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.
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.
Retirement
The Retirement Practice Council (RPC) provides objective technical expertise to policymakers and regulators on major retirement policy issues, including Social Security and retirement 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.
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.
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.
Request a Public Policy Speaker
Request one of the Academy’s experienced and knowledgeable speakers who have volunteered to share their expertise on actuarial public policy.
Public Policy News
A new issue brief from the Academy’s Long-Term Care Committee, The State of Long-Term Care Insurance—2025, highlights the current state of LTCI, focusing specifically on policy design, the management of legacy blocks of business, and policyholder engagement. It also considers potential areas for continued uncertainty in the industry.
(February 13, 2025)The C1 Subcommittee presented an update to the Risk-Based Capital Investment Risk Evaluation (E) Working Group on their work determining comparable attributes of collateralized loan obligations (CLO).
(February 11, 2025)A new document from the Committee on Property and Liability Financial Reporting (COPLFR) addresses issues raised by the recent Los Angeles wildfires. The Supplement to the 2024 COPLFR Practice Note—LA Wildfires offers a list of FAQs and associated responses for Appointed Actuaries’ consideration when providing statements of actuarial opinion for companies materially impacted by such events, whether directly or indirectly.
(February 07, 2025)The Academy's Research Department along with representatives from EY presented to the Valuation Manual (VM)-22 (A) Subgroup, providing preliminary VM-22 Field Test results.
(February 05, 2025)The Annuity Reserve and Capital Subcommittee provided comments to the Valuation Manual (VM)-22 (A) Subgroup on proposed edits to the Standard Projection Amount (SPA) Policyholder Behavior Assumptions.
(February 04, 2025)The Financial Reporting Committee and the Life GAAP Reporting Committee sent an agenda request letter to the Financial Accounting Standards Board (FASB) encouraging FASB to consider a project related to portfolio layer method (PLM) hedge accounting for liabilities.
(February 04, 2025)The Life Products Committee commented on the recent exposure of APF 2024-16, which attempts to address requests for guidance on a standard nonforfeiture issue related to universal life policies in VM-02.
(January 24, 2025)The Life Practice Council provided comments to the NAIC Life Actuarial Task Force (LATF)'s exposures: Asset Adequacy Testing (AAT) for Reinsurance Actuarial Guideline (AG) Exposure Questions 111824, AAT for Reinsurance AG Presentation LATF 111524, and Draft AG ReAAT 111524.
(January 15, 2025)The Life Practice Council’s Non-Guaranteed Elements Subcommittee released a public policy practice note, Actuarial Standard of Practice (ASOP) No. 2: Non-Guaranteed Elements for Life and Annuity Products, which examines the circumstances in which insurers have the right to exercise discretion to prospectively change a non-guaranteed element to be within the scope of ASOP No. 2.
(January 10, 2025)The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2024), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report. (December 27, 2024)
(December 27, 2024)This update of the 2017 Asset Adequacy Analysis practice note by the Academy’s Life Valuation Committee provides assistance to actuaries who are faced with the requirement of asset adequacy analysis by providing examples of common approaches
(December 24, 2024)The Long-Term Care (LTC) Committee submitted comments to the NAIC’s Long-Term Care (B) Task Force (LTCAWG) in response to the NAIC Long-Term Care Insurance (B) Task Force’s November 20, 2024, request for comments on the exposure draft of the Long-Term Care Insurance Multistate Rate Review (LTCI MSA) Framework.
(December 12, 2024)The Annuity Reserve and Capital Subcommittee commented to the NAIC's Valuation Manual (VM)-22 (A) Subgroup on their exposure of a longevity reinsurance reserving proposal.
(December 04, 2024)The Data Science and Analytics Committee (DSAC) has released an issue paper, Natural Experiments. The paper discusses an approach to establish causation that approximates the construction of a randomized controlled trial but has lower ethical, practical, and financial barriers.
(December 03, 2024)Annuity Reserves & Capital Subcommittee Chairperson Chris Conrad, Academy Director of Research Steve Jackson, and EY gave an update on the aggregation of field test results for public distribution and on model office results examining the impact of the proposed specifications on major product categories, both designed to assist NAIC’s Life Actuarial (A) Task Force make decisions on the shape of VM-22 by next summer.
(November 21, 2024)Public Policy Initiatives
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.
Principle-based Reserving
The Academy has assembled materials to assist actuaries and regulators with implementation of PBR for life insurance.
Actuaries Longevity Illustrator
This educational tool, developed by the American Academy of Actuaries and the Society of Actuaries, is designed to provide you with perspectives on your longevity.
Lifetime Income
In today’s aging society, the widespread assurance of lifetime income is the single most important step needed to improve the retirement security of older Americans. Learn more about the Academy's work on this issue.
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.
