The Tax Work Group submitted a comment letter to the Internal Revenue Service regarding a proposed regulation that provides guidance on the computation of life insurance reserves for income tax reporting. (May 28, 2020)
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on the "Independent Proposal" regarding IUL product illustrations under AG 49. (May 27, 2020)
The American Academy of Actuaries submitted a letter to members of the Blanks Working Group regarding their proposal on the certification of continuing education (“CE”) compliance by “Appointed Actuaries” who sign statements of actuarial opinion for property and casualty insurers. (May 05, 2020)
The Actuaries Climate Index has been updated with new quarterly data, revisions to initial data for previous periods, and annually updated values for the index’s drought and sea level components. Read the news release. (May 27, 2020)
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. (May 22, 2020)
The Social Security Committee released an issue brief on the 2020 Social Security Trustees Report that examines the social insurance program’s long-term solvency issues and points out that Congress should act soon to improve the long-term financial outlook of the program. (May 21, 2020)
The Annuity Reserves Work Group provided an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity PBR. (May 20, 2020)
The Spring StateScan Quarterly recaps the latest quarter’s state legislation and regulation, with 15 of 33 scheduled state and D.C. legislatures temporarily adjourned due to the ongoing coronavirus pandemic, and the other 18 legislatures actively convened in session. Six states are convening temporarily to consider COVID-19-related legislation; lawmakers have largely shifted focus on introducing and considering legislation responding to the social and economic effects of the COVID-19 pandemic. For a more comprehensive look at state legislative and regulatory activity, log in to the StateScan portal, free for Academy members. (May 13, 2020)
The Health Practice Council has released an issue brief that examines the different types of risks that insurers can face and the various risk mitigation mechanisms that can be used to address them, Health Insurance Risk Mitigation Mechanisms and COVID-19. (May 15, 2020)
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. (May 15, 2020)
The Vice President of the Academy Pension Practice Council and the Chairperson of the Multiemployer Plans Committee submitted a comment letter to House of Representatives leadership regarding pension provisions of H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”). (May 15, 2020)
The Spring StateScan Quarterly highlights recent state legislation and regulation so far this year, as well as actions states are taking in response to the COVID-19 pandemic. For a more comprehensive look at state legislative and regulatory activity, log in to the StateScan portal, free for Academy members. (May 15, 2020)
Academy Senior Casualty Fellow Rich Gibson remotely presented an overview and updates on the Actuaries Climate Index and the Actuaries Climate Risk Index at the Casualty Actuarial Society’s Virtual Spring Meeting. (May 12, 2020)
The Committee on Property and Liability Financial Reporting submitted comments to the National Association of Insurance Commissioners Blanks Working Group, regarding proposed instructions for the 2020 P&C Statement of Actuarial Opinion. (May 11, 2020)
On May 11, 2020, Steve Jackson, the Academy’s Assistant Director for Research, presented on the Actuaries Climate Risk Index (ACRI) to the Actuarial Colloquium, a virtual conference sponsored by the International Actuarial Association and the French Institute of Actuaries. The ACRI is derived from a model of the statistical relationship between the weather components of the Actuaries Climate Index (ACI) and property damage caused by severe weather. The ACRI distinguishes the losses due to changes in weather from the larger set of losses due to increases in risk exposure. The resulting ACRI for the United States totals $24 billion during the post-reference period, 1991–2016, equal to approximately 5% of weather-related losses during that period. (May 11, 2020)
