The Casualty Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the legislation’s impact on casualty insurance. (March 29, 2021)
The Health Equity Work Group (HEWG) has released a discussion brief on health equity from an actuarial perspective. This brief serves as an introduction to the HEWG’s work in examining the following areas: health insurance benefit design, provider contracting and network development, premium pricing, and managing population health. Read the news release. (March 31, 2021)
The Health Practice Council submitted a comment letter on Colorado Senate Bill 21-169 which is aimed to protect consumers from unfair discrimination in insurance practices. The comments focused on potential impacts to health insurance. (March 29, 2021)
The Life Underwriting and Risk Classification Work Group submitted a letter on Colorado Senate Bill 21-169 aimed at unfair discrimination in insurance, addressing potential concerns of the legislation’s impact on life insurance. (March 29, 2021)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 26, 2021)
The Academy’s Economic Scenario Generator Work Group (ESGWG) submitted a comment letter to the National Association of Insurance Commissioners' Life Actuarial Task Force regarding its recent Economic Scenario Generator exposures. (March 25, 2021)
The Automobile Insurance Committee released an issue brief on automobile insurance considerations arising from the COVID-19 pandemic. (March 24, 2021)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 19, 2021)
The Variable Annuity Reserves and Capital Work Group submitted an amendment proposal to the NAIC’s Life Actuarial Task Force (LATF) to update the reference to the required minimum distribution (RMD) age in the VM-21 Standard Projection Amount pursuant to enactment of the federal Setting Every Community Up for Retirement Enhancement (SECURE) Act. (March 15, 2021)
The Academy’s Annuity Reserves and Capital Work Group submitted a summary of the differences between the Academy fixed annuity principle-based reserving (PBR) framework proposal exposed by the National Association of Insurance Commissioners VM-22 Subgroup in October 2020 and the current framework for Valuation Manual (VM)-21 (variable annuity PBR). (March 15, 2021)
After two years of litigation funded by the Conference of Consulting Actuaries (CCA), Judge Michael Mullen of the Circuit Court of Cook County, Illinois, entered summary judgment in the lawsuit in favor of the defendants—the Academy and current and former members of its Board of Directors. Judge Mullen found that the Academy Board had the authority to adopt a September 4, 2018, bylaws amendment that changed the membership of the Academy’s Selection Committee. Read more. (March 16, 2021)
The ASOP No. 6 Practice Note Work Group released their practice note, ASOP No. 6—Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to Pooled and Non-Pooled Health Plans, to provide information on valuing retiree health benefit plans. (March 15, 2021)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 12, 2021)
The Academy has published a webpage on diversity, equity, and inclusion to collect references and links to our many efforts to recognize the importance of a diverse and inclusive actuarial profession. Our efforts include examination of health and health insurance systems, focusing on health disparities and contributing factors, and recognition of Black History Month, Women’s History Month, and International Women’s Day. The Academy also supports efforts by the National Association of Insurance Commissioners, as the NAIC looks to ways to address practices that could create barriers to—or provide incentives to—inclusion. (March 12, 2021)
The Social Security Committee released a monograph and an issue brief on individual equity and social adequacy as those principles apply to social security reform options. The monograph and issue brief compare three different Social Security reform proposals using individual equity and social adequacy, two of the important principles underlying the program and provide details on each of the proposals and examines the data used in the illustrations. (March 12, 2021)
