The Life Practice Council sent a comment letter to the NAIC Principle-based Reserving Implementation (EX) Task Force on its June 4 exposure of the Rector Report. (June 25, 2014)
The Tax Work Group sent a comment letter to the NAIC Health Actuarial Task Force on the tax implications of the 2013 Individual Disability Income Valuation Tables. (June 26, 2014)
The Casualty Practice Council submitted comments on the Casualty Actuarial Society’s Statement of Principles on P&C Ratemaking revised draft. (June 20, 2014)
The Academy published PBA Perspectives to provide quarterly updates on activities surrounding the implementation of the Principle-based Approach (PBA) for life insurance. The newsletter includes reports on legislative, regulatory, and Academy activity relating to PBA. PBA Perspectives will also provide updates on state legislative adoption of the new principle-based methodology. (June 20, 2014)
The Health Practice Financial Reporting Committee submitted comments to the NAIC’s Statutory Accounting Principles Working Group on its new accounting proposal for the risk-sharing programs of the Affordable Care Act. (June 20, 2014)
Academy Senior Life Fellow Nancy Bennett gave a presentation on regulatory capital requirements for U.S. life insurers to the Financial Stability Oversight Council Insurance Industry Work Group. (June 17, 2014)
The Stress Testing Work Group sent a comment letter to the NAIC Life Risk-Based Capital Working Group on its recent stress testing proposal. (June 18, 2014)
On June 18, Cori Uccello, the Academy's senior health fellow, provided members of the U.S. House Committee on Oversight and Government Reform's Subcommittee on Economic Growth, Job Creation, and Regulatory Affairs with an objective actuarial assessment of the three Affordable Care Act (ACA) risk-sharing mechanisms. Read the written testimony and the news release. (June 18, 2014)
The C-3 Work Group submitted a report on a recommended approach for updating regulatory Risk-Based Capital requirements for interest rate risk for fixed annuities and single premium life insurance (June 12, 2014)
In this month’s HealthCheck, read about the Academy’s Essential Elements paper on the drivers of health care cost growth and the newly published final rule addressing ACA components, and see what national and state media have been reporting about the Academy’s issue brief on drivers of 2015 health insurance premium changes. (June 12, 2014)
The Medicare Part D RBC Subgroup published a report to the NAIC’s Health Risk-Based Capital Working Group recommending that no change be made to the risk factors for Medicare Part D coverage. (June 12, 2014)
The Auto Insurance Committee submitted comments to the Federal Insurance Office on issues surrounding monitoring the availability and affordability of auto insurance. The comments addressed the definition of affordability, and the metrics and data sources to use when monitoring the extent to which low- and moderate-income consumers have access to affordable auto insurance. (June 09, 2014)