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)The Data Science and Analytics Committee released a major issue paper, Big Data and Algorithms in Actuarial Modeling and Consumer Impacts. The paper provides a framing for understanding how developments in big data and artificial intelligence (AI) may impact insurance offerings and their oversight; education for actuaries, regulators, legislators, and other interested stakeholders on the evolving impacts of big data and AI technologies on the oversight, accessibility, and sustainability of insurance since the publication of the Big Data and the Role of the Actuary monograph; and education for a framework on algorithmic accountability and considerations specific across different lines of insurance.
(November 08, 2021)The Health Equity Work Group sent a comment letter to the NAIC’s Special (EX) Committee on Race and Insurance – Workstream 5 (Health) on the exposure draft of the White Paper on Provider Network outline.
(November 05, 2021)The American Academy of Actuaries created a Health Equity Work Group (HEWG) 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.
The HEWG is issuing a request for information (RFI) to solicit input to its work assessing whether and how health actuarial practices and methods affect health disparities. 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 HEWG 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 the HEWG’s work and its publications thus far is available here.
Learn more about the RFI here. Comments should be submitted by Jan. 14, 2022, 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, American Academy of Actuaries, 1850 M Street NW Suite 300, Washington, DC 20036.
(October 29, 2021)David Traugott, Chairperson of the Academy's Property and Casualty Risk Based Capital (P/C RBC) Committee, presented an update on premium risk and Investment Income Adjustment to the NAIC's P/C RBC (E) Work Group.
(October 25, 2021)The Retirement System Assessment and Policy Committee released an issue brief, Retirement Policy: Potential for Changing Roles of Employers in Retirement Programs, which considers aspects of “decoupling”—shifting retirement plan responsibilities and related liability to a third-party entity and away from employers.
(October 22, 2021)The Committee on Property and Liability Financial Reporting (COPLFR) sent an updated version of its comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed changes to P/C annual statements. Many of the Committee’s previous comments stand unchanged but were edited in response to the modified exposure draft.
(October 21, 2021)The Pension Committee, Multiemployer Plans Committee, and Public Plans Committee submitted comments to the Actuarial Standards Board regarding the third exposure draft of Actuarial Standard of Practice No. 4, Measuring Pension Obligations and Determining Pension Costs or Contributions.
(October 18, 2021)The Retirement System Assessment and Policy Committee published an issue brief examining issues pertaining to newer and novel plan designs as they relate to risk sharing between plan sponsors and participants.
(October 15, 2021)The Health Equity Work Group (HEWG) released a discussion brief, Health Equity from an Actuarial Perspective: Managing Population Health. This discussion brief is the final in the series developed by the HEWG to provide more context on issues raised in the initial discussion brief, Health Equity from an Actuarial Perspective: Questions to Explore. This series was undertaken by the HEWG to lay the groundwork for their future exploration and research into health disparities.
(October 15, 2021)The LTC Reform Subcommittee submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Long-Term Care Insurance (EX) Task Force regarding the exposure drafts of the operational and actuarial sections of the Long-Term Care Insurance Multi-State Rate Review Framework released September 10 and September 15, 2021.
(October 08, 2021)The Life Financial Reporting Committee’s Market Risk Benefits Work Group published an exposure draft of a white paper, Considerations in Market Risk Benefits. The paper is exposed for public comment for 60 days, through Dec. 6. Comments may be submitted to lifeanalyst@actuary.org.
(October 06, 2021)The Pension Practice Council (PPC) published an issue brief, The 80% Pension Funding Myth, which addresses a persistent misconception that pension plan health or soundness can be determined solely by referencing a supposed 80% funded ratio “standard.” Read the news release.
(October 06, 2021)The Pension Committee submitted comments in response to the Financial Accounting Standards Board’s (FASB) June 2021 solicitation of stakeholder feedback on its future standard-setting agenda.
(September 22, 2021)The Medical Professional Liability Committee released an issue brief on medical professional liability considerations stemming from the COVID-19 pandemic related to changes in health care delivery, the regulatory environment, and coverage and exposure consideration.
(September 22, 2021)The Social Security Committee released an issue brief on the 2021 Social Security Trustees Report examining the social insurance program’s long-term solvency issues.
(September 20, 2021)The Social Security Committee released an issue brief focusing on implications of COVID-19 reflected in the annual Trustees Reports from 2020 and 2021.
(September 20, 2021)Academy President-Elect Maryellen Coggins and Steve Jackson, assistant director for research (public policy), presented Sept. 13 at the Virtual Casualty Loss Reserve Seminar and Workshops (CLRS), on the Academy’s scalars research paper. The CLRS is sponsored jointly by the Academy and the Casualty Actuarial Society.
(September 17, 2021)The Health Equity Work Group (HEWG) released a discussion brief, Health Equity from an Actuarial Perspective: Provider Contracting and Network Development. This discussion brief is part of a series developed by the HEWG to provide more context on issues raised in the initial discussion brief, Health Equity from an Actuarial Perspective: Questions to Explore.
(September 16, 2021)The Health Care Delivery Committee and its Telehealth Work Group submitted comments to the Centers for Medicare & Medicaid Services (CMS) on CMS’ proposed rule on Medicare, payment policies, and enrollment regulation updates.
(September 13, 2021)