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Recent Academy Activity, Oct. 28–Nov. 1, 2013

Academy in the News

  • Academy Life and Health Qualifications Seminar Task Force Chairperson Joeff Williams explained to listeners nationwide the many reasons to become an actuary in the podcast, “I Want to Be an - Actuary” for LocalJobNetwork.com.
  • Academy Senior Health Fellow Cori Uccello said that it’s essential for those shopping for a replacement health insurance policy to know and compare their options in light of ACA-related changes, in a story that ran in The Washington Post, The St. Louis Post-Dispatch, Kaiser Health News and other media outlets.
  • Delaying the ACA’s individual mandate would have significant consequences for the U.S. health insurance system, Academy Senior Health Fellow Cori Uccello explained to readers of Modern Healthcare.
  • The Academy’s September 2012 decision brief, “Implications of Medicaid Expansion Decisions on Private Coverage,” was cited in a blog posting by the Wisconsin Budget Project.

Professionalism News

  • The Academy’s Committee on Qualifications is pleased to provide a new professionalism tool to help actuaries gain a better understanding of which continuing education requirements apply to them. View the “Which CE Requirements Apply to Me?” infographic.

Newly Released Publications

  • October Actuarial Update: Read about the Academy’s new lunchtime webinar series, policymaker interest in lifetime income, a remembrance of Curtis Huntington, a new infographic on continuing education, NAIC and long-term disability issues, health care receivables webinar, new ASOPs, and Academy presentations on PBR and long-term care.
  • November/December Contingencies: Read about how insurance companies may be overlooking the importance of personnel in corporate transformation, the outlook for workers’ compensation insurance in the 21st century, and how the baby boom generation is at the forefront of yet another social revolution: retirement without a safety net.

Public Policy Activities

  • The Health Practice Financial Reporting Committee released a new issue brief providing an overview of Affordable Care Act provisions—the premium-stabilization programs, new taxes and fees, advanced payments, and existing actuarial liabilities—that may create a certain amount of volatility on future financial statements.

Member Alerts

  • Life Insurance Issues: The NAIC Principle-Based Reserving Implementation (EX) Task Force exposed for comment the “Initial Report of Rector & Associates” on life captives. Log in to read the full alert.
  • Pension Issues: The U.S. House of Representatives passed a bill that would prevent the Department of Labor (DOL) from issuing regulations defining an individual as a fiduciary under ERISA until the SEC issues its own rules relating to the standards of conduct of brokers and dealers. The passage of H.R. 2374 in the House comes as the DOL plans to re-propose fiduciary rules originally proposed in 2010. Log in to read the full alert.

Recent Events

  • Where the Rubber Meets the Road: Applying the Code of Professional Conduct and ASOPs in Your Daily Work: Speakers provided a series of vignettes demonstrating how to apply the Code of Professional Conduct and ASOPs with care and skill. Precept 3 and ASOP No. 41 were some examples used to showcase real-life scenarios. Speakers then discussed key takeaways and steps for heightening the level of professionalism in daily work, including documentation and communication. Approximately 5,000 actuaries tuned into the Oct. 31 webinar. If you missed it, log in to download the presentation and listen to the webinar recording.

Opportunities to Learn and Earn CE

  • New Webinar Added to the Academy Capitol Forum: Meet the Experts Series! Nov. 15, NAIC and Academy Update: Navigating the International and U.S. Regulatory Environment: The November webinar will feature speakers from the NAIC and the Academy’s Financial Regulatory Reform Task Force. Presenters will highlight several insurance regulatory developments that are occurring at the state, federal, and international levels—a discussion of ComFrame, global systemically important financial institutions, Solvency Modernization Initiative, Own Risk Solvency Assessment (ORSA), and others. You’ll also receive an overview of many of the key regulatory organizations involved with implementing these regulatory changes.
  • Nov. 19, The Practice of ERM in the Insurance Industry: Learn about ERM practices and how they can be used day-to-day. The Academy’s Enterprise Risk Management Committee will outline an iterative framework to implement or enhance the ERM discipline within insurance companies. Presenters will elaborate on the definition, standards, regulations, and common aspects of ERM that are discussed in the July ERM practice note, “Insurance Enterprise Risk Management Practices.”
  • Registration closes Tuesday, Nov. 5! Reserve your spot for the Nov. 13–14, P/C Effective Loss Reserve Opinions Seminar today. 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!

And the Academy Winners Are...

  • Recipients of the Academy’s prestigious annual awards will be recognized on Monday, Nov. 4, at the Academy Annual Meeting and Awards Luncheon. Stay tuned next week to find out who the honorees were. This year’s event is in conjunction with the CAS Annual Meeting in Minneapolis and will be kicked off by award-winning author, journalist, and radio and TV personality Stephen J. Dubner.

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