The Pension Committee released an issue brief, Church-Sponsored Retirement Plans—Overview and Considerations. This issue brief discusses the broad range of church plans and practices. Among other considerations, it discusses the impact on a participant of being in a church plan when the ERISA protections and provisions for U.S. tax-qualified single or multiemployer pension plans generally do not apply. (January 24, 2024)
The Health Practice Council’s Health Care Delivery Committee, Individual and Small Group Markets Committee, and Active Benefits Committee responded to the Committee on Health, Education, Labor, and Pensions’ (HELP) request for information on access to gene therapies for patients with an ultra-rare disease. (January 22, 2024)
Health Equity Committee co-chairpersons Annette James and Rebecca Sheppard, and member Yi-Ling Lin, gave an overview of the committee’s work on equity considerations related to benefit design to AHIP’s Health Equity Workgroup. (January 09, 2024)
The Health Practice Council’s Individual and Small Group Markets Committee submitted comments to the Centers for Medicare & Medicaid Services regarding the proposed rule for the 2025 Notice of Benefit and Payment Parameters. (January 08, 2024)
The Individual and Small Group Markets Committee submitted comments to the Centers for Medicare & Medicaid Services’ Center for Consumer Information & Insurance Oversight (CCIIO) on the Draft 2025 Actuarial Value (AV) Calculator Methodology. (January 02, 2024)
We’ve long recommended reading key professionalism documents at least once a year as a refresher, and the start of the new year is a good time to do it. You may think you know the Code of Professional Conduct, the U.S. Qualification Standards, and the actuarial standards of practice that apply to your work. But when you pick them up and reread them, you will likely be reminded of some aspect that you hadn’t thought about in a while. (December 29, 2023)
The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP, which covers aspects of the application of Accounting Standards Update 2018-12, published in 2018 by the Financial Accounting Standards Board. (December 27, 2023)
The Life Experience Committee released an issue paper, Considerations Regarding Dynamic Lapses in Actuarial Modeling. The issue paper explores items that impact lapses and discusses the impact of dynamic lapses on various life and annuity products, offers sample formulas for use in modeling, discusses how predictive analytics could be an alternative approach to model lapse behaviors, and provides sources of information on lapses. (December 18, 2023)
Senior Health Fellow Cori Uccello and Health Equity Committee Co-Chairperson Rebecca Sheppard gave an overview of the committee’s work on equity considerations related managing population health and risk adjustment to AHIP’s Health Equity Workgroup. (December 12, 2023)
The Life Index-Linked Variable Annuity (ILVA) Subcommittee submitted a comment letter to the ILVA Subgroup of the Product Standard Committee (PSC) Interstate Insurance Product Regulation Commission (IIPRC) on the November 14 exposure of the Standards for Individual Deferred Index Linked Variable Annuity Contracts and the draft amendments to the Additional Standards to Market Value Adjustment. (December 08, 2023)
The P&C Committee on Equity and Fairness submitted comments to the Colorado Division of Insurance on its life insurance draft regulation on governance and risk management framework requirements and its applicability to private passenger automobile insurance. (December 01, 2023)
Academy Senior Health Policy Analyst Matthew Williams provided an update on the Health Practice Council (HPC) activities of interest to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force during its 2023 Fall National Meeting. Topics included: updates on the Health Equity Committee’s workshops and symposium; long-term services and supports; tiered RBC factor development; and the key policy priorities for the HPC in 2024. (November 30, 2023)
Academy Casualty Policy Analyst Rob Fischer presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of Casualty Practice Council and Committee on Property and Liability Financial Reporting (COPLFR) on recent publications and future work products expected for release in December 2023 and early 2024. (December 01, 2023)
The C1 Subcommittee presented to the NAIC's Risk-Based Capital Investment Risk and Evaluation (E) Working Group on Updated Principles for Structured Securities RBC at the NAIC's Fall National Meeting in Orlando, FL. (December 02, 2023)
The Life Practice Council (LPC) presented on current and future LPC workstreams to the NAIC’s Life Actuarial (A) Task Force (LATF) meeting as part of the NAIC Fall National Meeting in Orlando, FL. (November 29, 2023)