The Academy’s Life Experience Committee and the SOA’s Mortality and Longevity Oversight Advisory Council (MLOAC) presented to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on 2023 HMI and FMI scale update at the NAIC Summer National Meeting in Seattle, WA. (August 17, 2023)
The Economic Scenario Generator Subcommittee presented to the NAIC’s Life Actuarial (A) Task Force on interest rate acceptance criteria at the NAIC Summer National Meeting in Seattle, WA. (August 11, 2023)
The C1 Subcommittee presented to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on principles for structured securities RBC at the NAIC Summer National Meeting in Seattle, WA. (August 13, 2023)
The Life Practice Council (LPC) presented on current and future LPC workstreams to the NAIC’s Life Actuarial (A) Task Force (LATF) meeting as part of the NAIC Summer National Meeting in Seattle, WA. (August 12, 2023)
An issue brief released by the Pension Committee, Valuing Gender Expansive Data, examines issues pension actuaries may consider when performing an actuarial valuation using sex/gender expansive data—data on sex/gender that is either missing or nonbinary. It also discusses several possible approaches to handling such data and setting reasonable actuarial assumptions. (August 14, 2023)
The Life Valuation Committee released a white paper, Pre-Tax vs. Post-Tax Maintenance Reserves in Stochastic Principle-Based Reserves. The paper discusses considerations of using various interest maintenance reserves in VM-22 applications. (August 04, 2023)
A new issue brief released by the Health Equity Committee provides an overview of issues related to designing health benefits to improve health equity. These issues were discussed in the first of a series of workshops with stakeholders and decision-makers focusing on changing cost-sharing features, such as through value-based insurance design (VBID), as well as adding benefits to address health-related social needs. (August 08, 2023)
With four actuarial standards of practice open for comment and another expected later this summer, now is a good time for a reminder that your participation in the standards-setting process is invaluable to the Actuarial Standards Board and to the profession as a whole. (July 31, 2023)
The Individual and Small Group Markets Committee released its annual issue brief laying out the factors underlying premium rate setting and highlighting the major components driving premium changes in the individual and small group markets for 2024. (July 19, 2023)
The Data Science and Analytics Committee (DSAC) released an issue brief, An Actuarial View of Data Bias: Definitions, Impacts and Considerations. The issue brief—the first in a new DSAC series called “Additional Considerations in Data Science”—looks at the key types of data bias that actuaries may encounter and focuses on the kinds of biases found in modeling data and the implications for algorithmic outcomes. (July 18, 2023)
Academy Senior Life Fellow Nancy Bennett and Paul Navratil, chairperson of the Life Investment and Capital Adequacy Committee, presented to the U.S. Department of Labor’s ERISA Advisory Council public meeting on pension risk transfers on July 18. They gave an overview of life insurance regulations focused on the regulatory framework governing solvency requirements, including the establishment of liabilities and required capital for benefit obligations that are the result of a pension risk transfer. Additionally, the Academy submitted the Pension Committee’s recent issue brief, Buy-Out Group Annuity Purchase Primer, for the meeting record as a resource on “buy-out” annuity contract transactions from a pension actuarial perspective. (July 17, 2023)
The Committee on Cyber Risk released a new chapter in the Cyber Risk Toolkit, "Digital Assets and Their Current Roles Within Cybercrime." The paper seeks to provide a baseline understanding of digital assets for insurance industry practitioners whose lines of business may interact with digital assets and highlight recent trends surrounding their use within cybercrime. (July 14, 2023)
Academy Senior Health Fellow Cori Uccello presented on “Considerations for Calculating Cost-Sharing Reduction Load Factors” at the Society of Actuaries’ virtual health meeting. (July 14, 2023)
The Life Index-Linked Variable Annuity (ILVA) Work Group submitted a comment letter to the ILVA Subgroup of the Product Standard Committee Interstate Insurance Product Regulation Commission on 2023 Compact Requirements for ILVA Products. (July 13, 2023)
The Health Solvency Subcommittee’s Health Underwriting Risk Factors Analysis Work Group sent a letter updating the NAIC’s Health Risk-Based Capital (E) Working Group (HRBC) on progress on the NAIC’s request to comprehensively review the H2—Underwriting Risk Component and the Managed Care Credit Calculation included in the HRBC formula. (July 13, 2023)
