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.
Public Policy News
The Life Practice Council provided comments to the Scope and Aggregation sections of the NAIC Life Actuarial Task Force (LATF)'s exposure, AAT for Reinsurance Actuarial Guideline Draft.
(October 03, 2024)The Long-Term Care (LTC) Committee submitted comments to the NAIC’s Long-Term Care Actuarial (B) Working Group (LTCAWG) in response to LTCAWG's August 12, 2024, request for comments on Proposals A and B as candidates for a Single LTCI Multistate Rate Review Approach.
(September 27, 2024)The Data Science and Analytics Committee released an issue paper, Defining Big Data. The paper is intended to build a shared language and concepts of big data and associated themes for the actuarial community, regulators, and other interested parties.
(September 25, 2024)
The Retirement Policy and Design Evaluation Committee released an issue brief, Collective Defined Contribution Plans. The issue brief defines Collective Defined Contribution (CDC) plans broadly, provides some examples of CDC plans that exist in various countries, discusses some advantages and criticisms of CDC plans—and considers possible options to address the criticisms.
(September 24, 2024)
The P/C Committee on Equity and Fairness (PCCEF) released an issue brief, Insurance Fraud: Impacts on Premiums, Claim Costs, and the Public. The brief discusses regulatory actions to prevent and report fraud and approaches actuaries can take to quantify the damage fraud causes.
(September 20, 2024)The Social Security Committee has released a public policy issue paper, Immigration and Social Security. Immigration is a crucial component to the trajectory of the financial condition of the Social Security system—this paper discusses how immigration affects the social insurance program.
(September 18, 2024)The Life Underwriting and Risk Classification Subcommittee submitted additional comments to the Colorado Division of Insurance on the ACLI draft proposed quantitative testing regulation, Concerning Quantitative Testing of External Consumer Data and Information Sources, Algorithms, and Predictive Models Used for Life Insurance Underwriting for Unfairly Discriminatory Outcomes.
(September 13, 2024)The Public Plans Committee released an issue brief, Public Pension Plans: Helping Members Evaluate Buyout Programs and Other Lump Sums. The issue brief suggests critical information that would help members compare the value of an offered buyout—a lump sum payment in exchange for some or all of their pension benefits—to the value of the lifetime benefits.
(September 11, 2024)The Extreme Events and Property Lines Committee submitted comments to the Federal Emergency Management Agency on their RFI on the redesign of the National Flood Insurance Program’s Community Rating System.
(September 09, 2024)The Life Underwriting and Risk Classification Subcommittee submitted comments to the NAIC's Special (EX) Committee on Race and Insurance Life Workstream on the July 17 Exposure of the Survey of Life Insurer Underwriting Guidelines as Applied to Justice Impacted Individuals.
(September 05, 2024)Members of the Life Investment Analysis Subcommittee presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on Assets for Appointed Actuaries.
(August 28, 2024)Members of the Life Practice Council, along with representatives from Kuvare and the Minnesota Department of Commerce, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on offshore reinsurance.
(August 28, 2024)Members of the Economic Scenario Generator Subcommittee, along with representatives from Oliver Wyman and the New Jersey Department of Banking and Insurance, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on the National Association of Insurance Commissioners' Generator of Economic Scenarios (GOES) Project.
(August 28, 2024)Members of the Annuity Reserve and Capital Subcommittee, along with representatives from EY, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on the VM-22 Field Test.
(August 28, 2024)Members of the Life Practice Council presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on regulatory updates on recent National Association of Insurance Commissioners (NAIC) activity.
(August 28, 2024)Public Policy Initiatives
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.
Principle-based Reserving
The Academy has assembled materials to assist actuaries and regulators with implementation of PBR for life insurance.
Actuaries Longevity Illustrator
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.
Lifetime Income
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
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.
