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Recent Academy Activity, Sept. 16–20, 2013

Election Yields Candidates with 126 Years of Experience and Service in 65 Academy Leadership Groups

  • Congratulations to Albert Beer, Thomas Campbell, Audrey Halvorson, and Annie Voldman. Beer, Halvorson, and Voldman will each serve as a regular director on the Academy’s board for a three-year term and Campbell for a one-year term. The Academy received a record number of votes this year with 21.4% participation for a total of 3,844 members who voted. Read more now.

Public Policy Activities

  • The Terrorism Risk Insurance Subcommittee submitted comments to the Federal Insurance Office on the long-term availability and affordability of insurance for terrorism risk.
  • The Individual Disability Table Work Group presented an update to the Disability Insurance & Long-Term Care Insurer’s Forum on work being done to complete the individual disability table.
  • The C-3 Work Group presented its recommendation of potential alternatives to C-3 Phase 1 to the NAIC Life Risk-Based Capital (E) Working Group.

Academy in the News

  • Senior Pension Fellow Donald Fuerst described some of the warning signs of escalating pension plan costs for a Detroit Free Press exposé of the events leading to the city’s bankruptcy filing.

Member Alerts

  • Health Insurance Issues: The U.S. Census Bureau reported that the number and percentage of uninsured in the United States declined slightly last year. The report, “Income, Poverty, and Health Insurance Coverage in the United States: 2012,” details findings on the number of Americans with and without health insurance coverage and other data related to health insurance coverage, income levels, and poverty rates. Log in to read the full member alert.

Recent Events

  • The Life Practice Council presented a webinar reviewing the NAIC Summer 2013 National Meeting and progress on the principle-based approach (PBA) to life reserves. The Sept. 19 webinar included a Summer 2013 LATF update, annuity reserve developments for non-variable annuities, and a professionalism update.
  • The Health Practice Council presented a webinar to nearly 400 registrants on the new minimum value and actuarial value requirements under the ACA and some of the technical issues associated with these calculations.

Opportunities to Learn and Earn CE

  • Sept. 27 Webinar, Valuing Reserves, Liabilities, And Assets In Large Group Medical—A Guide For Health Actuaries: Find out next week what’s new and learn what has been updated in the Academy’s practice note, “Large Group Medical Insurance Reserves, Liabilities, and Actuarial Assets,” which provides information for valuation actuaries regarding their responsibilities relating to the determination of reserve levels and other actuarial assets and liabilities for large group medical insurance coverage. The webinar topics will include the definition of large group medical business; funding arrangements that are currently being used; pertinent regulatory and legislative issues; and asset adequacy analysis.
  • Sept. 24–25, Life PBR—The New Valuation World Seminar: There’s still time to register for the upcoming seminar on the application of principle-based reserving as outlined in VM-20. PBR experts will discuss the latest developments, including the draft PBR for Life Products actuarial standard of practice (ASOP) exposure and PBR practice note—both expected to be completed this year.
  • Nov. 4, Academy Annual Meeting and Awards Luncheon: Join award-winning author, journalist, and radio and TV personality Stephen J. Dubner, co-author of the international bestsellers Freakonomics and Superfreakonomics, as he shares his wit and insight at this year’s event. The luncheon is being held in conjunction with the CAS Annual Meeting in Minneapolis. The Academy will hold its presidential transition and present the Academy member awards.
  • Nov. 11–14, Life and Health Qualifications Seminar: This instructional seminar is nearly sold out! Reserve your seat today to attend this annual seminar—a primary source of education for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement but may not have met the specific knowledge requirements set forth in the U.S. Qualification Standards.
  • Nov. 13–14, P/C Effective Loss Reserve Opinions Seminar: This is your chance to influence seminar content! Whether you’re an actuary who signs P/C loss reserve opinions or one who assists in preparing them, this hands-on 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!

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