Public Policy
The Academy, through its public policy work, seeks to address pressing issues that require or would benefit by the sound application of actuarial principles. The Academy provides unbiased actuarial expertise and advice to public policy decision makers and stakeholders at the state, federal and international levels in all areas of actuarial qualifications. It also advocates on behalf of the profession and promotes the use of actuaries in non-traditional areas.
Health
The Health Practice Council (HPC) provides objective technical expertise to policymakers and regulators on major health insurance and health care affordability issues, including Medicare.
Pension
The Pension Practice Council (PPC) provides objective technical expertise to policymakers and regulators on major retirement policy issues, including Social Security, and defined benefit pension plans.
Casualty
The Casualty Practice Council (CPC) provides objective technical expertise to policymakers and regulators on major property/casualty issues, including medical professional liability and flood insurance.
Life
The Life Practice Council (LPC) provides objective technical expertise to policymakers and regulators on life insurance issues, including a principle-based regulatory approach to reserving and risk-based capital.
Risk Management and Financial Reporting
The Risk Management and Financial Reporting Council (RMFRC) provides objective technical expertise to policymakers and regulators on issues involving risk management and/or financial reporting.
Public Policy News
Academy Casualty VP, Lauren Cavanaugh, provided testimony on June 29 before the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their upcoming "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance. " She provided a verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance.
(June 29, 2022)The Racial Equity Task Force released an issue brief discussing the potential options to obtaining protected class information on insureds in the P&C insurance industry to test for practices that may disproportionally harm members of any protected classes. It also evaluates three general data collection methods—collecting additional data, capturing existing external data, or imputing data—for desirable attributes such as accuracy, efficiency, and the size of the data set.
(June 28, 2022)The Intersector Group published notes from its May 2022 conference call with the Treasury Department and Internal Revenue Service.
(June 24, 2022)The Long-Term Care Valuation Work Group gave a follow-up presentation to the National Association of Insurance Commissioners (NAIC) NAIC Long-Term Care Actuarial (B) Working Group to discuss the data set used in preparation of the of the Long-Term Care Insurance Mortality and Lapse Study. The NAIC will develop a list of areas that they would like commenters to focus on, and then will expose the report for a 60-day period.
(June 24, 2022)The Academy’s Life Experience Committee and the SOA’s Preferred Mortality Project Oversight Group submitted a presentation providing an update to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on Future Mortality Improvement Scale Development (VM-20).
(June 24, 2022)The Academy’s Economic Scenario Generator Work Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force regarding a proposed schedule to develop acceptance criteria for stochastic sets of economic scenarios.
(June 24, 2022)The Academy’s Climate Change Joint Task Force (CCJTF) submitted comments to the Securities and Exchange Commission (SEC) on their request for public input on the proposed rule, the “Enhancement and Standardization of Climate-Related Disclosures for Investors.”
(June 23, 2022)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.
(June 22, 2022)The Individual and Small Group Markets Committee released an issue brief laying out the factors underlying premium rate setting and highlighting the major components driving premium changes in the individual and small group markets for 2023.
(June 21, 2022)The Academy’s Annuity Reserves and Capital Work Group, Variable Annuity Reserves and Capitol Work Group, and the Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on the exposure of APF 2022-04 Swap Spreads and the transition from LIBOR to SOFR.
(June 17, 2022)P/C Extreme Events and Other Lines Committee comments to the Senate Banking Committee regarding their hearing, “Reauthorization of the National Flood Insurance Program: Protecting Communities from Flood Risk”
(June 17, 2022)The Academy’s Life Experience Committee submitted a List of Resources to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force regarding COVID-19 in Life Insurance Mortality Improvement.
(June 17, 2022)The Academy’s Climate Change Joint Task Force (CCJTF) submitted comments to the Securities and Exchange Commission (SEC) on their request for public input on the proposed rule, the “Enhancement and Standardization of Climate-Related Disclosures for Investors.”
(June 17, 2022)The Social Security Committee released an issue brief on the 2022 Social Security Trustees Report examining the social insurance program’s long-term solvency issues.
(June 16, 2022)The Academy's Extreme Events and Property Lines Committee published a paper, Insurance Linked Securities and Catastrophe Bonds, a public policy issue paper.
(June 14, 2022)Public Policy Statements
Comments and letters
Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.
Issue briefs
Analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public.
Policy papers
Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public. Includes monographs and white papers.
Presentations
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
Reports to the NAIC
The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of Academy practice councils.
Testimony
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
Practice Notes
Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.
