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 Health Practice Council and its Task Force to Review Actuarial Standard of Practice (ASOP) 11 filed a comment on the Actuarial Standards Board exposure draft, Reinsurance Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports.(July 02, 2020)
The Risk Sharing Subcommittee filed comments with the Department of Health and Human Services and the Centers for Medicare and Medicaid Services on exposed Amendments to the HHS-Operated Risk Adjustment Data Validation Under the Patient Protection and Affordable Care Act’s HHS-Operated Risk Adjustment Program.(July 02, 2020)
The Intersector Group released the notes of its May 2020 conference call with the Pension Benefit Guaranty Corporation.(July 01, 2020)
The Casualty Practice Council commented on H.R. 7011, a proposal to facilitate expansion of Business Interruption insurance to include future pandemic events.(June 26, 2020)
The Workers’ Compensation Committee released an issue brief, Presumptive Benefits in Workers’ Compensation: Emerging Issues Before and After COVID-19, which covers what workers’ compensation presumption of benefits means, how laws vary by state, what occupations are covered by presumptions, what injuries or diseases are classified as presumptive, who is eligible, how claims can be rebuttable by the employers, what are the cost elements of workers’ compensation presumptions, and other cost considerations.(June 25, 2020)
The Life Underwriting and Risk Classification Work Group gave a presentation on actuarial perspectives on accelerated underwriting to the NAIC Accelerated Underwriting (A) Working Group.(June 18, 2020)
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force regarding the illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline 49 and the ACLI Redline of AG 49A.(June 15, 2020)
The Annuity Reserves Work Group gave an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity PBR.(June 11, 2020)
The Committee on Property and Liability Financial Reporting has issued a set of questions and answers regarding the impact of the coronavirus pandemic on P/C financial reporting.(June 11, 2020)
The Academy published an issue brief examining the potential impact of the SECURE Act on retirement security, which was developed by Senior Pension Fellow Linda K. Stone in conjunction with the chairperson and members of the Retirement System Assessment and Policy Committee and the co-chairpersons of the Lifetime Income Risk Joint Committee.(June 10, 2020)
Individual and Small Group Markets Committee issue brief outlining the major factors driving premium changes for the next plan year. This year’s issue brief focuses primarily on the impact of COVID-19 on the 2021 premium rate filings.(June 09, 2020)
The Cyber Risk Task Force sent comments to the Government Accountability Office regarding cyber-attacks and the Terrorism Risk Insurance Act.(June 01, 2020)
The C-2 Longevity Risk Work Group sent a comment letter and supplemental materials to the NAIC Life Risk-Based Capital (E) Working Group on suggested edits to the RBC forms and instructions for C-2b longevity risk.(May 29, 2020)
The Tax Work Group submitted a comment letter to the Internal Revenue Service regarding a proposed regulation that provides guidance on the computation of life insurance reserves for income tax reporting.(May 28, 2020)
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on the "Independent Proposal" regarding IUL product illustrations under AG 49.(May 27, 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.