Academy Committees
Academy committees are crucial to the profession’s success and public trust. They uphold rigorous standards, influence key policies, and bring together peers dedicated to advancing the field and ensuring effective public service.
Committees of the Board
The Audit Committee is charged with overseeing the annual audit of Academy funds, meeting with the Academy’s outside auditor, and reporting on the audit to the President and Board of Directors. It operates in form and under policies approved from time to time by the Board of Directors.
Between meetings of the Board of Directors, this committee oversees the operations of the Academy, particularly its councils. The Executive Committee has the same powers as the Board, except for those listed in Article 4 of the bylaws. The committee develops Academy policy, subject to Board approval, and makes recommendations to the Board on budget, policy, and other important issues.
The Personnel and Compensation Committee guides the Academy’s personnel policies, ensuring they comply with laws and regulations. With input from the President’s Advisory Committee and executive staff, the committee monitors and updates these policies, and reports to the board annually.
This committee has been established to:
- Support and promote the Board’s Commitment to Diversity, Equity, and Inclusion as defined by the Academy
- Support and review efforts related to Diversity, Equity, and Inclusion and report to Board periodically
- Guide the development of ongoing Diversity, Equity, and Inclusion communication (in conjunction with staff) to members and other stakeholders
- Facilitate leadership training that supports the Academy’s commitment to Diversity, Equity, and Inclusion
- Collaborate with other committees to encourage synergy of efforts and feedback related to Diversity, Equity, and Inclusion
Presidential Committees
This committee strengthens member engagement by ensuring the Academy’s value is effectively conveyed to current and prospective members. It reviews the Member Value Survey, supports the development of new programs, and recommends updates to membership and dues policies. It also integrates recruitment into the Academy’s communications plan.
Learn more about the Committee on Membership.
The committee reviews amicus curiae briefs to confirm they are appropriate for Academy comment, consistent with its positions, and prepared according to guidelines. It approves their submission to the proper courts.
This committee nominates candidates for the Board of Directors, presented at the annual meeting, and selects Academy officer nominees for presentation to the Board.
This committee oversees Academy management and prepares recommendations for the Executive Committee on policy issues.
The Research Committee manages the Academy’s research functions, from setting guidelines for public policy studies and approving research projects to overseeing mortality and morbidity studies with practice councils. It handles joint ventures with external partners and submits annual budget recommendations.
President-Elect Committees
This committee is responsible for identifying key strategic issues to be addressed by the Academy and for developing and maintaining a strategic plan to be adopted by the Board. The committee works with the Academy staff, various committees, and the board of directors.
Secretary-Treasurer Committees
This committee prepares financial projections and the annual budget, and recommends the dues structure to the Board of Directors. It also develops and maintains the investment policy for Academy funds, such policy to be implemented by the Secretary-Treasurer.
Academy Council Committees
Life Practice Council Committees
The Life Practice Council leads the Academy’s public policy efforts on life insurance issues and oversees the work of its committees, subcommittees, and work groups. The council is chaired by the vice president for life insurance, who also serves on the Executive Committee and Board of Directors.
The Asset Adequacy and Reinsurance Issues Task Force (AARITF) monitors emerging practices in asset adequacy testing for complex assets, as defined in AG 53, and assists regulators in evaluating related data. It also assesses trends in offshore reinsurance practices and helps actuaries address reserve adequacy for business involving offshore vehicles.
This subcommittee provides expert technical guidance in the development and management of economic scenario generators, including those used for regulatory purposes.
The Life Investment and Capital Adequacy Committee (LICAC) reviews life and annuity capital adequacy, recommending ways to strengthen risk-based capital requirements. It also acts as a technical adviser to the NAIC on solvency-related issues.
Learn more about LICAC
The Life Experience Committee oversees experience studies and actuarial assumptions related to mortality, policyholder behavior, and expenses. It publishes papers on these topics, reviews external research, and collaborates with the Society of Actuaries on experience studies. The committee also addresses NAIC amendments regarding life actuarial assumptions.
The committee delivers actuarial expertise on life insurance financial reporting, with an emphasis on Generally Accepted Accounting Principles (GAAP), offering proactive advice and communication.
This committee offers actuarial expertise on life and annuity products, emphasizing product design and features. It informs Academy members about key developments, coordinates with other committees on solvency issues, and responds to regulatory inquiries. The committee also actively engages in shaping public policy at the state, federal, and international levels.
Learn more about the Life Products Committee.
The LPC Diversity Equity, and Inclusion Task Force explores a range of issues related to diversity, equity, and inclusion in the life insurance industry.
Focusing on the valuation of life insurance and annuity products, the Life Valuation Committee provides actuarial advice and support on statutory reserves and related issues. The committee proactively addresses valuation challenges and communicates key insights.
Learn More about the Life Valuation Committee.
This committee educates and advises the Life Practice Council on federal tax matters, highlighting potential tax impacts and offering constraints, options, and alternatives for consideration.
