Public Policy

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 Interest
The Public Interest Committee (PIC) identifies areas in which the Academy should be speaking out in the public interest. Issues addressed have included raising Social Security’s retirement age and public pension plans.
Casualty
The Casualty Practice Council (CPC) provides objective technical expertise to policymakers and regulators on major property/casualty issues, including medical professional liability and flood insurance.
Health
The Health Practice Council (HPC) provides objective technical expertise to policymakers and regulators on major health insurance and health care affordability issues, including Medicare.
Life
The Life Practice Council (LPC) provides objective technical expertise to policymakers and regulators on life insurance issues, including a principle-based regulatory approach to reserving and risk-based capital.
Pension
The Pension Practice Council (PPC) provides objective technical expertise to policymakers and regulators on major retirement policy issues, including Social Security, defined benefit pension plans, and retiree health.
Risk Management and Financial Reporting
The Risk Management and Financial Reporting Council (RMFRC) provides objective technical expertise to policymakers and regulators on issues involving risk management and/or financial reporting.

Public Policy News

Ted Goldman, the Academy’s Senior Pension fellow, testified before the Joint Select Committee on Solvency of Multiemployer Pension Plans at a hearing on “The History and Structure of the Multiemployer Pension System.” Watch the full committee hearing here (Goldman’s testimony begins at the 58m 44s mark) and read Goldman’s testimony here. (April 18, 2018)
The Academy released a quiz on lifetime income that poses questions and answers to help consumers understand the issues and concepts behind planning a sound lifetime income strategy.
(April 13, 2018)
The Academy hosted a Capitol Hill briefing on lifetime income. The presentation highlighted public policy options and practical tools that can help to secure lifetime incomes for retirees. (April 13, 2018)
The Academy published a new Essential Elements paper, Income to Last a Lifetime, highlighting the challenges that workers face in planning for the risk that they may live longer in retirement than expected, and outlining public policy approaches to help future retirees secure and manage their lifetime income. Essential Elements is a series designed to make actuarial analyses of public policy issues clearer to general audiences. (April 12, 2018)
The Individual and Small Group Markets Committee sent comments on a proposed rule that would lengthen the maximum period of short-term, limited-duration (STLD) insurance through amending the definition of STLD. (April 6, 2018)

PUBLIC POLICY STATEMENTS

Comments and letters

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.

Issue briefs

Analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public.

Policy papers

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.

Presentations

Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.

Reports to the NAIC

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.

Testimony

Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.

Practice Notes

Practice notes

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.