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Recent Academy Activity, July 1–5, 2013

Upcoming Regular Director Election

  • The Academy’s Nominating Committee has selected four excellent candidates for the upcoming regular director election by members, which will be held online from Aug. 26 through Sept. 16. The candidates are: Thomas Campbell, Albert Beer, Audrey Halvorson, and Annie Voldman. Click here to read Academy President Cecil Bykerk’s announcement, or visit the Academy Board Election Center for next steps.

Academy in the News

  • Senior Pension Fellow Donald Fuerst explained the scope of, and possible solutions to, the long-term solvency challenge facing Social Security in an in-depth interview with Life and Health Advisor.
  • Lifetime Income Risk Joint Task Force Co-Chairperson Noel Abkemeier and task force member Mark Shemtob were quoted calling for heightened awareness of, and policy solutions supporting, retirees’ lifetime income needs in a subscriber-only Bloomberg BNA story about the Academy’s June 27 Capitol Hill briefing, “Risky Business: Living Longer Without Income For Life.”

ASB Approves Exposure Draft on Modeling

  • The proposed ASOP, which applies to all forms of models in all practice areas, will provide guidance to actuaries selecting, designing, building, modifying, developing, or using models when performing professional services. The comment deadline is Sept. 30, 2013.

Health Insurance Alerts
Academy members can log in to read the full member alerts:

  • The Health Practice Financial Reporting Committee released the white paper, “Financial Reporting Implications Under the Affordable Care Act,” to provide information to health actuaries who work with financial statements on provisions in the Affordable Care Act (ACA) that may create volatility with regard to future financial statements.
  • The White House announced that the implementation of the ACA’s employer mandate provision would be delayed until 2015. The employer mandate provision, which requires employers with more than 50 full-time workers provide health insurance or pay a penalty, was originally scheduled to take effect on Jan. 1, 2014.
  • The Department of Health and Human Services released a final rule implementing coverage requirements for certain preventive services for women under the ACA, specifically related to coverage of contraception.

Recently Released Publications

  • June Actuarial Update: Read about the Academy’s Capitol Hill briefing on lifetime income risk, professionalism web events, testimony before the PBGC, and more!
  • July/August Contingencies: Read about the insurance career of modernist composer Charles Ives, the perilous state of the National Flood Insurance Program, how predictive models failed to foresee the mortgage meltdown, and much more.

Request for Comments on the U.S. Qualification Standards

  • Five years have passed since the U.S. Qualification Standards (QS) were last revised. To determine if there is a need to start the process of considering revisions to the QS, the Academy’s Committee on Qualifications, with the approval of the Academy’s Board of Directors, is undertaking a review. The committee asks all actuaries and the public to provide comments by July 31. Learn more about what areas are of particular interest and how to submit comments.

Opportunities to Learn

  • Nov. 11–14, Life and Health Qualifications Seminar: Expedite the basic education you will need to obtain health and life qualifications under Section 3 of the U.S. Qualification Standards. This seminar is the primary source of instruction to become qualified. Seats are limited!

 

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