AAA to Government

  • 2005 06 - AAA to GAO - Questions from Phone Conference with GAO On March 31, 2005, American Academy of Actuaries - 5p
    • 1. A brief background on broad categories of actuarial activities.
    • 2. Also please briefly highlight the differences in actuarial activities between life, health and propertycasualty insurance.
    • 3. Please briefly describe the role actuaries of an insurance company have on the product development (form) side.
    • 4. Please describe the role actuaries have in the insurance regulatory process
    • 5. Are there elements that make a line of insurance a commercial product instead of a personal product, other than that the coverage is for a place of business?
    • 6. With respect to the three financial service areas of insurance, banking and securities, we would like to have a more inclusive list of competing and hybrid products:
    • 7. In general, when is pricing more a function of a state’s public policy/regulatory philosophy than a function of actuarial activities?
    • 8. What are some of the academic definitions of “insurance” (We are aware of NAIC’s White Paper, Gramm-Leach-Bliley, Internal Revenue Code, Terri Vaughan’s textbook), and what would you describe as the major or necessary elements?
  • 2008 0910 - AAA to SEC - Initial Comments on Release Nos. 33-8933 & 34-58022 (File No. S7-14-08): Proposed Rule 151A, American Academy of Actuaries - 67p
    • The charges which are characteristic of a universal life contract are ...
      • Premium Loads are assessed on premiums paid to cover state premium tax, DAC tax and sales related expenses. They are expressed as a percent of premiums and are deducted from premiums upon receipt.
      • Monthly Loads can be on a per policy and a per unit basis. They are deducted from the daily interest account or the equity indexed bucket(s) on monthiversaries.
      • Cost of Insurance charges are deducted from the daily interest account or the equity indexed bucket(s) on monthiversaries.
  • 2009 - AAA to GOV (House - Barney Frank (D-MA) / Spencer Bachus (R-AL) - re: proposed Insurance Information Act, HR 2609, to create a Federal Insurance Office, Jesse M. Schwartz, American Academy of Actuaries - 3p
    • We strongly encourage you to include an explicit provision in the legislation to include important professional expertise by creating an Office of the Actuary.
    • We believe a qualified actuary in therole of Federal Chief Actuary is critical to ensure proper oversight and guidance is provided to policymakers in the formation as well as the ongoing operations of the Federal Insurance Office.
    • The insurance sector is subject to a range of potential systemic risks.
    • Actuarial expertise is required to monitor and quantify these risks, including the risks unique to the insurance industry.
  • 2009 1124 - AAA to GOV (House) Barney Frank (D-MA) / Spencer Bachus (R-AL) - Financial Regulatory Reform Task Force of the American Academy of Actuaries - 3p
    • Product designs can be complex, with benefits contingent on a range of potential risks that may vary over time, as well as with certain guarantees made by the insurer.
  • 2011 0225 - AAA to FSOC - Letter - Re: Authority to Require Supervision and Regulation of Certain Non-Bank Financial Companies, (12 CFR Part 1310), American Academy of Actuaries - 8p
    • For example, a rapid growth of substantial sales in financial products or transactions by a particular company that are highly dependent on borrowing or other financial transactions, may be one potential indicator of possible risk to financial stability.
    • In addition, the insurance industry has historically demonstrated the ability of other companies to assume the risk from financially distressed companies.
  • 2015 0323 - AAA to FSOC - Letter - Notice Seeking Comment on Asset Management Products and Activities, Docket No. FSOC-2014-0001, American Academy of Actuaries - 4p
  • 2020 1117 - AAA to EBSA - RFC - Pension Benefit Statements—Lifetime Income Illustrations, RIN 1210-AB20, American Academy of Actuaries - 6p