The Casualty Practice Council (CPC) submitted comments regarding the California Department of Insurance’s Notice of Proposed Rulemaking on Catastrophe Modeling and Ratemaking. Specifically, the CPC weighed in on the inclusion of the phrase “most actuarially sound” in the state’s regulations.
(October 17, 2024)The Health Practice Council has released an issue brief, ERISA at 50: ERISA and Health Benefits. The issue brief covers the history of ERISA’s application to health benefits, subsequent amendments to the law, ERISA’s facilitation of coverage under employer-sponsored health plans, and its challenges. Released alongside the issue brief is an executive summary of the brief.
(October 17, 2024)The Life Practice Council provided comments to the entirety of the NAIC Life Actuarial Task Force (LATF)'s exposure, AAT for Reinsurance Actuarial Guideline Draft.
(October 10, 2024)The Life Practice Council provided comments to the Scope and Aggregation sections of the NAIC Life Actuarial Task Force (LATF)'s exposure, AAT for Reinsurance Actuarial Guideline Draft.
(October 03, 2024)The Long-Term Care (LTC) Committee submitted comments to the NAIC’s Long-Term Care Actuarial (B) Working Group (LTCAWG) in response to LTCAWG's August 12, 2024, request for comments on Proposals A and B as candidates for a Single LTCI Multistate Rate Review Approach.
(September 27, 2024)The P/C Committee on Equity and Fairness (PCCEF) released an issue brief, Insurance Fraud: Impacts on Premiums, Claim Costs, and the Public. The brief discusses regulatory actions to prevent and report fraud and approaches actuaries can take to quantify the damage fraud causes.
(September 20, 2024)The Social Security Committee has released a public policy issue paper, Immigration and Social Security. Immigration is a crucial component to the trajectory of the financial condition of the Social Security system—this paper discusses how immigration affects the social insurance program.
(September 18, 2024)The Life Underwriting and Risk Classification Subcommittee submitted additional comments to the Colorado Division of Insurance on the ACLI draft proposed quantitative testing regulation, Concerning Quantitative Testing of External Consumer Data and Information Sources, Algorithms, and Predictive Models Used for Life Insurance Underwriting for Unfairly Discriminatory Outcomes.
(September 13, 2024)The Public Plans Committee released an issue brief, Public Pension Plans: Helping Members Evaluate Buyout Programs and Other Lump Sums. The issue brief suggests critical information that would help members compare the value of an offered buyout—a lump sum payment in exchange for some or all of their pension benefits—to the value of the lifetime benefits.
(September 11, 2024)The Extreme Events and Property Lines Committee submitted comments to the Federal Emergency Management Agency on their RFI on the redesign of the National Flood Insurance Program’s Community Rating System.
(September 09, 2024)The Life Underwriting and Risk Classification Subcommittee submitted comments to the NAIC's Special (EX) Committee on Race and Insurance Life Workstream on the July 17 Exposure of the Survey of Life Insurer Underwriting Guidelines as Applied to Justice Impacted Individuals.
(September 05, 2024)Members of the Life Practice Council presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on regulatory updates on recent National Association of Insurance Commissioners (NAIC) activity.
(August 28, 2024)Members of the Life Investment Analysis Subcommittee presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on Assets for Appointed Actuaries.
(August 28, 2024)Members of the Life Practice Council, along with representatives from Kuvare and the Minnesota Department of Commerce, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on offshore reinsurance.
(August 28, 2024)Members of the Economic Scenario Generator Subcommittee, along with representatives from Oliver Wyman and the New Jersey Department of Banking and Insurance, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on the National Association of Insurance Commissioners' Generator of Economic Scenarios (GOES) Project.
(August 28, 2024)Members of the Annuity Reserve and Capital Subcommittee, along with representatives from EY, presented at the Society of Actuaries' 2024 Valuation Actuary Meeting on the VM-22 Field Test.
(August 28, 2024)The Pension Committee released an issue paper, ERISA: 50 Years of Shaping the Single-Employer Defined Benefit Landscape. It discusses the broad impacts of The Employee Retirement Income Security Act of 1974 on the retirement landscape, focusing specifically on the single-employer space.
(August 28, 2024)Annette James, co-chairperson of the Health Equity Committee (HEC), provided updates on recent HEC activities to the National Association of Insurance Commissioners (NAIC) Special (EX) Executive Committee on Race and Insurance. Topics included using cost-effectiveness as a metric for evaluating new benefits as opposed to using only cost. Behavioral health is also a major focus of the HEC this year to develop a framework that actuaries could use to incorporate other factors into the evaluation of health benefits.
(August 13, 2024)