Actuarially Sound

As the traditionally primary caregiver to children and elderly parents in many families, women often log fewer hours on the job or leave the workforce completely, which may limit their Social Security benefits or their ability to save for retirement. American women earn less than 84 cents on the dollar than men according to AARP, a gap that grows even higher for older women. 

Throughout the meeting, while clearly keeping substance in mind, regulators deliberated and sought stakeholder input on all of insurance, but especially the three hottest topics of the day— AI governance, the evolution of the risk-based capital (RBC) formulas, and premium affordability. 

For years, the Academy and our volunteers within the Retirement Practice Council and the Social Security Committee have emphasized the need for congressional action. The program continues to head toward insolvency, which would impact beneficiaries and taxpayers alike, and demands the engagement and the expertise of actuaries.

While summit sessions addressed many key topics that are priorities for state legislators, regulators, industries, actuaries, and myriad stakeholders, a major through-line for all the sessions was a concept that has become very familiar at the Academy: interconnectedness—across areas and across people.

Emerging markets refer to the provision of insurance by companies operating within developing or transitioning economies that are experiencing rapid growth and increasing integration into the global market.

The panelists predicted that AI may one day be used to help shift the insurance industry from its current reactive insurance model (event detection and response) to more predictive (event forecasting) and even preventive (risk-reducing intervention) models.

The panelists, representing domestic and international perspectives from industry and the public sector, discussed steps stakeholders can take to minimize damage to property, as well as ways to spur communities to become more resilient.

The letter noted that the stricter Medicaid eligibility requirements and reduced federal financing would affect many stakeholders and that it was “important to recognize that while financing or eligibility policy adjustments may offer Medicaid program cost savings, these modifications also impact the other health insurance markets, including the individual and employer marketplaces.

Actuaries measure and manage risk, using data and financial modeling to help ensure insurance programs are on solid financial footing.

As the federal government decides next steps for this database, there are still many important aspects homeowners should weigh in advance of the first named storm of the season.

Wisconsin Insurance Commissioner Nathan Houdek said that increased private equity (PE) investment in the insurance space has introduced additional challenges, as regulators and PE firms often don’t speak the same language.

The HEC is continuing this conversation, hosting a series of interviews and focus groups over the next few months. It plans to develop a holistic principles-based resource that actuaries and other stakeholders can use when making health benefit plan changes that may lead to more efficient use of health care resources. 

Ideas for legislation at the state level may come from many sources, including the governor’s office, state agencies, individuals (members of the legislature, or members of the public), and the language itself may come from various places.

The economic impact of tariffs is generally reflected in price changes and Americans could see an impact in the coming months across sectors, including auto insurance.

his year’s event brought some changes to the annual visits. For the first time, members from all five practice areas attended simultaneously, which meant more volunteers participated in person than in recent years.

At the top of many minds: how states are responding to volatile economic indicators, the latest advances in artificial intelligence (AI), and uncertainty over decisions at the federal level.  

Academy volunteers will speak to priority House and Senate committee professional staff and leadership, reminding them of the terrific resources the Academy offers through our volunteer members and through all of our work products and publications.

The bulletin also advises insurers of the type of information and documentation that may be requested during an investigation or examination of any insurer’s use of such technologies and AI systems. 

These regulations help ensure the law is applied and enforced correctly. The process through which a proposed rule becomes regulation is distinct from the legislative process but is still highly structured. 

Sometimes people are forced to retire due to health, family, or larger economic reasons without much of an income. Uncertainty abounds, which makes needing to understand what impacts lifetime income even more relevant to ensuring a good quality of life.