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 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.( )
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.( )
The Life Reserves Work Group gave an update on PBR treatment for individually underwritten group insurance to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.( )
Marianne Purushotham, Chairperson of the Life Experience Committee Life Mortality Improvement Subgroup, gave an update on mortality improvement scale methodology to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.( )
Ben Slutsker, Chairperson of the Annuity Reserves Work Group, and John R. Miller, Vice Chairperson, gave an update on preliminary framework elements for non-variable annuity PBR to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.( )
Chris Conrad, Chairperson of the SVL Interest Rate Modernization Work Group, gave an update on Non-SPIA Valuation Rates to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.( )
Jason Kehrberg, Chairperson of the YRT Field Test Project Oversight Work Group, gave an update on the YRT Field Test Timeline to the Life Actuarial (A) Task Force at the NAIC 2019 Fall National Meeting.( )
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force addressing their questions on illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline 49.( )
The Long-Term Care (LTC) Combination Product Valuation Work Group finalized the LTC Combination Product Valuation Practice Note to provide information to actuaries on current and emerging practices in which their peers are engaged with respect to the considerations in the statutory, Generally Accepted Accounting Principles (GAAP) and tax valuation of long-term care combination products.( )
The Longevity Risk Task Force sent a cover letter outlining sample changes to the risk-based capital (RBC) blanks for implementing longevity C-2 factors.( )
The Academy's senior casualty fellow Rich Gibson submitted comments on the latest draft of a proposed NAIC white paper on Regulatory Review of Predictive Models.( )
The Pension Committee released a public policy practice note to provide information to actuaries on current and emerging practices for measuring obligations of defined benefit pension plans that include variable annuity benefits.( )
The PBR Checklist Task Force released a document—“What is PBR for Life Insurance?”—just a few months before the Jan. 1 deadline for companies to adhere to the principle-based reserving (PBR) requirements under the Valuation Manual Section 20 (VM-20), that provides a summary of the significant elements of PBR.( )
The Casualty Practice Council sent comment letters to the U.S. House Committee on Financial Services and to the U.S. Senate Committee on Banking, Housing, and Urban Affairs encouraging long-term extension of the Terrorism Risk Insurance Act.( )
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.