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.
The Asset Adequacy and Reinsurance Issues Task Force provided comments to the Life Actuarial Task Force (LATF) regarding LATF's “AAT Reinsurance Exposure 031724” exposure.
(May 17, 2024)The Retirement Policy and Design Evaluation Committee released a policy paper, Improving Retirement Outcomes: Demographic Considerations. This policy paper offers potential changes and actions for consideration by policymakers, think tanks, actuaries, and employers/plan sponsors to improve retirement outcomes for groups facing inadequate retirement security under common designs.
(May 15, 2024)The Social Security Committee released Highlights from the 2024 Social Security Trustees Report, a one-page illustration detailing the latest annual report on the current and projected financial status of the trust funds.
(May 09, 2024)The Life Experience Committee released a resource and discussion guide, Utilization Assumptions of Guaranteed Living Benefits for Deferred Annuities. The guide suggests some reasons why there may be a cohort that never utilizes its guaranteed living benefits (GLBs). It also provides sources of information on how to develop reasonable assumptions regarding GLB withdrawals.
(May 09, 2024)Academy Casualty Policy Analyst Rob Fischer, Senior Fellow Rich Gibson, and Will Davis of the South Carolina Department of Insurance presented at the Casualty Actuarial Society's Spring Meeting on current and future public policy considerations, covering how the current legislative and regulatory environment continues to evolve and respond to changes in actuarial practice and the broader insurance and financial environments. The presentation covered topics including the NAIC, homeowners insurance, AI governance, the National Flood Insurance Program, and bias.
(May 08, 2024)The Medicare Committee released an issue brief, Medicare’s Financial Condition: Beyond Actuarial Balance, that examines the findings of the 2024 Medicare Trustees Report with respect to program solvency and sustainability.
(May 08, 2024)The Casualty Practice Council submitted comments on the exposure draft of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).
(May 01, 2024)The Variable Annuity Reserves and Capital Subcommittee sent comments to the NAIC’s Variable Annuities Capital and Reserve (E/A) Subgroup on the exposure draft of APF 2024-07 that proposes updates to the VM-21 Standard Projection Amount assumptions.
(May 01, 2024)The Pension Committee submitted comments to the Actuarial Standards Board regarding the proposed revision of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).
(May 01, 2024)The ERM/ORSA Committee submitted comments to the Actuarial Standards Board regarding the proposed revision of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).
(May 01, 2024)The Health Practice Council submitted comments on the exposure draft of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).
(May 01, 2024)The P/C Extreme Events and Property Lines Committee submitted a comment letter to the California Department of Insurance in advance of the department’s public workshop on its draft regulation that would modify state law to allow for catastrophe modeling to be used for wildfire, terrorism, and flood lines of homeowners and commercial insurance lines.
(April 23, 2024)The Social Security Committee released an updated monograph and issue brief on individual equity and social adequacy as those principles apply to Social Security reform options. The monograph and issue brief compare three different Social Security reform proposals using individual equity and social adequacy—two of the important principles underlying the program—and provide details on each of the proposals and examine the data used in the illustrations.
(April 18, 2024)The Public Plans Committee released ‘Surplus’ Considerations for Public Pension Plans, an issue brief that examines plan “surplus,” what it means and does not mean, historical lessons for public plans regarding “surplus,” and considerations for plans at or approaching 100% funding in the future.
(April 11, 2024)The C1 Subcommittee commented on the Oliver Wyman report on Asset-Backed Securities Residual Tranches that was exposed at the NAIC Spring National Meeting to the NAIC's Risk Based Capital Investment Risk and Evaluation (E) Working Group.
(April 09, 2024)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.
Analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public.
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.
Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.
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.
Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.
The Academy has assembled materials to assist actuaries and regulators with implementation of PBR for life insurance.
This educational tool, developed by the American Academy of Actuaries and the Society of Actuaries, is designed to provide you with perspectives on your longevity.
In today’s aging society, the widespread assurance of lifetime income is the single most important step needed to improve the retirement security of older Americans. Learn more about the Academy's work on this issue.
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.