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 Spring National Meeting. 

The Health Equity Work Group (HEWG) has released a discussion brief on health equity from an actuarial perspective. This brief serves as an introduction to the HEWG’s work in examining the following areas: health insurance benefit design, provider contracting and network development, premium pricing, and managing population health. Read the news release.

The Casualty Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the legislation’s impact on casualty insurance.

The Life Underwriting and Risk Classification Work Group submitted a letter on Colorado Senate Bill 21-169 aimed at unfair discrimination in insurance, addressing potential concerns of the legislation’s impact on life insurance.

The Health Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments focused on potential impacts to health insurance.

The Academy’s Economic Scenario Generator Work Group (ESGWG) submitted a comment letter to the National Association of Insurance Commissioners' Life Actuarial Task Force regarding its recent Economic Scenario Generator exposures.

The Automobile Insurance Committee released an issue brief on automobile insurance considerations arising from the COVID-19 pandemic.

The Academy’s Annuity Reserves and Capital Work Group submitted a summary of the differences between the Academy fixed annuity principle-based reserving (PBR) framework proposal exposed by the National Association of Insurance Commissioners VM-22 Subgroup in October 2020 and the current framework for Valuation Manual (VM)-21 (variable annuity PBR).  

The Variable Annuity Reserves and Capital Work Group submitted an amendment proposal to the NAIC’s Life Actuarial Task Force (LATF) to update the reference to the required minimum distribution (RMD) age in the VM-21 Standard Projection Amount pursuant to enactment of the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act.

The ASOP No. 6 Practice Note Work Group released their practice note, ASOP No. 6—Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to Pooled and Non-Pooled Health Plans, to provide information on valuing retiree health benefit plans. 

The Social Security Committee released a monograph and an issue brief on individual equity and social adequacy as those principles apply to social security reform options. The monograph and issue brief compare three different Social Security reform proposals using individual equity and social adequacy, two of the important principles underlying the program and provide details on each of the proposals and examines the data used in the illustrations. 

The C1 Work Group submitted comments to the NAIC's Life Risk-Based Capital (LRBC) Working Group on the exposed January 21, 2021 proposal to restate the capital requirements for real estate in the LRBC formula.

The C1 Work Group submitted a letter to the NAIC's Life Risk-Based Capital (LRBC) Working Group, including an update to previously proposed base bond factors and companion portfolio adjustment formula to reflect corporate tax rates enacted by the Tax Cuts and Jobs Act of 2017 for the LRBC formula.

The Long-Term Care (LTC) Reform Subcommittee released their issue brief on regulatory options for LTC insurance innovation. This issue brief examines some National Association of Insurance Commissioners (NAIC) proposed options specific to regulatory changes, and discusses recommended changes with actuarial implications. 

Senior Casualty Fellow Rich Gibson presented at the Midwest Actuarial Forum’s Virtual Spring Meeting Webinar, giving an overview of recent property/casualty public policy developments.

The Academy’s Property and Casualty Risk-Based Capital Committee issued a report to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Risk-Based Capital (E) Working Group in which it presents indicated Line of Business Underwriting  Risk Factors for the P&C RBC Formula.

The ERM/ORSA Climate-Related Financial Disclosures Work Group submitted comments to the NAIC Climate and Resilience (EX) Task Force's Climate Risk Disclosure Workstream related to ongoing discussions and work on the Climate Risk Disclosure Survey. 

Academy Senior Health Fellow Cori Uccello presented at a “Medicare Solvency Projections and Potential Policy Solutions” webinar sponsored by the Alliance for Health Policy. She set the stage for the discussion by providing basic program information, covering Hospital Insurance (HI) and Supplementary Medical Insurance (SMI), the projected depletion of the HI trust fund, and noted that Medicare’s sustainability challenges go beyond solvency.

The Academy made three presentations  to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) webinar as part of CASTF’s “Book Club” series to facilitate regulator training and the sharing of expertise on predictive analytics on the topic of race and insurance. Academy presenters were Dorothy Andrews, chairperson of the Data Science and Analytics Committee (DSAC); Roosevelt Mosley, DSAC member and member of the Casualty Practice Council’s (CPC) Racial Equity Task Force; and Lauren Cavanaugh, CPC vice president.

The Health Solvency Subcommittee sent a comment letter in response to a request from the NAIC’s Health Risk-Based Capital (E) Working Group to further analyze the impact of incorporating investment income into the existing underwriting risk factors within the health risk-based capital formula.