Public Policy

Academy Casualty VP, Lauren Cavanaugh, provided testimony on June 29 before the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their upcoming "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance. " She provided a verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance. 

The Racial Equity Task Force released an issue brief discussing the potential options to obtaining protected class information on insureds in the P&C insurance industry to test for practices that may disproportionally harm members of any protected classes. It also evaluates three general data collection methods—collecting additional data, capturing existing external data, or imputing data—for desirable attributes such as accuracy, efficiency, and the size of the data set.

The Intersector Group published notes from its May 2022 conference call with the Treasury Department and Internal Revenue Service.

The Long-Term Care Valuation Work Group gave a follow-up presentation to the National Association of Insurance Commissioners (NAIC) NAIC Long-Term Care Actuarial (B) Working Group to discuss the data set used in preparation of the of the Long-Term Care Insurance Mortality and Lapse Study. The NAIC will develop a list of areas that they would like commenters to focus on, and then will expose the report for a 60-day period.

The Academy’s Life Experience Committee and the SOA’s Preferred Mortality Project Oversight Group submitted a presentation providing an update to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on Future Mortality Improvement Scale Development (VM-20).

The Academy’s Economic Scenario Generator Work Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force regarding a proposed schedule to develop acceptance criteria for stochastic sets of economic scenarios.

The Academy’s Climate Change Joint Task Force (CCJTF) submitted comments to the Securities and Exchange Commission (SEC) on their request for public input on the proposed rule, the “Enhancement and Standardization of Climate-Related Disclosures for Investors.”

This infographic illustrates the factors underlying premium rate setting and highlighting the major components driving premium changes in the individual and small group markets for 2023, that are discussed in the recently released issue brief.

The Individual and Small Group Markets Committee released an issue brief laying out the factors underlying premium rate setting and highlighting the major components driving premium changes in the individual and small group markets for 2023.

The Academy’s Annuity Reserves and Capital Work Group, Variable Annuity Reserves and Capitol Work Group, and the Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on the exposure of APF 2022-04 Swap Spreads and the transition from LIBOR to SOFR.

P/C Extreme Events and Other Lines Committee comments to the Senate Banking Committee regarding their hearing, “Reauthorization of the National Flood Insurance Program: Protecting Communities from Flood Risk”

The Academy’s Life Experience Committee submitted a List of Resources to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force regarding COVID-19 in Life Insurance Mortality Improvement.

The Academy’s Climate Change Joint Task Force (CCJTF) submitted comments to the Securities and Exchange Commission (SEC) on their request for public input on the proposed rule, the “Enhancement and Standardization of Climate-Related Disclosures for Investors.”

The Social Security Committee released an issue brief on the 2022 Social Security Trustees Report examining the social insurance program’s long-term solvency issues.

The Academy's Extreme Events and Property Lines Committee published a paper, Insurance Linked Securities and Catastrophe Bonds, a public policy issue paper.