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Recent Academy Activity, Sept. 23–27, 2013

Academy Works with Regulators on Key Actuarial Issues

  • The Academy sent a letter to the National Association of Insurance Commissioners describing the many ways its mission aligns with regulators and their goals. The letter was sent in response to a request for comments to a discussion draft paper of the Joint Qualified Actuary (A/B/C) subgroup. As the home for actuarial professionalism, the Academy has long worked to serve both the public and the U.S. actuarial profession, describing this mission as “intended to support the objective of regulators to protect and assist the public.”

Public Policy Activities

  • The Pension Committee sent comments to the Internal Revenue Service regarding the Annual Return/Report of Employee Benefit Plan (Form 5500) that focus on the electronic submission of data on Schedules SB and MB. The committee supports the electronic filing mandate, but raises concerns over how to ensure reliability of the data and suggests sample reviews to ensure better accuracy.
  • The Pension Finance Task Force sent a letter to the Financial Accounting Standards Board that provides suggestions, based on financial economics, to improve accounting for single employer pension plans, an issue that FASB may consider revisiting.
  • The Health Care Receivables Factors Work Group made a presentation to the Valuation Actuarial Symposium on the NAIC Health Annual Statement's new Exhibit 3A, which provides guidelines for health care receivables.

Academy in the News

  • The Academy Pension Committee’s letter suggesting to the IRS possible improvements to the electronic filing of actuarial information for single-employer and multiemployer defined benefit plans was highlighted in the Sept. 24 issue of BenefitsLink Retirement Plans Newsletter.

Recent Events

  • Life PBR—The New Valuation World Seminar: The Academy’s Life Practice Council, in conjunction with the SOA, presented a seminar on the application of principle-based reserving and discussed the latest developments, including the draft PBR for Life Products actuarial standard of practice (ASOP) exposure and PBR practice note. Breakout sessions gave participants an opportunity to collaborate with peers and discuss strategies for dealing with a variety of topics.
  • Valuing Reserves, Liabilities, and Assets in Large Group Medical—A Guide for Health Actuaries Webinar: The Health Practice Council presented a webinar to more than 100 participants on the newly released practice note, “Large Group Medical Insurance Reserves, Liabilities, and Actuarial Assets,” which discussed other actuarial assets and liabilities for large group medical insurance coverage, as well as pertinent regulatory and legislative issues.

Opportunities to Learn and Earn CE

  • New! Oct. 18, Deep Dive into NAIC Health Annual Statement’s New Exhibit 3A on Health Care Receivables Webinar: Join us for a discussion of the Exhibit 3A instructions, which are new for the 2013 NAIC Health Annual Statement. Presenters will provide an overview of the health care receivables, discuss the purpose of the new exhibit, and share examples with cross references to Exhibit 3 and Underwriting & Investment Exhibit Part 2B.
  • New! Oct. 31, Professionalism Webinar—Where the Rubber Meets the Road: Applying the Code of Professional Conduct and ASOPs in Your Daily Work: Take a fresh look at how the Code of Professional Conduct and ASOPs affect everything you do as an actuary. Webinar topics including Precept 3 and ASOP No. 41 will be brought to life through a series of vignettes demonstrating the skill and care you need in your work every day. Then, the panel of experts will discuss key takeaways and identify steps you can use to heighten the level of professionalism in your daily work, including documentation and communication.
  • 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: Almost sold out! Reserve your seat today for the instructional 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: Don’t miss 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!

ICA 2014 Early Registration Deadline Extended

  • The discounted early registration deadline for the 2014 International Congress of Actuaries is now Oct. 18, 2013. Join your fellow actuaries from every discipline and from around the world at ICA 2014 in Washington, March 30–April 4. Visit www.ICA2014.org for the full line-up!

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