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.
(November 08, 2021)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.
(October 06, 2021)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.
(September 02, 2021)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.
(September 02, 2021)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.
(August 25, 2021)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.
(July 27, 2021)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).
(July 22, 2021)Intersector Group notes from May 2021 conference call with Department of the Treasury and Internal Revenue Service.
(July 02, 2021)Intersector Group notes of its November 2020 conference call with the Pension Benefit Guaranty Corporation (PBGC).
(December 29, 2020)The Life Practice Council's Asset Adequacy Testing Task Force's (AATTF) discussion paper titled, Asset Adequacy Testing Considerations for Year-End 2020.
(December 04, 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.
(November 06, 2020)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.
(October 23, 2020)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).
(October 08, 2020)Updated monograph on the National Flood Insurance Program and related issues, with new data from the 2019 hurricane season.
(September 30, 2020)A new paper has been published, An Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserve Expertise. Produced by the Committee on Property and Liabi8lity Financial Reporting, this document replaces an earlier paper on the same subject.
(September 21, 2020)Intersector Group notes from May 2020 conference call with the Pension Benefit Guaranty Corporation.
(July 01, 2020)The Committee on Property and Liability Financial Reporting has issued a set of questions and answers about the impact of the coronavirus pandemic on P/C financial reporting.
(June 11, 2020)FAQ document developed by the Joint Economic Scenario Generator Project Oversight Group to provide information relevant to the Academy Interest Rate Generator.
(May 08, 2020)Intersector Group notes from November 2019 meeting with the Pension Benefit Guaranty Corporation.
(January 09, 2020)Intersector Group notes from November 2019 meeting with the Treasury Department and Internal Revenue Service.
(January 09, 2020)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.
(January 09, 2020)A four page resource outlining the critical elements of PBR for life insurance.
(October 23, 2019)Updated monograph on the National Flood Insurance Program and related issues, with new data from 2017 and 2018 hurricane seasons.
(September 25, 2019)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.
(August 12, 2019)Current Estimate Credit Losses Work Group white paper on the new FASB accounting requirement regarding uncollectible reinsurance.
(July 02, 2019)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.
(June 21, 2019)Cyber Risk Task Force resource guide to help actuaries understand cyber risk and related insurance issues
(May 22, 2019)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. (March 03, 2019)
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. (October 31, 2018)
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