Final Slate of Regular Directors

• The petition process for members who wish to nominate another candidate for regular director closed July 29, and no petitions were submitted. Visit the Academy Board Election Center to learn about this year’s slate of candidates for the upcoming membership election of regular directors, which will open on Aug. 26 and end on Sept. 16. Stay tuned for further information about this year’s online voting process in the next few weeks.

Public Pension Plans: Understand the Risks, Explore the Solutions

• Detroit’s pension shortfall has drawn new attention to long-standing issues regarding the risks of public pension plans. Learn about the American Academy of Actuaries’ work to raise awareness of these risks and educate stakeholders about solutions.

New Public Policy Activities

• Senior Health Fellow Cori Uccello presented on a Robert Wood Johnson Foundation Synthesis Project webinar on Risk Adjustment. Uccello provided a high-level overview of what the various risk-sharing mechanisms are intended to do and discussed in more detail the mechanisms included in the Affordable Care Act (ACA). Register here if you would like to download the audio recording and webinar materials.
• Senior Pension Fellow Don Fuerst responded by letter to additional questions asked by Chairman Johnson of the House Ways and Means Subcommittee on Social Security. The letter, related to Mr. Fuerst’s May 23 testimony to the subcommittee, provided further analysis on changing the benefit formula of Social Security, and modifying the program’s early and full retirement ages.

Academy in the News

• Senior Pension Fellow Donald Fuerst’s May 23 testimony on proposed adjustments to Social Security benefits was cited in a U.S. House of Representatives Committee on Ways and Means fact sheet on “Bipartisan Proposals to Reform Social Security: Benefit Adjustments.”
• The Academy’s public policy discussion paper, “Risky Business: Living Longer Without Income for Life,” was the subject of a story in the Star Global Tribune and an Employee Benefit Adviser blog posting.
• A blog posting of the Missouri State Employees’ Retirement System cited the Academy’s view that an 80 percent funded ratio fails to provide a sufficient measure on its own of a plan’s financial health.

Professionalism Activities

• Request for comments on the U.S. Qualifications Standards closed on July 31. You can review the 70+ comments that were submitted to the Academy’s Committee on Qualifications online. Click here to learn why the request was made and what areas were of particular interest.

News from the Actuarial Standards Board

• The ASB approved an exposure draft of a revision of ASOP No. 8 now titled, “Regulatory Filings for Health Benefits, Health Insurance, and Entities Providing Health Benefits.” Revisions were needed due to significant changes in the rate filing and rate review process associated with the ACA. (Remember, actuaries may earn continuing education and professionalism credits for reviewing exposure drafts of ASOPs under the U.S. Qualification Standards.) Comment deadline is Oct. 15, 2013.
• July Boxscore: Read about the exposure drafts on modeling, principle-based reserves, credibility procedures, and other news from the ASB.

Newly Released Publications

• July Actuarial Update: Read about Summer Summit calls to action, election news, presentations at an NCOIL meeting from Academy experts on the future of the National Flood Insurance Program and pressures on the life insurance industry, ACA financial reporting pitfalls, and ASOP exposure drafts.

Opportunities to Learn and Earn CE

• Aug. 22, Financial Reporting Implications under the ACA Webinar: Reforms introduced by the ACA may create uncertainty for health insurance issuers. What does this uncertainty mean for your future financial statements, especially given increased ACA requirements for actuarial estimates in financial reporting? Register for this informative webinar to learn about the financial reporting implications of several key provisions of the ACA: premium stabilization programs, new taxes and fees, advanced payments, and existing actuarial liabilities.
• Sept. 24–25, Life PBR—The New Valuation World Seminar: Take part in this collaborative seminar combining instructor-led training with small-group discussions on the practical application of the principle-based reserving mechanics as outlined in VM-20. PBR experts will discuss the latest developments, including the new PBR Actuarial Standard of Practice and PBR practice note—both expected to be completed this year.
• Nov. 11–14, Life and Health Qualifications Seminar: Obtain the basic education you will need to acquire health and life qualifications under Section 3 of the U.S. Qualification Standards. This seminar is a primary source of instruction to become qualified. Seats are limited!
• Nov. 13–14, P/C Effective Loss Reserve Opinions Seminar: Whether you’re an actuary who signs P/C loss reserve opinions or someone who assists in preparing them, this seminar will offer you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Don’t miss this highly interactive and customized seminar!

Member Alerts

• General Insurance Issues: Senator Sherrod Brown (D-OH) introduced a bill in the U.S. Senate removing insurers from section 171 of the Dodd-Frank Act, which requires bank regulators to establish minimum risk-based capital and leverage standards. Log in to read the full alert.

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