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 Pension Committee published an issue brief detailing Pension Benefit Guaranty Corporation (PBGC) single-employer premiums and considering their impact on pension plan sponsorship.(October 08, 2020)
The Academy's Tax Work Group released a 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)
The Pension Committee released an exposure draft of a practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling. Please send comments to the pension policy analyst of the American Academy of Actuaries at email@example.com by January 31, 2021.(October 06, 2020)
The Academy has released a new Essential Elements paper: “Wildfire Risk in the United States.” The paper discusses where and when wildfires occur, the rising property/casualty costs from wildfire damage, the importance of wildfire modeling, and ways to address wildfire risk. Essential Elements, a series of concise and informative papers developed by the Academy, is designed to provide a quick and easy-to-understand overview of key public policy issues of interest to Academy members, policymakers, and the general public.(October 01, 2020)
The Extreme Events and Property Lines Committee has updated its monograph on the National Flood Insurance Program and related issues, including new data from the 2019 hurricane season.(September 30, 2020)
The Financial Reporting Committee submitted comments to the American Institute of Certified Public Accountants (AICPA) regarding Long-Duration Contracts Implementation Issue 11AC (ceded reinsurance), to be included in the Audit and Accounting Guide: Life and Health Insurance Entities.(September 23, 2020)
The Pension Committee published an issue brief considering the near-term and long-term effects of COVID-19 on pension plans, mortality, and other assumptions.(September 22, 2020)
The Committee on Property and Liability Financial Reporting has issued a new public policy paper, An Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserve Expertise. This document replaces an earlier publication on the same subject.(September 21, 2020)
C-2 Mortality Work Group presented an update to the NAIC's Life Risk-Based Capital (E) Working Group reviewing the C-2 overall approach and current risk-based capital (RBC) factors.(September 11, 2020)
The Committee on Property and Liability Financial Reporting has submitted comments to the NAIC's Actuarial Opinion Working Group, suggesting changes to the wording in the Financial Examiners Handbook.(August 27, 2020)
The Long-Term Care (LTC) Valuation Work Group gave a presentation to the National Association of Insurance Commissioners’ (NAIC’s) LTC Actuarial (B) Working Group on the work group’s progress on the NAIC’s requests that the work group develop a replacement mortality table for LTC active life reserves, develop a replacement lapse table, and consider developing tables for valuation on total lives basis as well as active lives basis.(August 25, 2020)
The Multiemployer Plans Committee submitted comments to the Internal Revenue Service about a proposed form for reporting the annual actuarial certification for multiemployer defined benefit plans.(August 24, 2020)
The Academy C-3 Life and Annuities Work Group (C-3 WG) has a request from the NAIC Life Risk-Based Capital (E) Working Group (LRBC) to “Update the current C-3 Phase I or C-3 Phase II methodology to include Indexed Annuities.”(August 21, 2020)
The Long-Term Care (LTC) Valuation Work Group gave a presentation to NAIC’s LTC Actuarial (B) Working Group as part of the NAIC Summer 2020 Virtual National Meeting.(August 07, 2020)
The PBR Governance Work Group provided an update on Academy PBR Resources to the Life Actuarial (A) Task Force at the NAIC 2020 Summer National Meeting.(August 04, 2020)
Public Policy Statements
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.
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.