The Committee on Property and Liability Financial Reporting (COPLFR) released the update to the Risk Transfer Practice Note (last updated in 2007). The Risk Transfer Practice Note includes definitions and relationships between regulatory treatments of risk transfer, e.g., U.S. statutory, U.S. GAAP, IFRS 4 and IFRS 17, and Solvency II; the process for determination of risk transfer; current techniques used in practice for determining risk transfer; and risk transfer documentation. 

The Academy’s Life Illustrations Work Group submitted comments to the National Association of Insurance Commissioners’ Indexed Universal Life (IUL) Illustration (A) Subgroup on the Oct.13 exposure of Actuarial Guideline 49-A Quick Fix Proposals.

The Academy’s Index-Linked Variable Annuity Work Group submitted a comment letter and corresponding redline to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup on the Oct. 13 exposure of proposed Actuarial Guideline ILVA.

Comment letter from the Casualty Practice Council, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 41, Actuarial Communications.

The Academy’s C-2 Mortality Work Group submitted to the Life Risk-Based Capital (E) Working Group for its consideration for adoption a proposed supplement to the instructions for the National Association of Insurance Commissioners’ newly adopted C-2 Mortality Factors to address implementation and application questions. 

Members of the Pension, Multiemployer, and Public Plans Committees published a discussion brief intended to familiarize actuaries with commonly used approaches and considerations when dealing with augmented mortality assumptions.

The Academy’s Life Experience Committee released a discussion brief on the impacts of inflation, interest rates, stock market volatility, and potential recession on life insurance business.

The Academy’s Annuity Reserves and Capital Work Group, Variable Annuity Reserves and Capital Work Group, and Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on APF 2022-04 Swap Spreads and the transition from LIBOR to SOFR.

The Data Science and Analytics Committee (DSAC) released an issue brief, Big Data and Algorithms in Actuarial Modeling and Consumer Impacts. It outlines big data issues confronting actuaries and initiates discussion on how big data and artificial intelligence impact the consumer insurance experience, and covers how insurers and regulators can collaborate to resolve potential issues. The issue brief follows an issue paper of the same name released in November 2021.

Comment letter from the Casualty Practice Council, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 20, Discounting of Property/Casualty Unpaid Claim Estimates.

Comment letter from the Committee on Property and Liability Financial Reporting, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves.

The Academy’s Annuity Reserves and Capital Work Group, Variable Annuity Reserves and Capital Work Group, and Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on APF 2022-04 Swap Spreads and the transition from LIBOR to SOFR.

The Academy’s Economic Scenario Generator Work Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force Subgroup on Economic Scenario Generator (ESG) Stylized Facts for Equities.

The Medicaid Committee released a public policy issue brief providing an overview of Medicaid managed care state-directed payments. The brief discusses: how these payments have evolved from supplemental and pass-through payments; recent changes to federal guidance governing them; and recommendations from the Medicaid and CHIP Payment and Access Commission (MACPAC).

The Academy’s Index-Linked Variable Annuity Work Group submitted comments to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup on its fifth exposure draft of the proposed Actuarial Guideline ILVA, Nonforfeiture Requirements for Index Linked Variable Annuity Products.

The Individual and Small Group Markets Committee and its Risk Sharing Subcommittee submitted a letter to the CCIIO on cost-sharing reduction (CSR) premium load factors. The letter was also submitted to state regulators and legislators. The letter first discusses using actual experience data/issuer pricing models to develop the load factor. It then discusses a method using federal actuarial value (AV) levels to develop the load and potential drawbacks of this approach.

The Academy’s Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force and its Indexed Universal Life (IUL) Illustration (A) Subgroup regarding the August 15, 2022 Indexed Universal Life (IUL) Illustration (A) Subgroup Indexed Universal Life Exposure.

The Academy's Social Security Committee released an issue brief that explores a wide variety of proposals made over the years for changing the formulas for determining benefits by members of Congress, government-appointed panels and commissions, and outside experts, with an eye toward how the proposed changes would affect the balance between individual equity and social adequacy.

The Academy's Social Security Committee released an issue brief that explores a wide variety of proposals made over the years for increasing the system’s revenue by members of Congress, government-appointed panels and commissions, and outside experts.

The Academy's Lifetime Income Risk Joint Committee released an issue brief providing a discussion of Qualifying Longevity Annuity Contracts (QLACs), which are insured annuities paid out one or more years after purchase, possibly starting at an advanced age.