The Pension Committee submitted a comment letter to the ERISA Advisory Council regarding the Annual Funding Notice for Defined Benefit Plans (AFN).
(August 16, 2017)The Pension Committee submitted a comment letter to Rep. Devin Nunes regarding incentives to provide annuity payouts from qualified plans.
(August 11, 2017)The Academy presented on both public policy and professionalism matters at the National Association of Insurance Commissioners (NAIC) 2017 Summer National Meeting Aug. 6-9 in Philadelphia, PA. A wide range of public policy topics across the Academy's practice areas were covered at the meeting, including: health insurer cost-sharing reduction (CSR) reimbursements, principle-based reserving for life insurance and other products, Long-Term Care Insurance (LTCI), the availability and affordability of automobile insurance, and reauthorization of the National Flood Insurance Program. (August 11, 2017)
The Annuity Reserves Work Group presented an update on its work related to issues that need to be modified for non-variable annuities to the Life Actuarial Task Force.
(August 05, 2017)Standard Valuation Law Interest Rate Modernization Work Group presented an update to the NAIC's Life Actuarial Task Force (LATF) summarizing its activities on its new project to modernize the process of setting valuation interest rates for non-variable annuities (except SPIAs).
(August 05, 2017)Mary Bahna-Nolan, chairperson of the Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group, presented on the guaranteed issue report and amendment proposal forms (APFs) to the Life Actuarial Task Force. The first APF examines implementation of guaranteed issue mortality tables under current requirements; the second APF examines implementation under principle-based reserve requirements.
(August 04, 2017)Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group presented to the Life Actuarial Task Force on the 2017 simplified issue composite mortality tables report.
Mary Bahna-Nolan, chairperson of the Academy's Life Experience Committee and SOA Preferred Mortality Oversight Group, presented on PBR valuation considerations and recommendations related to accelerated underwriting to the Life Actuarial Task Force.
(August 04, 2017)The Academy released Auto Insurance in the 21st Century, which explores insurance issues surrounding autonomous vehicles, ride-sharing services, and distracted driving. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences.
(August 02, 2017)The Social Security Committee released an issue brief on the 2017 Social Security Trustees Report that examines the social insurance program’s long-term solvency issues and recommends that Congress should act soon to improve the long-term financial outlook of the program.
(July 31, 2017)The Tax Work Group released an issue brief on the implications of calculating tax-deductible claim reserves based on incurral date versus issue date for long-term disability insurance policies.
(July 28, 2017)The P/C RBC Committee and the Health Solvency Subcommittee submitted a joint comment letter to the NAIC’s Investment Risk-Based Capital Working Group expressing concern about proposed changes to corporate bond factors.
(July 25, 2017)The Health Practice Council sent a letter to U.S. Senate leadership on the potential adverse consequences of legislation to eliminate the Affordable Care Act’s (ACA) individual mandate which would lead to lower enrollment, a deterioration of the risk pool, and higher premiums.
(July 25, 2017)The Health Practice Council released a new policy paper highlighting cost-sharing reductions including what they are and why they need to be funded.
(July 24, 2017)The C1 Work Group submitted comments to the NAIC's Investment Risk-Based Capital Working Group (IRBC) on their recent proposal on RBC requirements for real estate.
The Medicare Subcommittee published an issue brief, Medicare’s Financial Condition: Beyond Actuarial Balance, on significant concerns about Medicare’s long-term financial health.
(July 19, 2017)The Health Practice Council released a new policy paper highlighting several frequently asked questions (FAQ) on risk pooling and explaining how it works in the individual health insurance market. The FAQ also explores the differences between a single risk pool and separate risk pools.
(July 14, 2017)The Committee on Property and Liability Financial Reporting (COPLFR) submitted comments to the NAIC's Title Insurance Financial Reporting Working Group that raised questions about proposed changes to the way reserves are reported in the title statement of actuarial opinion.
(July 14, 2017)The Financial Regulatory Task Force submitted comments to the U.S. House Financial Services Committee on H.R. 3110, Financial Stability Oversight Council Insurance Member Continuity Act.
(July 14, 2017)
