Having trouble viewing this email? View it in your browser.
Recent Academy Activity, Feb. 24–28, 2014

Public Policy Activities

  • The Academy has entered into a public policy research partnership with the Health Care Cost Institute (HCCI), an independent, nonpartisan nonprofit research organization that shares the Academy’s goal of improving public awareness of health care costs and utilization. Access to HCCI’s data will enhance and further inform years of analysis by the Academy’s Health Practice Council on factors affecting the cost of health care in the United States.
  • Making the Academy’s actuarial examination of public policy issues accessible to a broader audience through concise overviews of specific issues is the goal of its new “Essential Elements” series. The first two papers in the ongoing series, Long-Term Care Financing and Raising Social Security’s Retirement Age, were released this week. Visit the “Essential Elements” webpage here.
  • The Natural Catastrophe Subcommittee submitted comments to the U.S. House of Representatives on legislation that would repeal some premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.
  • The Pension Committee responded to the Internal Revenue Service’s request for comments regarding nondiscrimination relief for closed defined benefit plans.

Alerts

  • VM-20 Practice Note Draft Exposed: The Academy’s Life Principle-Based Approach Practice Note Work Group released an exposure draft of a practice note detailing anticipated practice for calculating minimum valuation standard statutory reserves under VM-20 for life insurance products. Log in and visit “Life Alerts” to read the full alert.

Opportunities to Learn

  • Registration is now open for next month’s “Academy Capitol Forum: Meet the Experts” webinar, “Actuary Serving Congress: A Conversation With GAO’s Chief Actuary.” The webinar, featuring a conversation with the U.S. Government Accountability Office’s (GAO) Chief Actuary, Frank Todisco, will take place March 20 from noon to 1:00 p.m. ET. Topics will include an overview of the GAO, the role of the actuary within the GAO, and GAO’s work on key national issues that have required actuarial input and expertise. Register now.
  • The integrity of the actuarial profession lies in the hands of ... actuaries! Learn about how to fulfill your obligations as a credentialed actuary under the Code of Professional Conduct and, most importantly, the requirements of Precept 13 in the Council on Professionalism’s March 14 webinar, “Precept 13: Preserving Integrity and Public Trust.” Council member John Purple, a member of the Actuarial Board for Counseling and Discipline, and Lisa Ullman, an enrolled actuary and a member of the Committee on Professional Responsibility, will discuss how Precept 13 applies to your work and your actuarial life. This webinar will describe what steps you can take when faced with a potential Precept 13 situation, and where you can get counseling regarding possible violations of the Code. Register now.

International Congress of Actuaries (ICA): This Week’s Spotlighted Session—Property/Casualty Insurance

  • This diverse meeting comes to the U.S. for the first time in over 50 years bringing more than 100 sessions and offering up to 27 hours of continuing education. During the interactive Climate Index session on April 2, speakers will describe how the Climate Risk Index is being developed and get input from attendees on whether the index communicates the right information to the public about climate change. This index is a joint project of the American Academy of Actuaries’ Property/Casualty Extreme Events Committee, the Casualty Actuarial Society, and the Society of Actuaries, in partnership and overseen by the North American Actuarial Council research group (made up of the nine actuarial organizations operating in the U.S., Mexico, and Canada). The index is intended to bridge the gap between evidence about climate change and the public’s perception. Learn more on the ICA website.

Reminders

  • Volunteer Action Required: Committing on an annual basis to professional objectivity is required to perform volunteer work for the Academy. If you haven’t done so yet, please submit your conflict of interest (COI) acknowledgement and continuing education (CE) attestation by following the instructions in the email reminder you received from the Academy or under the “COI and CE Acknowledgement” section of the membership page (log in here).
  • Dues Reminder: If you haven’t renewed your membership for 2014, now is the time to do so. You can conveniently renew your membership by clicking here, without logging in. If you prefer, you may also log in to pay and make changes to your account. Thank you for your continued support.

Newly Released

  • February Actuarial Update: Read about the Academy’s new “Essential Elements” series of public policy papers; action by the National Association of Insurance Commissioners to adopt new definitions of “qualified actuary”; a message from Academy President Tom Terry on sustainability; coverage of Academy Capitol Hill testimony; and more.

Academy in the News

  • The announcement of the Academy’s “Essential Elements” series was covered by Life & Health Advisor and reprinted by BenefitsLink and InsuranceNewsNet.
  • The Academy’s new public policy research partnership with the Health Care Cost Institute was highlighted by iStockAnalyst and The Street.
  • The Academy’s issue brief on public-sector pension funding policy was reported on by PlanSponsor.com, ProducersWeb.com, and other outlets.
  • Senior Health Fellow Cori Uccello’s participation in a discussion of the enrollment rate of young adults in health insurance marketplace plans was reported in a law firm’s news item about the meeting.

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.