The Economic Scenario Generator Work Group presented to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on model office testing scenarios of the new economic scenario generator.
(March 03, 2022)The Social Security Committee released an issue brief examining the potential effects of increasing the Social Security normal retirement age, which it has identified as likely to be a key component of any legislation considered to restore Social Security’s long-term financial health.
(March 01, 2022)The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. Since the initial publication of the Cyber Risk Toolkit, this document has been updated to include the “War, Cyberterrorism, and Cyber Insurance” section and the “Cyber Risk Resource Guide” section. The toolkit will continue to be updated periodically to reflect new and emerging work from the task force.
(February 24, 2022)The Academy’s Variable Annuity Reserves and Capital Work Group released its VM-21 Practice Note Supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities – 2022 Edition of VM-21. The supplement was exposed for public comment in 2021, and the final product has been published to reflect comments.
(February 14, 2022)Medicare Committee Chairperson Rina Vertes and Academy Senior Health Fellow Cori Uccello submitted a statement for the record to the U.S. Senate Committee on Finance Subcommittee on Fiscal Responsibility and Economic Growth regarding the Feb. 2 hearing, “The Hospital Insurance Trust Fund and the Future of Medicare Financing.”
(February 11, 2022)The Academy’s Life Underwriting and Risk Classification Work Group submitted comments to the NAIC’s Accelerated Underwriting (A) Working Group on its paper summarizing what the working group has learned on using external data and data analytics in accelerated underwriting and provides recommendations for regulators and insurers when evaluating accelerated underwriting.
(February 11, 2022)The Academy’s Essential Elements: Clarifying Misunderstanding of Life Expectancy and COVID-19 is a useful guide for understanding this complex concept, especially with regard to the COVID-19 pandemic.
Essential Elements is a series of condensed issue papers designed to make actuarial analyses of public policy issues clearer to general audiences.
(February 11, 2022)The Academy’s Annuity Reserves and Capital Work Group submitted a letter and spreadsheet to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force’s VM-22 Subgroup regarding a reinvestment credit quality assumption consistent with the current VM-22 mix.
(February 09, 2022)Academy President Maryellen Coggins submitted a letter to the Colorado Division of Insurance in advance of the upcoming stakeholder engagement process for the recently passed state law aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the law’s impact on casualty, health, and life insurance.
(February 04, 2022)The Academy’s Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on its exposure draft regarding the indexed universal life illustrations post-AG 49-A, which have shown lower credited rates and related values than seen prior to AG 49-A.
(February 03, 2022)The Individual and Small Group Markets Committee submitted comments to the Centers for Medicare & Medicaid Services’ Center for Consumer Information & Insurance Oversight (CCIIO) on the Draft 2023 Actuarial Value (AV) Calculator Methodology.
(January 31, 2022)The Extreme Events and Property Lines Committee published a new document, Wildfire: An Issue Paper—Lessons Learned from the 2017-2021 Events.
(January 27, 2022)The Asset Modeling and Reporting Work Group submitted comments to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on its proposed second exposure draft of an actuarial guideline (AG) regarding asset adequacy testing.
(January 27, 2022)The Index-Linked Variable Annuities Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup of the Life Insurance and Annuities (A) Committee on a proposed actuarial guideline (AG) regarding Index-Linked Variable Annuities.
(January 27, 2022)The Health Practice Council’s Individual and Small Group Markets Committee, Risk Sharing Subcommittee, and Health Equity Work Group submitted a comment letter to the Centers for Medicare & Medicaid Services (CMS) on CMS’ proposed rule for the 2023 Notice of Benefit and Payment Parameters (NBPP). The letter addresses network adequacy, standardized plan options, several provisions on health equity, updating quality improvement strategy standards and other topics.
(January 26, 2022)The Academy’s Data Science and Analytics Committee (DSAC) presented to the National Association of Insurance Commissioners’ (NAIC) Casualty Actuarial and Statistical (C) Task Force (CASTF) Book Club on their recent major issue paper, Big Data and Algorithms in Actuarial Modeling and Consumer Impacts.
(January 26, 2022)The ERM/ORSA Committee's comments submitted to the IAIS as part of the association's Public Consultation on the Development of Liquidity Metrics: Phase 2.
(January 24, 2022)The Health Solvency Subcommittee submitted a report to the NAIC’s Health Risk-Based Capital (E) Working Group regarding the working group’s request of the subcommittee to conduct a comprehensive review of the H2—Underwriting Risk component and managed care credit calculation in the NAIC’s health risk-based capital formula.
(January 21, 2022)In October 2021 the American Academy of Actuaries Health Equity Work Group issued a request for information (RFI) to solicit input to its work assessing whether and how health actuarial practices and methods affect health disparities. The comment/submission period has now been extended to February 15, 2022.
The Academy created the Health Equity Work Group with a goal of contributing to efforts to reduce health disparities and improve health equity among racial and ethnic minority populations and underserved or under-resourced communities through actuarial practice and to facilitate providing actuarial input into the public policy process.
Health actuaries often partner with other professionals in many different aspects of the health care and health insurance systems, including those related to administration, financing, and care management. The Health Equity Work Group has identified four areas in which health actuaries are involved that may affect health disparities, either by contributing to disparities or by mitigating disparities: health insurance benefit design, provider contracting and network development, premium pricing, and managing population risk. The work group is also exploring data collection issues. More information about their work and publications thus far is available here.
Learn more about the RFI here. The comment deadline is February 15, 2022. Comments should be submitted via email to healthequityRFI@actuary.org. Please include the phrase “HEWG Request for Information” in the subject line and do not password-protect any attachments. Comments may be sent via conventional mail to: Health Equity Work Group (HEWG), American Academy of Actuaries, 1850 M Street NW Suite 300, Washington, DC 20036.
(January 11, 2022)The Pension Committee published an issue brief providing information to help the reader better understand the complexities involved in the measurement of life expectancy estimates.
(December 22, 2021)