Academy Public Interest Committee Chairperson Tom Terry discussed increasing the retirement age for Social Security with CNN's Don Lemon on July 18. (07/26/10)
Peter G. Peterson Foundation President and CEO David Walker was the keynote speaker during the Academy's summer policy summit on July 19. A copy of his presentation is available here. (07/20/10)
Read the June 2010 Newsletter of the International Association of Actuaries
The Academy is pleased to share the IAA's June newsletter with our members. Articles of interest in this issue include:
Stochastic Modeling – Release of New Publication
Comprehensive Actuarial Risk Evaluation
Request for Proposal – Determination of Discount Rates
Climate Change
Microinsurance Working Group
Financial Education
International Actuarial Standards of Practice (07/12/10)
June
Public Service Job Announcement: GAO Chief Actuary
The Academy has been contacted by a search firm retained by the U.S. Government Accountability Office (GAO) to identify their Chief Actuary. Reporting to the Comptroller General, the Chief Actuary will serve as the GAO's key official concerning actuarial matters pertaining to Health Care reform, Social Security reform, private and public pension plans, life insurance, health and disability insurance, unemployment insurance, flood insurance, and related federal programs that are monitored and analyzed by GAO on a government-wide basis. GAO has consistently been voted “one of the best places to work” in Washington, DC. If you are interested in this position, contact search firm President Joe DeGioia. (06/21/10)
May
Governance Task Force status update
The Governance Task Force met on May 19 at the Academy offices in Washington. A new status update has been posted on its webpage. (05/25/10)
Systemic risk white paper released The Academy Financial Regulatory Reform Task Force released the white paper, Role of the Systemic Risk Regulator. The white paper outlines new key functions necessary for effective systemic risk regulation. (5/5/10)
Council's Response to DOL/Treasury Request The Pension Practice Council and Life Practice Council responded to a request for information from the departments of Labor and the Treasury regarding lifetime-income options for participants and beneficiaries in retirement plans. (5/4/10)
Strategic Planning Committee status update
The Strategic Planning Committee held its latest conference call on April 13. A summary is available on the committee's webpage. (04/20/10)
Governance Task Force status update
The Governance Task Force held its first conference call on April 7. A summary is available on the task force's webpage. (04/19/10)
March
Actuaries plan ahead to health reform implementation
With the enactment of health care reform legislation, the Academy says the successful implementation of this and forthcoming reconciliation legislation will require coordinated efforts to ensure that the regulatory development process accomplishes the intended goals of reform.
View the letter to Congress. (03/24/10)
Academy seeks volunteers
The Risk Management and Financial Reporting Practice Council is looking for volunteers for the Financial Regulatory Reform Task Force and the ERM Subcommittee of the Risk Management and Solvency Committee. If you are interested, please contact Tina Getachew at getachew@actuary.org. (03/22/10)
Looking for an issue of Health Check?
All issues of Health Check, a biweekly report from the Academy on health care reform, are now conveniently archived on the Academy's website. (03/22/10)
Academy seeks regular director nominations
The Academy’s Nominating Committee is seeking nominations for three members to stand for election as regular directors to the board of directors. The deadline for nomination submissions is April 30, 2010. (03/18/10)
View updates on strategic plan development
The Academy’s Strategic Planning Committee is beginning its work to develop a new three-year strategic plan for the Academy. You can learn more about the committee and view status updates regarding the process on its new webpage. (03/18/2010)
Critical Issues in Health Reform
The Academy advises policymakers that any efforts to implement premium-oversight mechanisms as part of health reform should be based on actuarial principles in its latest edition of papers entitled, Critical Issues in Health Reform. Each of the policy statements is designed to provide an actuarial perspective on various components of comprehensive health care reform proposals. (03/10/10)
Letter to Congress
The Academy writes to congressional leaders urging them to reconsider issues already approved in legislative form and to consider the implications of additional proposals to include in a reconciliation package as part of the health reform process. (03/08/10)
February
Base premium oversight on actuarial principles
The Academy is urging that policy efforts for effective oversight of health insurance premiums be based on actuarial principles. (02/24/10)
Academy health fellow on public radio
Academy Senior Health Fellow Cori Uccello explained the basics of determining health insurance premiums on "Marketplace." (02/22/10)
In Tribute: Academy Past President Robert J. Myers
The Academy joins the countless friends, colleagues and associates of Robert J. Myers in mourning his passing and celebrating his lifetime of dedicated public service and unparalleled accomplishment. Memorial Service Information (02/19/10)
Letter from Academy president to members
Academy President Ken Hohman provided updates to members on public policy and governance issues. (02/16/10)
Webcast on RDS attestations
This March 24 webcast, sponsored by the Academy's Council on Professionalism and Health Practice Council, and co-sponsored by the ASPPA, CAS, CCA, and SOA, is intended to provide basic information regarding applicable qualification standards to be considered by actuaries, and address the more common issues related to providing RDS attestations. (02/12/10)
Academy subcommittee chairperson featured on NPR's Morning Edition
Academy Medical Professional Liability Subcommittee Chairperson Kevin Bingham discussed the potential consequences of legislation to repeal an antitrust exemption for medical professional liability insurers. (02/08/10)
Spotlight on health care reform
Letter to Congress
The Academy writes to congressional leaders urging them to reconsider issues already approved in legislative form and to consider the implications
of additional proposals to include in a reconciliation package as part of the health reform process.
