The Academy's Lifetime Income Risk Joint Committee released an issue brief that that provides a discussion of a variety of approaches for adding annuity options to defined contribution (DC) plans providing for insured lifetime income that begins immediately, is deferred, or is provided under an accumulation product that converts funds to lifetime income.

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.

The Health Equity Committee released a public policy issue brief on health care and health insurance system risk assessment and risk adjustment in the context of health equity. Risk assessment and risk adjustment are valuable tools that are used for a variety of purposes and are being reexamined to understand whether and how they should incorporate social risk factors.

The Health Equity Committee sent comments responding to the Centers for Medicare & Medicaid Services’ (CMS) request for information (RFI) that was seeking public comment on the Medicare Advantage program. The committee specifically focused on the health equity aspects of the questions posed within the RFI.

Academy Health Equity Committee Chairperson Annette James gave a presentation on equity considerations for barriers to care and health plan benefit design to the National Association of Insurance Commissioners (NAIC) Special (EX) Committee on Race & Insurance Workstream #5.

The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note exposure draft Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP, which covers aspects of the application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, published in August 2018 by the Financial Accounting Standards Board. The comment deadline for this exposure draft is November 21, 2022.

The Academy’s Index-Linked Variable Annuity Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup regarding Exposure 4 of the Proposed Actuarial Guideline ILVA, Nonforfeiture Requirements for Index Linked Variable Annuity Products.

The Casualty Practice Council submitted written comments to the Washington, D.C. Department of Insurance, Securities and Banking's (DISB) Request for Comments on evaluating unintentional bias in private passenger automobile insurance. The letter expanded on the Academy's previous comments to the DISB on recommended actuarial considerations for determining unintentional bias in auto insurance. 

The Academy's Social Security Committee has released a one-pager to accompany its issue brief on the 2022 Social Security Trustees Report examining the latest detailed annual assessment by the federal government of the program’s solvency.

The Academy’s Annuity Reserves and Capital Work Group (ARCWG) submitted comments to the National Association of Insurance Commissioners’ Valuation Manual (VM)-22 (A) Subgroup on its exposure draft regarding specific treatment in the VM-22 Framework for addressing longevity reinsurance.

Academy Health Practice Council (HPC) Vice Chairperson, Barb Klever, provided an update on HPC activities to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force during their virtual meeting in lieu of the 2022 Summer National Meeting.

The Academy’s Climate Change Joint Task Force (CCJTF) submitted comments to the International Sustainability Standards Board (ISSB) on their Exposure Draft IFRS S2 Climate-related Disclosures. The draft builds upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD).

The Academy’s Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Indexed Universal Life (IUL) Illustration (A) Subgroup regarding the July 18, 2022 Indexed Universal Life Exposure.

The Workers' Compensation Committee released an issue brief discussing the growing importance of telehealth for workers' compensation insurers, the variations across different states, and the opportunities for the actuarial profession to help all parties involved better direct their efforts and maximize the return of any telehealth initiatives. 

The Health Solvency Subcommittee submitted a letter response to its previous report to the NAIC’s Health Risk-Based Capital (E) Working Group to provide a timeline to analyze and comprehensively review the H2—Underwriting Risk component and the managed care credit calculation in the health risk-based capital (HRBC) formula.

The Casualty Practice Council submitted written comments following the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their hearing, "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance." The letter expanded on the Academy's verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance. 

The Academy’s Index-Linked Variable Annuity Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup regarding Exposure 3.1 of the Proposed Actuarial Guideline ILVA, Nonforfeiture Requirements for Index Linked Variable Annuity Products Support by Non-Unitized Accounts.

The Group Life Waiver Premium Valuation Table Work Group submitted Proposed 2022 Group Life Waiver Tables and Adjustment Factors to the National Association of Insurance Commissioners’ (NAIC) Health Actuarial (B) Task Force (HATF). This Excel file is an addendum to the “Draft of the Revised AG 44” document, and the Graduation of Group Life Waiver of Premium Disability Experience Rates report by Jerry Holman (dated February 2022) submitted to HATF on June 13, 2022.

The Data Science and Analytics Committee, in partnership with the Racial Equity Task Force, released a major issue brief, An Actuarial View of Correlation and Causation - From Interpretation to Practice to Implications. The issue brief provides a discussion of key questions that actuaries may encounter as they work in the risk classification domain; actuarial practices surrounding data, predictive modeling, and risk classification that are also key considerations for public policymaking and regulatory efforts aimed at ensuring that insurance practices are not “unfairly discriminatory.”

Academy Casualty VP, Lauren Cavanaugh, provided testimony on June 29 before the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their upcoming "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance. " She provided a verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance.