Intersector Group notes from November 2019 meeting with the Pension Benefit Guaranty Corporation.
( )Intersector Group notes from November 2019 meeting with the Treasury Department and Internal Revenue Service.
( )As part of its continuing public policy research program providing objective and independent information based on actuarial analysis, the American Academy of Actuaries today introduced the first model and results of the Actuaries Climate Risk Index (ACRI), which provides results associating dollar estimates of property losses in the United States with changes in extreme weather.
The Academy has long been the most reliable and credible source of objective, independent, and nonpartisan information about actuarial matters that can and do affect public policy decisions in the U.S. We are now releasing the ACRI to provide that objective and independent analysis to assist in answering the question: Are the extreme weather conditions that result from a changing climate producing increased property losses?
The findings contained in version 1.0 of the ACRI are the culmination of years of research. We are presenting them now in the spirit of objective, transparent scientific inquiry and statistical rigor.
( )A four page resource outlining the critical elements of PBR for life insurance.
( )Updated monograph on the National Flood Insurance Program and related issues, with new data from 2017 and 2018 hurricane seasons.
( )Academy Essential Elements paper on creating a national retirement policy, outlining the ways in which a comprehensive national retirement policy could potentially address concerns about retirement security in the United States. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
( )Current Estimate Credit Losses Work Group white paper on the new FASB accounting requirement regarding uncollectible reinsurance.
( )The Academy's Extreme Events and Property Lines Committee has published a new document, Wildfire: An Issue Paper -- Lessons Learned from the 2017-2018 California Events. Read the news release.
( )Cyber Risk Task Force resource guide to help actuaries understand cyber risk and related insurance issues
( )Proposals to expand access to public health insurance plans are being put forward as a way to supplement efforts to strengthen insurance markets under the Affordable Care Act (ACA) or to replace the ACA marketplaces and/or other health insurance programs altogether. Goals of these proposals vary and include increasing access to affordable coverage, exerting downward pressure on provider prices, increasing plan availability, and reducing the number of uninsured. This issue paper from the American Academy of Actuaries Health Practice Council briefly outlines four approaches aiming to achieve such goals and highlights the key design elements that would need to be specified for an approach to be fully evaluated and implemented. (
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Academy Essential Elements paper on Big Data, highlighting the opportunities and challenges that rapidly evolving advancements in data analysis and storage pose for insurers, consumers, and regulators. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
Academy research study, Estimating the Potential Health Care Savings of Reference Pricing, exploring the possibility of using reference pricing to address health care costs, and building upon existing research by estimating the impact of expanding reference pricing to a broader set of health care services. (
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Travel Insurance Task Force monograph on travel insurance from an actuarial perspective. (
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Extreme Events and Property Lines Committee monograph on the development of catastrophe models and the uses of catastrophe model output in actuarial tasks. (
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The Academy released the monograph, Big Data and the Role of the Actuary, at the International Congress of Actuaries meeting in Berlin on June 5. The monograph examines how Big Data is providing actuaries in more practice areas with powerful new analytical tools and opportunities to lead Big Data projects, Academy Immediate Past President and Big Data Task Force Chairperson Bob Beuerlein told ICA attendees. (
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Tax Work Group paper on frequently asked questions about concepts of life insurance tax reserve methods and assumptions. (
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Academy Essential Elements paper on lifetime income, highlighting the challenges that workers face in planning for the risk that they may live longer in retirement than expected, and outlining public policy approaches to help future retirees secure and manage their lifetime income. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
Academy Essential Elements paper on the tax treatment of pensions and insurance protections, and the potential public policy trade-offs of changes to the tax code. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences.
Academy Position Statement on support for policy and educational initiatives to increase retirement income options within employer-sponsored defined contribution (DC) plans. (
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Flood Insurance Work Group monograph on the National Flood Insurance Program (NFIP) that examines key issues surrounding the NFIP, including rising sea levels, the differences between the NFIP and private-sector insurance, and its role in flood management and recovery after catastrophic events. (
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Individual and Small Group Markets Committee issue paper examining the experience in the Affordable Care Act (ACA) individual market, outlining the conditions necessary for a sustainable market, examining whether these conditions are currently being met, and discussing the implications of potential changes to improve the ACA market rules or replace ACA with an alternative approach. (
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Financial Reporting Committee white paper on Considerations in Implementing the FASB Short-Duration Contract Disclosures. (
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The Principle-Based Reserves Checklist Subgroup of the Model Governance Work Group released a model governance checklist, which is offered as a resource for practicing life actuaries involved in actuarial model governance. (
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Risk Sharing Subcommittee issue paper that reviews the first year of experience under the Affordable Care Act’s (ACA) risk adjustment program with focus on experience in the individual market.
( )Financial Reporting Committee exposure draft of a new white paper on Challenges and Issues Implementing the FASB Short-Duration Contract Disclosures. Comments on the exposure draft are due Mar. 15. (
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ERM/ORSA Committee overview on the role of regulatory actuaries in reviewing Own Risk and Solvency Assessment (ORSA) reports. (
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Cancer Claims Cost Tables Work Group presentation to the NAIC's Health Actuarial Task Force on the progress of the valuation table and expected next steps. (
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Public Interest Committee paper providing a common framework for discussion on sustainability of U.S. financial security programs, including Social Security, Medicare, and other types of insurance. Sustainability in American Financial Security Programs describes sustainability and related factors for policymakers, actuaries, and others for use when examining and proposing reforms of these programs.
( )Life Practice Council brief and FAQ supporting the adoption of the NAIC model Standard Valuation Law and Principle-Based Reserves. (
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Committee on Property & Liability Financial Reporting (COPLFR) overview providing information on effective use of actuarial loss reserves expertise by audit committees and boards. (
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