(02/08/10)
Actuaries urge comprehensive Medicare reform
As Medicare faces serious financial challenges that require comprehensive reforms, the Academy supports efforts by the President and Congress to address these challenges and urges action to restore the long-term solvency and financial sustainability of Medicare. (02/04/10)
Academy recommends increasing retirement age
Academy Senior Pension Fellow Frank Todisco discusses increasing Social Security’s retirement age on FOX Business News (02/01/10)
January
Help the Academy improve online experience
The Academy’s website is currently undergoing a comprehensive redesign. As Academy staff and volunteers further those developments, the input and insight of Academy members is critical to making the new website more valuable by better meeting the needs of you the members, as well those of the outside audiences the Academy intends to reach through its work. (01/29/10)
Actuaries call on policymakers to adopt cornerstones for a financially secure America
The Academy is urging policymakers to adopt four cornerstones to focus the nation's domestic policy agenda to improve the financial security of all Americans and restore the nation's fiscal health. (01/27/10)
Health care reform webcast
Do you know where health reform stands? Are you interested in learning more about the Academy's activities and impact during the health care reform process? The Academy's Health Practice Council answered these questions in a Jan. 25 free webcast. (01/25/10)
Letters to congressional leaders detailing health care reform concerns
The Academy writes to congressional leaders discussing concerns with the inclusion of a provision that would repeal the McCarran-Ferguson Act, an antitrust exemption for health and medical professional liability insurance, within the House's Affordable Health Care for America Act (H.R. 3962) (01/21/10)
In addition, the Academy writes to Speaker Nancy Pelosi and Senate Majority Leader Harry Reid highlighting some of the key differences on actuarial issues between the House's Affordable Health Care for America Act (HR 3962) and the Senate's Patient Protection and Affordable Care Act. (01/14/10)
Actuaries recommend change to "Cadillac Plan" tax structure
The Academy and Society of Actuaries release a report to help policymakers and the public understand the potential implications of an excise tax on high-cost employer-provided health plans. (01/14/10)
New ASB and ABCD chairpersons begin terms Albert J. Beer was appointed as the new ASB chairperson, and Carol Sears was appointed as the new ABCD chairperson. Both began their terms on Jan. 1. (01/06/10)
The Best Jobs: Actuaries are #1
The Wall Street Journal reports that actuaries landed at the top spot of a newly released study ranking the 200 best and worst jobs in the U.S. (01/05/10)
P/C practice note updated
The new version of the Academy's practice note on SAOs for p/c loss reserves is now online. (01/04/10)
2009
December
2009 Legislative/Regulatory Review
The Academy has issued its 2009 Legislative/Regulatory Review, an annual summary of legislative and regulatory developments important to the actuarial community. The Legislative Review also focuses on the Academy's accomplishments in 2009 and offers insights into the policy landscape in 2010. (12/28/09)
Webcast on ASOP Nos. 36 and 43
This Dec. 18 webcast discussed the interaction of ASOP Nos. 36 and 43 and the significant changes proposed by the ASB to ASOP No. 36. (12/18/09)
Annual manual updates
Orders are now being taken for the upcoming new editions of the Life and Health Valuation Law Manual and the Property/Casualty Loss Reserve Law Manual. The manuals are updated every year. (12/05/909)
NAAC annual report
The North American Actuarial Council's 2009 Annual Report is now available. (12/04/09)
November
Annual Meeting minutes
Academy Annual Meeting minutes and election results are now available in the members-only section. (11/20/09)
Letter to the House of Representatives
The Academy writes to Speaker Nancy Pelosi and Republican Leader John Boehner providing an actuarial perspective on individual health insurance market reforms, outlining three criteria to ensure that the current markets remain viable, and offering comments on how certain provisions of the House’s Affordable Health Care for America Act (HR 3962) conform with those criteria. (11/12/09)
Spotlight on health care reform
The Academy provides a Q&A on the Community Living Assistance Services and Supports (CLASS) Act analysis completed by a joint work group of the Health Practice Council of the Academy and the Society of Actuaries in its latest edition of papers entitled, Critical Issues in Health Reform. (11/12/09)
Actuaries unveil new research to Congress, media
The Academy hosted a webcast for congressional staff and media to provide an overview of new research on start-up capital requirements for health care cooperatives and/or a public plan option. (11/02/09)
October
Issue brief on Medicare Advantage payment reform
A new Academy issue brief discusses the current Medicare Advantage payment system, provides an overview of the goals of the program, and address two alternative mechanisms for reducing payments to Medicare Advantage plans. (10/30/09)
Hohman takes the helm
New Academy President Ken Hohman and President-Elect Mary Frances Miller take office at the 2009 Annual Meeting.