Health Practice Council Committees
The Health Practice Council leads the Academy’s public policy work on health issues, including Medicare. It is chaired by the vice president for health issues, who also serves on the Executive Committee and Board of Directors.
This task force formalizes the Health Practice Council’s work on behavioral health, providing the actuarial community with insights on public policy through issue briefs, webinars, and other resources.
This committee strengthens actuarial involvement in policy issues affecting the small group and individual medical markets. It tracks federal legislation, prepares issue briefs, and hosts webinars to inform senior federal policymakers.
This committee provides an oversight role for task forces and work groups established to address Medicare reform initiatives on behalf of the Health Practice Council.
The committee evaluates changes to Medicaid and CHIP programs as they impact states and provides recommendations for program enhancements.
Learn more about the Medicaid Committee.
Focusing on health care costs, regulatory impacts, and emerging trends, the Health Care Delivery Committee engages policymakers to promote a sustainable delivery system and address major cost drivers.
This committee furthers the actuarial profession’s commitment to health equity by evaluating the impact of actuarial practices on health disparities, recommending changes, and identifying opportunities to enhance equity. It also educates actuaries and applies an equity lens to the Academy’s health policy initiatives.
This committee ensures strong communication between US and international actuaries, providing up-to-date information to Academy members, sharing expertise across borders, and participating in international collaborations.
The Health Solvency Subcommittee focuses on state solvency issues, including NAIC risk-based capital formulas and new principle-based rules. It also monitors federal and international regulations for their impact on solvency standards.
Learn more about the Health Solvency Subcommittee.
The committee manages financial reporting activities for health actuarial practice, reviews proposals on accounting issues, and provides recommendations on health practice notes. It collaborates with the Risk Management and Financial Reporting Council and the Health Practice International Committee to address international concerns affecting U.S. health care.
This committee oversees actuarial issues in long-term care plans, monitoring federal policy changes and working with lawmakers to shape public policy on long-term care insurance.
Learn more about the Long Term Care Committee.
The Active Benefits Committee plays a key role in shaping policy on group benefit plans, focusing on health care plans for active employees. It monitors federal legislation, provides support to senior policymakers, and participates in virtual meetings with Academy and federal staff. The committee frequently collaborates with other Academy groups and prepares background materials as needed.
This committee delivers expertise on retiree health care plans, advising the Health and Pension Practice Councils on funding, financial reporting, and risk management. It tracks emerging issues, collaborates with other Academy committees on shared concerns, and develops practice notes while commenting on actuarial standards for retiree health plans.
Learn more about the Retiree Benefits Committee.
Casualty Practice Council Committees
The Casualty Practice Council directs the Academy’s public policy initiatives related to property/casualty issues. The vice president for casualty issues leads the council and serves on both the Executive Committee and Board of Directors.
This committee offers actuarial expertise on automobile insurance topics, actively seeking new issues and audiences to address. It coordinates responses at state and federal levels and collaborates with the NAIC.
This committee develops the program for the Casualty Loss Reserve Seminar, jointly sponsored by the Academy and the Casualty Actuarial Society.
The Commercial Liability Insurance Task Force, whose charge is to weigh in on and provide an actuarial viewpoint on commercial liability insurance public policy efforts to the public through work products on behalf of the American Academy of Actuaries.
This committee monitors financial reporting and auditing practices for property and liability risks, reviews proposals impacting actuarial aspects, and evaluates related insurance and self-insurance accounting issues.
The Climate Change Joint Committee analyzes climate disclosures, climate impacts, and broader climate concerns. It also collaborates with federal agencies by submitting comment letters and other communications on climate-related matters.
The Committee on Cyber Risk is focused on actuarial issues related to named and excluded perils and latent exposures in both commercial and personal lines of insurance. The committee does not address enterprise risk to insurers.
Established in 2024, the Homeowners’ Insurance Task Force offers an actuarial perspective on public policy issues related to homeowners’ insurance. The task force produces issue briefs, papers, and participates in stakeholder discussions on affordability and availability concerns in states affected by extreme events, such as Florida and California.
This committee offers unbiased actuarial expertise on medical professional liability, proactively researching trends, tort reform, and responding to state and federal issues. It collaborates with NAIC, NCOIL, and other organizations to provide guidance and training.
This committee identifies extreme events that could lead to significant property/casualty losses. It also addresses key issues related to managing these risks, including pricing, funding, reserving, and loss mitigation. The committee monitors federal and state catastrophe legislation and works with the NAIC on related matters.
The Actuaries Climate Index (ACI) tracks extreme weather frequency and sea level changes, while the Actuaries Climate Risk Index (ACRI) measures climate-related risks in the U.S. and Canada. The ACI/ACRI Work Group leads the Academy’s collaboration with other actuarial associations to revise these indices and oversees research papers on related topics.
This committee offers independent actuarial perspectives on equity and fairness in property and casualty insurance, particularly regarding practices that could negatively impact society. It informs lawmakers and regulators on key considerations in laws, regulations, and industry proposals, and evaluates concerns related to external data and actuarial models.
