The Climate Change Joint Committee published a glossary of climate-related terms appearing in Academy publications and presentations of Academy committees, subcommittees, and task forces. (May 26, 2023)
The Tax Work Group released a white paper, 2017 and 2021 Legislative Changes to the Definition of Life Insurance, that focuses on summarizing changes to the relevant sections of 7702 and 7702A of the Internal Revenue Code. (May 18, 2023)
The C1 Work Group submitted a comment letter to the NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on Exposure 2023-09-IRE – Interim Residual Tranche C1 Factor. (May 12, 2023)
The Life Reserves Work Group submitted a comment letter to the NAIC’s Life Actuarial (A) Task Force (LATF) on the April 20 exposure of APF 2023-06. (May 12, 2023)
The Index-Linked Variable Annuity 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 Index-Linked Variable Annuity Products. (May 05, 2023)
The Casualty Practice Council submitted a comment letter to the Actuarial Standards Board (ASB) on the second exposure draft of ASOP No. 29, Expense Provisions in Property/Casualty Insurance Ratemaking.
(May 01, 2023)
The actuarial profession is rare in that it has, for the most part, successfully remained self-regulated. Decades ago, actuaries established standards for conduct, qualifications, and practice, as well as a means for enforcing them. Professional judgment must be exercised with skill and care to maintain the trust of the public, of principals, and of government entities. (April 28, 2023)
The Social Security Committee released Highlights from the 2023 Social Security Trustees Report, a one-pager detailing the latest annual report on the current and projected financial status of the trust funds. (April 27, 2023)
The Committee on Property Liability and Financial Reporting (COPLFR) submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Casualty Actuarial and Statistical (C) Task Force proposing a modification to the Annual Statement blank that would eliminate the distinction between “short-tailed” and “long-tailed” lines of business in Schedule P. (April 26, 2023)
The Committee on Property Liability and Financial Reporting (COPLFR) and the Health Practice Council’s Committee on Financial Reporting and Solvency submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed exposure to add instructions for the appointed actuary and qualified actuary contacts to the Jurat electronic only section in order to address any actuarial questions. (April 26, 2023)
The Workers' Compensation Committee released an issue brief discussing the recent actions of state governments, due to the COVID-19 pandemic, to expand their presumption laws to include additional diseases/injuries experienced during employment, but also to whom the presumptions apply. (July 08, 2020)
The Life Reserves Work Group (LRWG) submitted a comment letter to the NAIC’s Life Actuarial (A) Task Force (LATF) on proposed changes to VM-20 outlined in APF 2023-03 (Part 1). (April 19, 2023)
The Variable Annuity Reserve and Capital Work Group (VARCWG) submitted a comment letter to the NAIC’s Life Actuarial (A) Task Force (LATF) on APF 2023-05; specifically, hedging language to address index credit hedging in VM-21. (April 19, 2023)
The Active Benefits Committee released an issue brief focusing on the role of actuaries in employee benefits for health policy development. (April 17, 2023)
The Workers' Compensation Committee released an issue brief providing an overview of medical marijuana laws and court cases—and the impact they have on the workers’ compensation system—to help actuaries navigate the complicated legal landscape. (April 17, 2023)
