The Life Index-Linked Variable Annuity (ILVA) Work Group submitted a comment letter to the ILVA Subgroup of the Product Standard Committee Interstate Insurance Product Regulation Commission on 2023 Compact Requirements for ILVA Products. (July 13, 2023)
The Health Solvency Subcommittee’s Health Underwriting Risk Factors Analysis Work Group sent a letter updating the NAIC’s Health Risk-Based Capital (E) Working Group (HRBC) on progress on the NAIC’s request to comprehensively review the H2—Underwriting Risk Component and the Managed Care Credit Calculation included in the HRBC formula. (July 13, 2023)
The P/C Extreme Events and Property Lines Committee submitted a comment letter to the California Department of Insurance for the Department's upcoming public workshop on Catastrophe Modeling and Insurance. (July 12, 2023)
The Pension Committee released an issue brief focusing on “buy-out” annuity contract transactions, one of the ways pension plan sponsors transfer pension payment responsibilities and associated risks to other parties. (July 07, 2023)
The Health Practice Council’s Medicaid Committee submitted a comment letter to the Centers for Medicare & Medicaid Services’ (CMS) notice of proposed rulemaking (NPRM), Medicaid and Children’s Health Insurance Program (CHIP) Managed Care Access, Finance, and Quality (Managed Care NPRM). (June 30, 2023)
The recent emergence of generative artificial intelligence (AI) tools like OpenAI’s ChatGPT has stimulated considerable discussion about how these technologies can be used by actuaries when providing professional services. But actuaries must be sure to take into consideration things like actuarial standards of practice and the Code of Professional Conduct, writes Academy Senior Director of Professionalism Brian Jackson. (June 29, 2023)
The Lifetime Income Joint Risk Committee released Experience-Sharing Lifetime Income (ESLI), an issue brief considering a retirement income concept now being used in many other countries, which shares features of both lifetime annuities and structured drawdowns. (June 28, 2023)
Academy Health Equity Committee Vice Chairperson Stacey Lampkin presented to the Southeastern Actuaries Conference (SEAC) on the committee’s ongoing work on health equity, including the upcoming 2023 workshops and symposium focusing on the intersection of benefit design and health equity. (June 22, 2023)
The Pension Committee released a practice note, Selecting and Documenting Pension Assumptions Other Than Discount Rate, Investment Return, and Mortality, updating a 2009 practice note, revised to reflect updated actuarial standards of practice (ASOPs), including changes in ASOP Nos. 27 and 35 that are effective for actuarial reports issued on or after Aug. 1, 2021, and when the measurement date in such reports is on or after Aug. 1, 2021. (June 21, 2023)
The Pension Committee, Multiemployer Plans Committee, and Public Plans Committee submitted comments to the Actuarial Standards Board regarding the exposure draft of the proposed revision of Actuarial Standard of Practice (ASOP) No. 27, Selection of Assumptions for Measuring Pension Obligations and the repeal of ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations. (June 16, 2023)
The Life Reserves Work Group submitted a comment letter to the NAIC’s Life Actuarial (A) Task Force (LATF) on the extended April 20 exposure of APF 2023-06. (June 16, 2023)
The Committee on Property Liability and Financial Reporting (COPLFR) submitted a comment letter to the Internal Revenue Service (IRS) on an exposure on Micro-Captive Listed Transactions and Micro-Captive Transactions of Interest. (June 12, 2023)
The Life Experience Committee released a Resource and Discussion Guide on an Actuarial Review of Investments in Actuarial Modeling. (June 12, 2023)
The Life Valuation Committee submitted a comment letter to the NAIC’s Life Actuarial (A) Task Force on the Optional AOM and PBR Actuarial Reporting Template for Interest Maintenance Reserve. (June 09, 2023)
The Life Valuation Committee submitted a comment letter to the NAIC’s Statutory Accounting Principles Working Group on 2023 Net Negative (Disallowed) Interest Maintenance Reserve (INT 23-01T). (June 09, 2023)
