IAAHS), and the Society of Actuaries (SOA) International Section.

Tax Work Group's white paper outlining the most significant changes in the taxation of life insurance companies that were made by the Tax Cuts and Jobs Act of 2017 (TCJA). 

Updated monograph on the National Flood Insurance Program and related issues, with new data from the 2019 hurricane season.