Public Policy

The Academy, through its public policy work, seeks to address pressing issues that require or would benefit by the sound application of actuarial principles. The Academy provides unbiased actuarial expertise and advice to public policy decision makers and stakeholders at the state, federal and international levels in all areas of actuarial qualifications. It also advocates on behalf of the profession and promotes the use of actuaries in non-traditional areas.

Public Interest
The Public Interest Committee (PIC) identifies areas in which the Academy should be speaking out in the public interest. Issues addressed have included raising Social Security’s retirement age and public pension plans.
Casualty
The Casualty Practice Council (CPC) provides objective technical expertise to policymakers and regulators on major property/casualty issues, including medical professional liability and flood insurance.
Health
The Health Practice Council (HPC) provides objective technical expertise to policymakers and regulators on major health insurance and health care affordability issues, including Medicare.
Life
The Life Practice Council (LPC) provides objective technical expertise to policymakers and regulators on life insurance issues, including a principle-based regulatory approach to reserving and risk-based capital.
Pension
The Pension Practice Council (PPC) provides objective technical expertise to policymakers and regulators on major retirement policy issues, including Social Security, defined benefit pension plans, and retiree health.
Risk Management and Financial Reporting
The Risk Management and Financial Reporting Council (RMFRC) provides objective technical expertise to policymakers and regulators on issues involving risk management and/or financial reporting.

Public Policy News

The Multiemployer Committee hosted a Capitol Hill briefing in connection with the release of its issue brief, Multiemployer Pension Plans: Potential Paths Forward. Pension Practice Council Vice President Bill Hallmark and Vice-Chairperson Josh Shapiro, and Christian Benjaminson, a member of the Multiemployer Plans Subcommittee, gave a presentation on how to address failing multiemployer plans and strengthen the multiemployer pension system. Senior Pension Fellow Ted Goldman moderated. (June 27, 2017)
The newest issue of Retirement Account includes items on the Multiemployer Committee’s Capitol Hill briefing on multiemployer pension plans; the Social Security Committee’s issue brief on Social Security and women; and comments to the IRS and Treasury Department on projections of cash balance plan benefits. (June 27, 2017)
Academy Senior Casualty Fellow Jim MacGinnitie, and Stu Mathewson and Nancy Watkins, both members of the Flood Insurance Work Group, made a presentation on Capitol Hill based on the work group’s recent monograph, The National Flood Insurance Program: Challenges and Solutions. (June 26, 2017 - June 27, 2017)
The Non-Guaranteed Elements Work Group submitted comments to the New York Department of Financial Services on re-proposed 11NYCRR 48 (insurance regulation 210) on life insurance and annuity non-guaranteed elements.
(June 22, 2017)

PUBLIC POLICY STATEMENTS

Comments and letters

Comments, analysis, or explanatory material prepared for an external audience on behalf of an Academy group or the Academy as a whole; these include letters, memos, reports, and fact sheets.

Issue briefs

Analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public.

Policy papers

Include white papers and monographs which are longer, more detailed analyses of major actuarial or public policy issues written primarily for: policy-makers, regulators, the news media, and the public. Includes monographs and white papers.

Presentations

Slides presented by the Academy at webinars, seminars, briefings, hearings, or other meetings and events.

Reports to the NAIC

The Academy works with the National Association of Insurance Commissioners (NAIC) on the creation and refinement of sensible, effective regulation. These reports and related documents highlight the NAIC-related work of Academy practice councils.

Testimony

Written and oral testimony provided to Congress or to other governmental and quasigovernmental bodies.

Practice Notes

Practice notes

Practice notes offer examples of current and emerging approaches to selected actuarial tasks. They are intended to supplement the available actuarial literature, especially where the practices addressed are subject to evolving technology, recently adopted external requirements, or advances in actuarial science and other applicable disciplines.