Actuarial Innovations and Regulatory Approval

September 2024

Authors

David Bahlinger, Research Director, Milliman

Elizabeth D’Amico, Research Analyst, Milliman

Casey Stringer, Research Analyst, Milliman

Randy Beams, FSA, MAAA, Actuary, Milliman

Taylor McKinnon, JD, Principal and Compliance Consultant, Milliman

The Society of Actuaries (SOA) Research Institute sought to investigate successful approaches to gaining regulatory acceptance for actuarial innovations to expand the industry’s knowledge of effective regulatory approval processes and strategies. The SOA engaged Milliman to conduct in-depth interviews, focus groups, and surveys with select actuaries and regulators who have received or provided regulatory approval for an actuarial innovation (see subsection 3.4 for a breakdown of the geographical location of participants). The data was used to derive key strategies and strengths of actuaries who have achieved regulatory approval for their innovations, and to share the perspectives of state regulators. This paper summarizes these results.

Report

Actuarial Innovations and Regulatory Approval

Acknowledgments

The researchers’ deepest gratitude goes to those without whose efforts this project could not have come to fruition: the Project Oversight Group and others for their diligent work overseeing questionnaire development, analyzing, and discussing respondent answers, and reviewing and editing this report for accuracy and relevance.

Project Oversight Group members:

Greg Fann, FSA, MAAA. FCA
Bernice Lim, FSA, CERA, FCIA, CFA
Maggie (Jiani) Ma, FSA, FCIA
Jennie McGinnis, FSA, CERA, MAAA
Mary Moran, FSA, MAAA
Paula Schwinn, FSA, MAAA

At the Society of Actuaries Research Institute:

Korrel Crawford, Senior Research Administrator
Dale Hall, FSA, MAAA, CERA, Managing Director of Research

Questions or Comments?

Give us your feedback! Take a short survey on this report. Take Survey

If you have comments or questions, please send an email to research@soa.org.