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Recent Academy Activity, Mar. 3–7, 2014

Public Policy Activities

  • The Social Security Committee released its updated Social Security Reform Options monograph the day before President Obama submitted his FY2015 budget request to Congress. “The analysis published today by the Academy provides a comprehensive menu, in one place, of reform options for Congress to consider, along with an essential discussion of the implications of each option,” said Academy President Tom Terry.
  • Pension Committee Vice-Chairperson Ellen Kleinstuber served as a panelist for a session on longevity risk and insurance at the National Conference of Insurance Legislators spring meeting. Her presentation, “Increasing Longevity: Impact on Pension Plan Sponsors and Participants,” was the first among several that the Academy will make at the meeting.

Alerts

  • Flood Insurance Bill:  The U.S. House of Representatives passed a flood insurance bill repealing some of the National Flood Insurance Program premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012. Log in and visit “Casualty Alerts” to read the full alert.
  • Medicare Sustainability: The Obama administration’s 2015 budget request included several provisions aimed at improving the sustainability of the Medicare program. Log in and visit “Health Alerts” to read the full alert.
  • Retirement Policy: The Obama administration’s 2015 budget request offered several proposals related to retirement security and Social Security, but did not include any major changes to solve Social Security’s long-term financial challenges. Log in and visit “Pension Alerts” to read the full alert.

Opportunities to Learn

  • The integrity of the actuarial profession lies in the hands of ... actuaries! Learn about your responsibilities under Precept 13 of the Code of Professional Conduct. The Council on Professionalism has a webinar on March 14, “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 you. Understand what steps you can take when faced with a potential Precept 13 situation, and where you can get counseling about possible violations of the Code. Register now.
  • Next month’s “Academy Capitol Forum: Meet the Experts” webinar, “Actuary Serving Congress: A Conversation With GAO’s Chief Actuary,” will feature the U.S. Government Accountability Office’s (GAO) Chief Actuary, Frank Todisco. The webinar, which will take place March 20 from noon to 1:00 p.m. ET, will include an overview of the GAO, and address 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.

International Congress of Actuaries (ICA): This Week’s Spotlighted Session—Enterprise Risk Management (ERM)

  • 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. What are the principles behind capital modeling for ERM—design, implementation, and governance? How are European insurance companies preparing for the Solvency II framework? What are the characteristics of a robust risk management approach? On March 31, U.S. actuaries can learn about these issues and more during the “Capital Models and Solvency II” session. Learn more on the ICA website.

Newly Released

  • March/April Contingencies: Read a commentary on professionalism and the Academy’s culture of objectivity, and about the state of U.S. math literacy, successfully managing actuarial and information technology departments, actuaries and reserve adequacy, and more.

Academy in the News

  • The Academy’s issue brief on public-sector pension funding policy was reported on by Governing magazine and Mondaq.com.
  • The Social Security Committee’s updated monograph on Social Security reform options was highlighted by Social Security Report, Insurance Broadcasting, BenefitsLink Retirement Plans Newsletter, and other media outlets.
  • The Academy was mentioned in a University of Pennsylvania Leonard Davis Institute of Health Economics blog posting describing the significance of the Health Care Cost Institute’s new research partnership with the Academy and other organizations.
  • The Health Practice Council’s Nov. 5 letter warning about the consequences of eliminating the Affordable Care Act’s individual mandate or extending the open enrollment period was cited in the Center on Budget and Policy Priorities’ “Off the Charts” blog.

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