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2014 Legislative/Regulatory Review
The Academy has released its overview of significant federal, state, and international legislative and regulatory changes that affected the U.S. actuarial profession in 2014. Key public policy debates focused on implementation of the Affordable Care Act, pension funding stabilization, terrorism risk insurance, principle-based reserving for life insurers, sustainability of federal programs, and insurance capital standards.
The report notes that “many of these issues will carry into 2015 in ways that are not entirely clear, as Republicans will control both the U.S. Senate and the House of Representatives for the first time since 2006. The arrival of the new Congress portends some high-stakes, divided-government showdowns with the Obama administration.” The report also includes a review of Academy work products in 2014. Members can read the full report here.
Member Litigation Update
- The Academy has filed an Opposition to the lawsuit served against the Academy by Mark Freedman, former president of the SOA. So that our members may be kept informed, we are posting our Opposition filing to Freedman’s Motion for Preliminary Injunction to our website here.
Alerts
- Both chambers of Congress voted this week to reauthorize the federal insurance backstop created by the Terrorism Risk Insurance Act for six years. President Obama is expected to sign the bill into law. Learn more by logging in to the members-only section and visiting “Casualty Alerts.”
- The U.S. House of Representatives yesterday passed a bill that would reduce the number of employers subject to the Affordable Care Act employer mandate by changing the definition of full-time employment. Learn more by logging in to the members-only section and visiting “Health Alerts.”
- The U.S. House of Representatives adopted a set of governing rules Tuesday that could affect how it addresses the exhaustion of the Disability Trust Fund projected for 2016. Learn more by logging in to the members-only section and visiting “Pension Alerts.”
- The Federal Insurance Office released a report on Dec. 31, 2014, summarizing the role of the global reinsurance market in supporting the U.S. insurance industry. The report, The Breadth and Scope of the Global Reinsurance Market and the Critical Role Such Market Plays in Supporting Insurance in the United States, indicates that global reinsurers are vital for the economic prosperity of the United States. Learn more by logging in to the members-only section and visiting “Cross-Practice Alerts.”
Public Policy Activities
- The Academy, through its Life Capital Adequacy Committee, Property and Casualty Risk-Based Capital Committee, and Health Solvency Work Group, submitted comments to the NAIC on operational risk issues.
- The Life Illustrations Work Group sent a letter to the NAIC Life Actuarial Task Force regarding principles for sound actuarial guidelines on illustrations of life insurance products.
The 2015 Life and Health Valuation Law Manual Is Now Available for Pre-order
- Pre-orders are being accepted for the 2015 Life and Health Valuation Law Manual. The manual is designed to help appointed actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. It is updated annually, and will be released soon. Purchase options include web access or CD-ROM, for an individual or a group. The manual can be ordered online or by mail/fax.
Recent Events
- The Academy hosted a webinar, “Exploring the New Era of Own Risk Solvency Assessment (ORSA),” for more than 1,000 attendees this week. Experts from the Academy’s ORSA subgroup of the Enterprise Risk Management Committee walked attendees through an actuarial overview of what may be needed to complete an ORSA report, as well as the current state of ORSA adoption. Slides and audio of the session are available on the Academy’s website.
News from the Actuarial Standards Board (ASB)
Pre-order the 2014 Property/Casualty Loss Reserve Law Manual Now
- You can now pre-order the 2014 Property/Casualty Loss Reserve Law Manual. Updated annually, the Property/Casualty Loss Reserve Law Manual is scheduled to be released soon. The manual is designed to help appointed actuaries comply with NAIC Annual Statement requirements for statements of actuarial opinion. It can be ordered online or by mail/fax.
Academy in the News
- A (subscriber-only) Pensions & Investments story reports on the first assessments released by the Academy that grade retirement-income systems and proposals using the Academy’s “Retirement for the AGES” framework. The detailed assessments, as well as new videos that highlight how the Forward Thinking Task Force developed the grades, are available on the AGES webpage. The assessments were also covered by the Rapid City (S.D.) Journal, Northern Plains News, the Pure Pierre (S.D.) Politics blog, BenefitsPro, Plan Adviser, Benefits Canada, and Plan Sponsor.
- Academy Senior Health Fellow Cori Uccello’s piece “How Will 2015 Health Insurance Premiums Compare to 2014?”was among Health Affairs Blog’s top 15 most-read posts in 2014.
- Social Security Report republished a story by The Motley Fool that covers recent testimony former Academy Social Security Committee Chairperson Janet Barr gave before the Senate Finance Committee regarding the Social Security program’s impact on women.
- An opinion piece in National Review critiquing the management of the University of California’s pension system quotes an Academy report in arguing that, in a well-run pension fund, contributions “should actually be contributed to the plan by the sponsor on a consistent basis.”
- BenefitsLink Health & Welfare Plans Newsletter reported that the Risk-Sharing Work Group sent a letter to the U.S. Department of Health and Human Services regarding the risk-sharing components of a proposed rule on benefit and payment parameters for 2016.
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