(10/26/09)
The presentation of this year's Farley Award to Donald J. Segal.
The presentation of this year's Myers Award to John Purple
Academy announces election of president-elect, officers
The Academy announced that its board of directors elected Mary Frances Miller yesterday as the organization’s president-elect. Five officers including three vice presidents were also elected. (10/21/09)
Academy announces proxy procedures for annual meeting
Members who would like to support the Nominating Committee's slate of candidates but cannot attend the annual meeting in person can do so by following the procedures outlined in letter to members on Oct. 13. (10/13/09)
Revised bylaws
Pursuant to the Academy board action taken at its May 21, 2009 meeting to separate the Secretary/Treasurer position into two positions, as previously noted to the membership in the "Summary of Actions Taken" from the May 21 board meeting, please see the revised Academy Bylaws. (10/9/09)
Actuary testifies to Congressional subcommittee
James Hurley testified on behalf of the Academy to the U.S. House Judiciary Subcommittee on Courts and Competition Policy regarding medical professional liability insurance. (10/08/09)
Hohman elected president-elect
The Academy announced on Oct. 7 that its board of directors has unanimously elected Ken Hohman to the Academy’s office of president-elect. (10/07/09)
Regular director nominees
The Academy’s Nominating Committee Chairperson Steve Lehmann sent a letter to members on Oct. 7 presenting the candidates for four regular director positions. (10/07/09)
Notice to Academy members regarding settlement
The Academy issued a notice to its members on Oct. 1 regarding the settlement of pending litigation. (10/01/09)
September
Academy announces resolution of lawsuit
The Academy issued a news release regarding the resolution on Sept. 30. (09/30/09)
Actuaries unveil financial crisis research, provide regulatory recommendations
The Academy hosted a Capitol Hill briefing to discuss new research from the Society of Actuaries on lessons learned from the financial crisis and Academy proposals for a new regulatory structure. (09/29/09)
Practice note on revised health opinion instructions
A new Academy practice note outlines revisions to the health actuarial opinion requirements and assists actuaries to both understand and comply with the new requirements. (09/18/09)
Statement from the Academy to its members regarding recent litigation
The Academy issued a statement to its members on Sept. 17. (09/17/09)
Spotlight on health care reform
The Academy discusses the effects of merging small group and individual markets, and adminstrative functions and expenses of current health reform options in its latest editions of papers entitled, Critical Issues in Health Reform. Each of the policy statements is designed to provide an actuarial perspective on various components of comprehensive health care reform proposals. (09/17/09)
August
Downs appointed executive director
Mary Downs has been appointed the executive director of the Academy. Downs had been appointed interim executive director in April. (08/11/09)
July
Actuaries encourage NAIC to adopt Standard Valuation Law
The Academy applauds progress made on the principle-based approach initiative after two bodies of the National Association of Insurance Commissioners (NAIC) voted back-to-back to adopt proposed revisions to the Standard Valuation Law. (07/29/09)
Federal long-term care legislation falls short
According to recent analysis by the Academy and Society of Actuaries, the proposed structure and funding approaches in the Community Living Assistance Services and Supports Act will require premiums that may exceed affordable levels for those in the intended population and is unlikely to cover more than a very small proportion of the intended population. (07/22/09)
Academy financial summit
The Academy
will hold a Financial Summit to engage actuaries from all practice areas in mapping out our priorities and corresponding strategies as challenges and opportunities continue to emerge. (07/17/09)
Reform must address costs
The Academy is calling on all health care reform stakeholders to revisit cost issues considering recent reports that have questioned the sustainability of new legislation. (07/17/09)
June
Professionalism webcast
In the Council on Professionalism's June 26 webcast, details of the Code of Professional Conduct were discussed along with the details of the code’s precepts to give a better understand what may constitute a violation . (06/26/09)
Spotlight on health care reform
The Academy is publishing a new series of papers entitled, Critical Issues in Health Reform. Each of the policy statements is designed to provide an actuarial perspective on various components of comprehensive health care reform proposals. (05/19/09)
Shoring up Medicare and Social Security
The Academy says the 2009 Social Security and Medicare trustees’ reports highlight the imperative to act immediately to address the challenges facing Social Security and Medicare. (05/13/09)
Financial challenges for retirement programs
The Academy's Senior Health Fellow Cori Uccello discussed the financial challenges facing the nation's retirement programs with FOX Business anchor Stuart Varney shortly before the release of the 2009 Medicare and Social Security trustees' reports.
