The Data Science and Analytics Committee released an issue paper, Defining Big Data. The paper is intended to build a shared language and concepts of big data and associated themes for the actuarial community, regulators, and other interested parties.
(September 25, 2024)
The Retirement Policy and Design Evaluation Committee released an issue brief, Collective Defined Contribution Plans. The issue brief defines Collective Defined Contribution (CDC) plans broadly, provides some examples of CDC plans that exist in various countries, discusses some advantages and criticisms of CDC plans—and considers possible options to address the criticisms.
(September 24, 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)Academy Casualty Policy Analyst Rob Fischer provided an update on the Casualty Practice Council (CPC) activities of interest to NAIC’s Casualty Actuarial (C) Task Force, including an update on recent publications, and anticipated releases from other CPC workstreams of interest to the NAIC.
(August 13, 2024)Academy Senior Health Fellow Cori Uccello presented on the “Drivers of 2025 federal Affordable Care Act (ACA) Health Insurance Premium Changes” to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force during its 2024 Summer National Meeting. The presentation also highlighted the recently released associated issue brief and infographic.
(August 12, 2024)Academy Senior Health Policy Analyst Matthew Williams provided an update on the Health Practice Council (HPC) activities of interest to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force during its 2024 Summer National Meeting. Topics included key policy priorities and project updates for the HPC, annual Hill and agency visits, as well as current workstreams with the NAIC Health Risk-Based Capital (E) Working Group on tiered risk-based capital factor development.
(August 12, 2024)The Data Science and Analytics Committee commented to the U.S. Department of the Treasury on the Request for Information (RFI) on Uses, Opportunities, and Risks of Artificial Intelligence in the Financial Services Sector.
(August 12, 2024)Life Policy Analyst Amanda Barry-Moilanen gave an update on Life Practice Council (LPC) activity to NAIC’s Life Actuarial (A) Task Force (LATF) at the NAIC Summer National Meeting in Chicago, including recently released LPC publications; a preview of Envision Tomorrow, the Academy’s annual meeting; and the annual Call for Volunteers.
(August 12, 2024)
