The Retirement Practice Council and Pension Committee responded to a request for information (RFI) by the majority staff of the U.S. Senate Health, Education, Labor, and Pensions (HELP) Committee regarding ways to bolster the defined benefit pension system.

The Asset Adequacy and Reinsurance Issues Task Force provided comments to the Life Actuarial Task Force (LATF) regarding LATF's “AAT Reinsurance Exposure 031724”. 

The Social Security Committee released Highlights from the 2024 Social Security Trustees Report, a one-page illustration detailing the latest annual report on the current and projected financial status of the trust funds.

The Life Experience Committee released a resource and discussion guide, Utilization Assumptions of Guaranteed Living Benefits for Deferred Annuities. The guide suggests some reasons why there may be a cohort that never utilizes its guaranteed living benefits (GLBs). It also provides sources of information on how to develop reasonable assumptions regarding GLB withdrawals.

Academy Casualty Policy Analyst Rob Fischer, Senior Fellow Rich Gibson, and Will Davis of the South Carolina Department of Insurance presented at the Casualty Actuarial Society's Spring Meeting on current and future public policy considerations, covering how the current legislative and regulatory environment continues to evolve and respond to changes in actuarial practice and the broader insurance and financial environments. The presentation covered topics including the NAIC, homeowners insurance, AI governance, the National Flood Insurance Program, and bias.

The Medicare Committee released an issue brief, Medicare’s Financial Condition: Beyond Actuarial Balance, that examines the findings of the 2024 Medicare Trustees Report with respect to program solvency and sustainability.

The Casualty Practice Council submitted comments on the exposure draft of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).

The Variable Annuity Reserves and Capital Subcommittee sent comments to the NAIC’s Variable Annuities Capital and Reserve (E/A) Subgroup on the exposure draft of APF 2024-07 that proposes updates to the VM-21 Standard Projection Amount assumptions.

The Pension Committee submitted comments to the Actuarial Standards Board regarding the proposed revision of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).

The ERM/ORSA Committee submitted comments to the Actuarial Standards Board regarding the proposed revision of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).

The Health Practice Council submitted comments on the exposure draft of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas).

The P/C Extreme Events and Property Lines Committee submitted a comment letter to the California Department of Insurance in advance of the department’s public workshop on its draft regulation that would modify state law to allow for catastrophe modeling to be used for wildfire, terrorism, and flood lines of homeowners and commercial insurance lines.

The Social Security Committee released an updated monograph and 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 examine the data used in the illustrations. 

The Public Plans Committee released ‘Surplus’ Considerations for Public Pension Plans, an issue brief that examines plan “surplus,” what it means and does not mean, historical lessons for public plans regarding “surplus,” and considerations for plans at or approaching 100% funding in the future.

The C1 Subcommittee commented on the Oliver Wyman report on Asset-Backed Securities Residual Tranches that was exposed at the NAIC Spring National Meeting to the NAIC's Risk Based Capital Investment Risk and Evaluation (E) Working Group. 

Members of the Committee on Cyber Risk presented during the Midwestern Actuarial Forum (MAF) on the Academy’s Cyber Risk Toolkit, highlighting recent work around cyber data, the state of the cyber insurance market and recent trends in D&O, and the cyber vendor model paper.

Catch up on all the NAIC news during this recap. Academy policy analysts share key highlights of the spring meeting and look ahead to issues likely to be discussed at the NAIC Summer National Meeting, set for August in Chicago. They share updates on priority projects and identify ongoing opportunities to provide an actuarial perspective with state insurance commissioners, other regulators and stakeholders, and industry professionals.

The Financial Reporting Committee and the Life GAAP Reporting Committee sent a comment letter to the Financial Accounting Standards Board (FASB) on the exposure draft of Chapter 6: Measurement, of Concepts Statement No. 8, Conceptual Framework for Financial Reporting.

Academy Senior Fellow Rich Gibson provided a brief overview of the Committee on Cyber Risk to NAIC’s Cybersecurity (H) Working Group. The presentation highlighted the cyber risk toolkit, including an overview on the papers in the toolkit, papers expected to be published in the toolkit later this year, the public policy department’s ongoing research project on cybersecurity, and how the Academy and the committee can be helpful to the Cybersecurity (H) Working Group now that cyber insurance is included in their charges.

Academy Casualty Policy Analyst Rob Fischer provided an update on the Casualty Practice Council (CPC) activities of interest to NAIC’s Casualty Actuarial (C) Task Force, including an update on recent publications, and anticipated releases from other CPC workstreams of interest to the NAIC.