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Announcements
- At the Academy’s January board of directors meeting, the board approved a resolution that removed the presidential officers of the Society of Actuaries from the Academy’s board. More information about these changes can be found in a member letter from Academy President Tom Terry.
Professionalism News
- The Academy submitted additional comments on Feb. 3 to the National Association of Insurance Commissioners’ (NAIC) Joint Qualified Actuary (A/B/C) subgroup, which is considering definitions of “qualified actuary.” President-Elect Mary D. Miller and Past President Cecil Bykerk represented the Academy on the subgroup’s Feb. 5 teleconference during which the subgroup adopted new proposed definitions that would require that appointed actuaries be members of the Academy and adhere to the U.S. Qualification Standards promulgated by the Academy. The subgroup is seeking to have the Academy develop a verification program overseeing qualifications of actuaries who sign annual statements of opinion.
Alerts
- Crop Insurance: President Obama signed a farm bill today that ends direct farm subsidies, and expands the existing crop insurance program. Read the full Academy alert to learn about key provisions of the law by logging in and visiting “Casualty Alerts.”
International Congress of Actuaries (ICA): This Week’s Spotlighted Session—Health Care
 This diverse meeting comes to the United States for the first time in over 50 years, bringing more than 100 sessions and offering up to 27 hours of continuing education in the nation’s capital. On April 2, join members of the Academy’s Health Practice International Task Force for a presentation looking at how seven countries are lowering health care costs and improving quality on a significant chronic disease—diabetes. This is just one of approximately 30 sessions that may be of specific interest for actuaries practicing in the health arena. Learn more on the ICA website.
Recently Released Publications
- The Academy participates in and coordinates administrative activities for the North American Actuarial Council (NAAC), which serves as an important forum to promote cooperation among the leadership of nine participating organizations from Canada, Mexico, and the United States. Read about NAAC’s work and accomplishments for the year in its newly released 2012-2013 annual report.
- January Actuarial Update: Read about the Academy’s 2014 professionalism and public policy priorities; the launch of the Retirement for the AGES initiative; the upcoming International Congress of Actuaries meeting in Washington; how the Academy protects its culture of professional objectivity; and more.
Opportunities to Learn
- The “Academy Capitol Forum: Meet the Experts” lunchtime guest webinar series continues on Feb. 21 with “Monitoring Financial Stability at the OFR.” Rebecca McCaughrin, associate director with the Office of Financial Research (OFR) at the U.S. Treasury Department, will provide an overview of the OFR and its responsibilities; an examination of the recently released OFR annual report that focuses on the framework and tools for monitoring and assessing risks to financial stability; and a look at potential channels for transmitting various stress areas within the OFR. Register online.
Public Policy Activities
- The Financial Regulatory Reform Task Force submitted testimony offering the Academy’s assistance to Congress as it oversees modernization of insurance regulation in the United States. The testimony was submitted for a U.S. House Committee on Financial Services’ Subcommittee on Housing and Insurance hearing on the Federal Insurance Office’s report on modernizing insurance regulation.
- Senior Health Fellow Cori Uccello submitted written testimony for a U.S. House Committee on Oversight and Government Reform hearing on the Affordable Care Act’s (ACA) risk corridor program.
- The Life Reserves Work Group submitted a revised amendment proposal regarding treatment of due premiums in the VM-20 reserve calculation.
- The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
New Publications
- The 2013 P/C Loss Reserve Law Manual is now available. The manual is designed to help appointed actuaries comply with the NAIC Annual Statement requirements for statements of actuarial opinion (SAO). It is available as a CD-ROM or online (for multiple-user, single-user or per-jurisdiction access). Order it online or by mail/fax.
Academy in the News
Recent Events
- The Health Practice Council presented a Feb. 6 webinar regarding the most recent findings on national health spending from the Centers for Medicare & Medicaid Services (CMS), and why health care spending has experienced its lowest growth rates in decades. The primary speaker was Lekha S. Whittle, economist, CMS Office of the Actuary, and the webinar was moderated by Senior Health Fellow Uccello. For those who missed the live program, the webinar slides are available here.
Social Media
- Did you know that you can get news and information from the Academy via LinkedIn? The Academy regularly posts updates to its LinkedIn company page featuring news, announcements, links to publications, and other information. To get updates, simply sign in to your LinkedIn account and follow the Academy’s LinkedIn company page. Then, each time the Academy posts an update, the update will show up in the personal LinkedIn news feed. (For help following a company page, visit LinkedIn’s Help Center.)
Note: Some links in this email go to external websites and may require registration. The Academy is not responsible for the content of these websites. Links may expire.
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