This committee works on Risk-Based Capital (RBC) and solvency management tools, providing actuarial input and recommending enhancements to the RBC methodology used by the NAIC. It reviews the current approach, suggests improvements under the Solvency Modernization Initiative, and collaborates with the NAIC’s Property RBC Working Group.
This committee offers actuarial insights on workers’ compensation insurance, meeting monthly to address emerging trends and coordinate responses at the state and federal levels. It regularly produces issue briefs, hosts webinars, and collaborates with the NAIC, IAIABC, and NCOIL.
Retirement Practice Council Committees
The Retirement Practice Council leads efforts to promote retirement security, providing strategic oversight to its committees and reviewing deliverables to ensure quality. It communicates regularly with members and the public, addresses internal conflicts, and advances actuarial practice by educating members on public policy and professionalism.
This committee offers objective analysis and advice on multiemployer pension plans, addressing funding, financial reporting, risk management, and plan design. It works with regulatory agencies, develops practice notes, and provides input on actuarial standards.
This committee offers objective analysis and guidance on public and private retirement plans, covering funding, financial reporting, risk management, and plan design. It works with policymakers on legislative impacts, identifies emerging trends, comments on regulations, and coordinates with other Academy committees. It also produces practice notes and comments on actuarial standards.
Learn more about the Pension Committee
The committee provides independent analysis, advice, and education on retirement plans for state and local government employees, focusing on funding, financial reporting, risk management, and plan design. It develops issue briefs, practice notes, and comments on actuarial standards for public plans.
The committee analyzes different aspects of the U.S. retirement system, providing input on potential changes to improve benefit design. It may also assess retirement plans through the AGES framework, which emphasizes Alignment, Governance, Efficiency, and Sustainability.
This committee provides expert guidance on U.S. social insurance systems, focusing on Social Security. It offers objective analysis and advice on financing, reporting, risk management, and program design.
Council on Professionalism and Education Committees
The Academy’s commitment to professionalism is guided by the Council on Professionalism and Education (COPE), which coordinates the work of its diverse committees, task forces, and work groups listed below.
The committee connects the Academy with industry leaders and regulatory bodies, safeguarding the integrity and clarity of professionalism standards within the actuarial field.
This committee monitors the Code of Professional Conduct of the U.S.-based actuarial organizations and recommends necessary amendments to the code to all of the U.S.-based organizations.
This committee reviews qualification standards for public actuarial functions, advises the Board on requirements, counsels members, and sets guidelines for continuing education and standards administration.
In order to advance the Academy’s educational initiatives, this committee develops necessary programs and supports the Directors of Professionalism and Public Policy in evaluating educational content and quality through surveys.
Learn more about the Committee on Education.
By promoting professionalism, this committee ensures actuaries understand conduct, qualification, and practice standards, coordinating efforts with the Academy’s designated bodies.
The Myers Award Task Force gathers annually to consider candidates for the Robert J. Myers Public Service Award, which honors an actuary for notable public service. Each year, the task force recommends an award recipient to the Academy Board.
Risk Management and Financial Reporting Council Committees
The Risk Management and Financial Reporting Council oversees the Academy’s work on financial reporting and risk management, both domestically and internationally. It coordinates activities across actuarial practice areas and serves as a liaison to public policy-makers, the financial sector, and the insurance industry.
This work group supports actuaries in recognizing and ethically integrating behavioral economics into insurance practices, ensuring benefits for both policyholders and insurers.
The Climate Change Joint Committee analyzes climate disclosures, impact variations, and broader climate issues. It also works with federal agencies, providing comment letters and correspondence on climate-related topics.
This committee promotes actuarial expertise in Big Data and machine learning, helping inform public policy on predictive models and analytics. It tracks federal legislation and prepares educational materials for stakeholders.
Learn more about the Data Science and Analytics Committee.
The ERM/ORSA Committee represents the Academy in Enterprise Risk Management (ERM) and Own Risk and Solvency Assessment (ORSA) matters at the International Association of Insurance Supervisors, the National Association of Insurance Commissioners, the International Actuarial Association, and before other interested stakeholders by producing position papers on ERM and ORSA matters and developing ideas for research on ERM and ORSA issues. The committee includes members from property/casualty, life, and health practice areas.
Learn more about the ERM/ORSA Committee.
This committee coordinates the Academy’s work on financial reporting issues, both domestic and international, affecting various actuarial practices. It also reviews work across practice councils to maintain consistency and prevent conflicts.
Learn more about the Financial Reporting Committee.
The Prudential Regulation Committee develops Academy policy on solvency and capital issues impacting multiple actuarial practice areas. It engages with government and international bodies through meetings, testimony, and comment requests on prudential regulatory matters. The committee also ensures consistency across practice areas by monitoring related work within other councils.
This work group focuses on reinsurance issues impacting various actuarial disciplines. It leads research and public policy initiatives, with a focus on reinsurance, and collaborates with international bodies such as the International Actuarial Association and the International Association of Insurance Supervisors.