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 C-1 Work Group sent a letter to the NAIC Capital Adequacy (E) Task Force on their proposal to expand the number of bond factors in the Life Risk-Based Capital formula.( )
The Macroprudential Task Force sent a comment letter to the NAIC Financial Stability (EX) Task Force and Liquidity Assessment (EX) Subgroup on the exposed Liquidity Stress Testing Framework.( )
The ERM/ORSA Committee submitted comments to the International Association of Insurance Supervisors' (IAIS) Issues Paper on the Implementation of the Recommendations of the Task Force on Climate-Related Financial Disclosures ("TCFD Recommendations").( )
The Longevity Risk Task Force sent a comment letter on the proposed longevity risk charge to the NAIC Life Risk-Based Capital (E) Working Group.( )
The Solvency Committee submitted comments to the International Association of Insurance Supervisors (IAIS) regarding IAIS's Draft Application Paper on Liquidity Risk Management.( )
The Intersector Group released the notes of its November 2019 meeting with the Pension Benefit Guaranty Corporation.( )
The Intersector Group released the notes of its November 2019 meeting with the Treasury Department and Internal Revenue Service.( )
As part of its continuing public policy research program providing objective and independent information based on actuarial analysis, the American Academy of Actuaries today introduced the first model and results of the Actuaries Climate Risk Index (ACRI), which provides results associating dollar estimates of property losses in the United States with changes in extreme weather.
The Academy has long been the most reliable and credible source of objective, independent, and nonpartisan information about actuarial matters that can and do affect public policy decisions in the U.S. We are now releasing the ACRI to provide that objective and independent analysis to assist in answering the question: Are the extreme weather conditions that result from a changing climate producing increased property losses?
The findings contained in version 1.0 of the ACRI are the culmination of years of research. We are presenting them now in the spirit of objective, transparent scientific inquiry and statistical rigor. Read the report.( )
The Extreme Events and Property Lines Committee responded to the NAIC's Catastrophe Risk Subgroup's request for additional information about wildfires.( )
The Principle-Based Approach Projections Practice Note is now available. This practice note contains questions and answers related to common practice for projecting future principle-based reserve and risk-based capital calculations.( )
The Multiemployer Plans Committee submitted a comment letter to the U.S. Senate Committee on Finance regarding the Multiemployer Pension Recapitalization and Reform Plan.( )
The Pension Committee published Working With Auditors of Pension and OPEB Plans, a practice note providing actuaries with insights on engaging productively with auditors.( )
The P/C Extreme Events and Property Lines Committee presented a report on the Academy’s issue paper Wildfire: Lessons Learned from the 2017-2018 California Events to the NAIC’s P/C RBC Catastrophe Risk Subgroup. They also updated the NAIC on the Actuaries Climate Index.( )
The Life Experience Committee provided an introduction on the Valuation Basic Table analysis process to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.( )
Donna Claire, Chairperson of the PBR Governance Work Group, gave an update on the development of Academy PBR resources to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.( )
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.