The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note exposure draft Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP, which covers aspects of the application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, published in August 2018 by the Financial Accounting Standards Board. The comment deadline for this exposure draft is November 21, 2022. (August 23, 2022)
Academy Health Equity Committee Chairperson Annette James gave a presentation on equity considerations for barriers to care and health plan benefit design to the National Association of Insurance Commissioners (NAIC) Special (EX) Committee on Race & Insurance Workstream #5. (August 23, 2022)
The Casualty Practice Council submitted written comments to the Washington, D.C. Department of Insurance, Securities and Banking's (DISB) Request for Comments on evaluating unintentional bias in private passenger automobile insurance. The letter expanded on the Academy's previous comments to the DISB on recommended actuarial considerations for determining unintentional bias in auto insurance. (August 22, 2022)
The Academy's Social Security Committee has released a one-pager to accompany its issue brief on the 2022 Social Security Trustees Report examining the latest detailed annual assessment by the federal government of the program’s solvency. (August 17, 2022)
Academy Health Practice Council (HPC) Vice Chairperson, Barb Klever, provided an update on HPC activities to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force during their virtual meeting in lieu of the 2022 Summer National Meeting. (August 01, 2022)
The Academy’s Climate Change Joint Task Force (CCJTF) submitted comments to the International Sustainability Standards Board (ISSB) on their Exposure Draft IFRS S2 Climate-related Disclosures. The draft builds upon the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD). (July 29, 2022)
The Academy’s Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Indexed Universal Life (IUL) Illustration (A) Subgroup regarding the July 18, 2022 Indexed Universal Life Exposure. (July 28, 2022)
The Health Solvency Subcommittee submitted a letter response to its previous report to the NAIC’s Health Risk-Based Capital (E) Working Group to provide a timeline to analyze and comprehensively review the H2—Underwriting Risk component and the managed care credit calculation in the health risk-based capital (HRBC) formula. (July 13, 2022)
The Workers' Compensation Committee released an issue brief discussing the growing importance of telehealth for workers' compensation insurers, the variations across different states, and the opportunities for the actuarial profession to help all parties involved better direct their efforts and maximize the return of any telehealth initiatives. (July 21, 2022)
The Casualty Practice Council submitted written comments following the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their hearing, "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance." The letter expanded on the Academy's verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance. (July 08, 2022)
The Group Life Waiver Premium Valuation Table Work Group submitted Proposed 2022 Group Life Waiver Tables and Adjustment Factors to the National Association of Insurance Commissioners’ (NAIC) Health Actuarial (B) Task Force (HATF). This Excel file is an addendum to the “Draft of the Revised AG 44” document, and the Graduation of Group Life Waiver of Premium Disability Experience Rates report by Jerry Holman (dated February 2022) submitted to HATF on June 13, 2022. (July 07, 2022)
The Academy’s Index-Linked Variable Annuity Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup regarding Exposure 3.1 of the Proposed Actuarial Guideline ILVA, Nonforfeiture Requirements for Index Linked Variable Annuity Products Support by Non-Unitized Accounts. (July 08, 2022)
The Data Science and Analytics Committee, in partnership with the Racial Equity Task Force, released a major issue brief, An Actuarial View of Correlation and Causation - From Interpretation to Practice to Implications. The issue brief provides a discussion of key questions that actuaries may encounter as they work in the risk classification domain; actuarial practices surrounding data, predictive modeling, and risk classification that are also key considerations for public policymaking and regulatory efforts aimed at ensuring that insurance practices are not “unfairly discriminatory.” (July 06, 2022)
Academy Casualty VP, Lauren Cavanaugh, provided testimony on June 29 before the Washington, D.C. Department of Insurance, Securities and Banking (DISB) on their upcoming "Initiative to Evaluate Unintentional Bias in Private Passenger Automobile Insurance. " She provided a verbal presentation on the recommended actuarial considerations for determining unintentional bias in auto insurance. (June 29, 2022)
The Racial Equity Task Force released an issue brief discussing the potential options to obtaining protected class information on insureds in the P&C insurance industry to test for practices that may disproportionally harm members of any protected classes. It also evaluates three general data collection methods—collecting additional data, capturing existing external data, or imputing data—for desirable attributes such as accuracy, efficiency, and the size of the data set. (June 28, 2022)