The C-2 Longevity Risk Work Group submitted comments to the National Association of Insurance Commissioners’ Longevity Risk (A/E) Subgroup on reserve implications of expanding the scope of C-2 Longevity Risk-Based Capital requirements to include longevity reinsurance contracts in the proposed Principle-Based Reserving framework.
(December 21, 2021)The Committee on Property and Liability Financial Reporting (COPLFR) released the practice note, Statements of Actuarial Opinion on P/C Loss Reserves (2021), which includes discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report, as well as COVID-19 considerations.
(December 17, 2021)The Academy sent a letter to the chairs of the National Association of Insurance Commissioners’ (NAIC’s) Life Actuarial (A) Task Force and Life Risk-Based Capital (E) Working Group indicating an “as-is” availability of its economic scenario generator, the Academy Interest Rate Generator (AIRG) for those regulators and interested parties wishing to modify the AIRG parameters as a basis for producing an updated model.
(December 16, 2021)Senior Casualty Fellow Rich Gibson presented to the NAIC’s Property and Casualty Insurance (C) Committee on behalf of the Academy’s Automobile Insurance Committee to provide general and actuarial considerations on the topic of auto insurance refunds.
(December 15, 2021)The Workers' Compensation Committee released an issue brief on potential impacts to injured workers, employers and insurers involved in the opioid epidemic, and explores the effects on these stakeholders before, during, and after the COVID-19 pandemic.
(December 15, 2021)The Tax Work Group published their updated FAQs regarding certain insurance reserves held by insurance companies for the purpose of determining U.S. taxable income under the Tax Cuts and Jobs Act of 2017.
(December 13, 2021)Former Life Vice President Laura Hanson presented an update of Life Practice Council activities to the Life Actuarial (A) Task Force at the National Association of Insurance Commissioners 2021 Virtual Fall National Meeting.
(December 08, 2021)Casualty Practice Council (CPC) Vice Chairperson Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Derek Freihaut presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the CPC and COPLFR on recent publications and future work products expected for release in early 2022.
(December 07, 2021)The Life Underwriting and Risk Classification Work Group submitted comments to the NAIC’s Accelerated Underwriting (A) Working Group on its paper summarizing the output of the working group’s recommendations and assessment to understand the current state of the life insurance industry and its use of accelerated underwriting.
(December 03, 2021)A Life Practice Council ad-hoc task force submitted comments to the NAIC’s Life Actuarial (A) Task Force (LATF) on a proposed actuarial guideline (AG) regarding asset adequacy testing.
(December 02, 2021)Casualty Vice President Lauren Cavanaugh presented to the NAIC’s Special Committee on Race and Insurance (SCORI) Workstream 3 (Property and Casualty) on behalf of the Academy’s Racial Equity Task Force (RETF) on the work RETF has completed and is currently doing; she also provided comments to SCORI Workstream 3 on proxy discrimination and disproportionate impact.
(December 01, 2021)The Variable Annuity Reserves and Capital Work Group (VARCWG) submitted comments to LATF on amendment proposal form (APF) 2021-11 regarding the proposed assumption disclosure requirements in VM-31.
(December 01, 2021)
The Long-Term Care Valuation Work Group presented results of the Long-Term Care Insurance Mortality and Lapse Study to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force.
(November 29, 2021)Academy Health Practice Council (HPC) Vice Chairperson, Barb Klever, provided an update on the 2021 HPC activities to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force.
(November 29, 2021)The Risk Sharing Subcommittee submitted comments to the Centers for Medicare & Medicaid Services (CMS) Center for Consumer Information and Insurance Oversight (CCIIO) on the HHS-Operated Risk Adjustment Technical Paper on Possible Model Changes, exposed for comment on Oct. 26, 2021.
(November 24, 2021)The Long-Term Care Valuation Work Group released a major report, the Long-Term Care Insurance Mortality and Lapse Study, as a result of a 2016 request from the NAIC’s Health Actuarial (B) Task Force regarding replacing the mortality and lapse bases for statutory minimum reserves. The study was completed jointly by the Academy and the Society of Actuaries Research Institute.
(November 19, 2021)The Climate Change Joint Task Force sent comments to the U.S. Department of the Treasury and Federal Insurance Office's (FIO) request for information regarding FIO's future work related to the insurance sector and climate-related financial risks.
(November 15, 2021)The HEWG sent a comment letter to the NAIC’s Special (EX) Committee on Race and Insurance – Workstream 5 (Health) on the exposure draft of the Principles for Data Collection document. The revised draft was exposed on October 15, 2021, with comments due November 15.
(November 15, 2021)The Medicaid Committee released an issue paper, Considerations for Reflecting the Impact of COVID-19 in Medicaid Managed Care Plan Rate Setting, which explores key components of rate setting during or shortly after the COVID-19 pandemic, including data, assumptions and adjustments, risk mitigation, and communication.
(November 12, 2021)A Life Practice Council task force submitted comments to the Actuarial Standards Board (ASB) on the exposure draft of ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation.
(November 09, 2021)