Professionalism News

• Service and civic responsibility are ingrained in Philadelphia, the home of the Liberty Bell, an epicenter of the American Revolution, and a former capital of the United States. It was the perfect setting for Academy President Tom Terry to talk about “Actuaries and the Public Interest” at the May 8 meeting of the Actuaries Club of Philadelphia. Terry shared experiences, challenges, and a vision of the Academy’s role in serving the public and the U.S. actuarial profession.
• Cande Olsen, a member of the Academy’s Council on Professionalism Task Force on Discipline, spoke about current professionalism topics at the spring meeting of the Actuarial Society of Greater New York on May 7. She, along with Sheila Kalkunte, the Academy’s assistant general counsel, discussed the status of the uniform “qualified actuary” definition under review by the National Association of Insurance Commissioners’ (NAIC) Joint Qualified Actuary Subgroup, the NAIC Life Actuarial Task Force’s charges on PBR implementation to the Academy’s Committee on Qualifications, and actuarial obligations under Precept 13 of the Code of Professional Conduct, and other topics.

Opportunities to Learn

• Next week, join panelists from the Academy’s Group Long-Term Disability Work Group for the May 15 Academy webinar, “What You Need To Know On The New Group Long-Term Disability Valuation Table And Actuarial Guideline.” The webinar will provide an in-depth look at the use, application, and various features of the new group long-term disability valuation table and actuarial guideline approved by the NAIC on April 1. Learn more and register now.
• Save the date: May 29. The “Academy Capitol Forum: Meet the Experts” lunchtime guest webinar series continues with a webinar exploring the “State of Exchanges.” Speakers will discuss the current status of state-run health insurance exchanges, including some of the successes and challenges states have experienced in the implementation process.
• Do you wish to qualify to sign the NAIC annual statement actuarial opinions, but you haven’t met the basic education requirements set forth in Section 3.1.1 of the U.S. Qualification Standards? Acquire the required basic and continuing education at the 2014 Life and Health Qualifications Seminar on Nov. 10-13 in Arlington, Va. Learn more and register now.

Public Policy Activities

• The Separate Account Products Work Group made additional comments on the Potential Actions/Recommendations (Document 2) exposed for comment in November 2013 by the NAIC Separate Account Risk (E) Working Group.
• The AG 43/C-3 Phase II Work Group sent a comment letter to the NAIC on American Council of Life Insurers proposals for modification of reserve and capital requirements for contingent deferred annuities.
  

Academy in the News

• A (subscriber-only) Best’s Review feature story on lifetime income challenges included comments from Lifetime Income Risk Joint Task Force Chairperson Noel Abkemeier, Senior Life Fellow Nancy Bennett, and Senior Pension Fellow Donald Fuerst.
• Health Care Costs Work Group Chairperson Audrey Halvorson’s comments on risk pools were carried by The Tucson Sentinel, KTAR-FM (Phoenix), arizona.newszap.com, and other media outlets.
• The Risk-Sharing Work Group’s comment letter on a proposed rule related to exchanges and market reforms was cited in The Weekly Standard and the Washington Examiner.
• The Academy’s Social Security Game was mentioned in a Sheboygan (Wis.) Press story on “When to take Social Security payments.”
• The Academy was mentioned in Deloitte’s “NAIC Update Spring 2014.”
• The Social Security Committee’s updated issue brief on Quantitative Measures for Evaluating Social Security Reform Proposals was highlighted in the BenefitsLink Retirement Plans Newsletter. The newsletter also highlighted the notes of the Intersector Group’s most recent meetings.
  

Reminders

• Academy members are invited to nominate themselves or others for consideration as a candidate to be a regular director on the Academy’s board of directors. Visit the Academy’s online Election Center to submit your nomination.
• Submit your Academy nominations for the Robert J. Myers Public Service Award and the Jarvis Farley Service Award. The Myers award recognizes actuaries in public service who have made an exceptional contribution to the common good. The Farley award is given to Academy members whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession.

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