Addressing health spending growth is path to sustainable health care system
The Academy is encouraged by commitments from the Obama administration and health care stakeholder groups to tackle health spending growth and pursue options to create a more stable and sustainable health care system. (05/12/09)
April
Academy issues systemic risk white paper
The Academy outlines risk management requirements for effective systemic risk regulation in a white paper and executive summary. (04/22/09)
CNBC looks at public pensions
The Academy’s Senior Pension Fellow Frank Todisco appeared on three CNBC programs to explain the current condition of state and local pension plans as well as options to improve pension funding levels. (04/08/09)
Downs appointed interim executive director
Academy President John Parks announces the Executive Committee has appointed Mary Downs the interim executive director. Downs will continue to serve as general counsel for the Academy, a position she has held since 2006. (04/07/09)
New online tracking tool for all your CE and EA credits
Keeping track of your continuing education credits has never been easier with the introduction of TRACE™, tracking your CE, a new free online tool available for Academy members in all practice areas, including enrolled actuaries. (04/02/09)
March
Actuaries Support “Systemic Risk Regulator” to Prevent Future Financial Meltdowns
The Academy supports the establishment of a governmental regulator to prevent systemic risk from destabilizing the U.S. economy, according to written testimony submitted to a congressional subcommittee. (03/05/09)
February
Priority on health reform and retirement security signals tough choices ahead
The Academy is urging policymakers to reach bipartisan solutions to reform the U.S. health care system and restore retirement security for all Americans. While acknowledging that tough choices will have to be made, addressing these issues needs to be a top priority regardless of any other actions taken in response to the current economic and fiscal crisis. (02/26/09)
U.S. actuaries support global framework to prevent future financial crises
On behalf of the U.S. actuarial profession, the Academy has announced its general support of the International Actuarial Association's global framework to improve financial governance and help prevent future financial crises. (02/11/09)
January
Academy testifies on credit default swaps
Academy member David Ingram testified on regulation of the credit default swap market at a National Conference of Insurance Legislators committee hearing. (01/27/09)
Academy reaches out to new Congress
In a letter to all 535 members of the new Congress, Academy President John Parks welcomed neighbors new and old, and introduced them to the Academy, its mission, and the issues on which its expertise and insight could be of aid. (01/30/09)
I want to be an actuary
Academy member Tonya Manning explains to comedian D.L. Hughley what an actuary does during CNN’s "D.L. Hughley Breaks The News." Hughley sought to poke a little fun at actuaries, but Manning turned out to be a joke teller herself. (01/22/09)
Academy lauds new president’s Medicare and Social Security message
The Academy applauds President Barack Obama's pledge to address Social Security’s and Medicare’s long-term financial challenges, and urges public policymakers to reach bipartisan solutions to ensure both programs’ viability. (01/21/09)
2008 Legislative Review
The Academy has issued its 2008 Legislative Review, an annual summary of legislative and regulatory developments important to the actuarial community. The Legislative Review also focuses on the Academy’s accomplishments in 2008 and offers insights into the policy landscape in 2009. (01/06/09)
About us
Peter G. Peterson Foundation President and CEO David Walker was the keynote speaker during the Academy's summer policy summit on July 19. A copy of his presentation is available 
