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Recent Academy Activity, July 14–18, 2014

Spotlight on Aging in Advance of 2015 White House Conference

  • Academy leaders from across all practice areas gathered in Washington this week at the Academy’s Summer Summit, “The Aging of America,” to discuss the emerging needs driven by an aging population and how to redirect policy to address these needs. Speakers and panelists provided updates and context for the discussion, including offering a global perspective on aging, identifying actuarial issues in aging policy, and discussing what actuaries can bring to the table at next year’s White House Conference on Aging. Among the day’s speakers was New Mexico Congresswoman Michelle Lujan Grisham, who made an impassioned argument for addressing long-term care needs and previewed federal legislation she plans to introduce that would create a national service program for health caregivers called “CARE Corps.” William Gale, director of the Brookings Institution’s Retirement Security Project, discussed his proposal to increase annuitization of 401(k) wealth using automatic features.

Public Policy Activities

  • The Casualty Practice Council sent a letter to U.S. House leaders in support of reauthorizing the terrorism risk insurance program and maintaining a government backstop for a peril that is difficult to fully insure in the private market. Last week, the council sent a letter to Senate leaders in support of reauthorizing the program.
  • The Committee on Property and Liability Financial Reporting submitted a comment letter to the National Association of Insurance Commissioners’ Casualty Actuarial and Statistical Task Force on proposed changes to Insurance Regulatory Information System ratios 11, 12, and 13.

Alert

  • Terrorism risk insurance: On July 17, the U.S. Senate passed a bill (S. 2244) to extend the Terrorism Risk Insurance Act for seven years and make other changes to the terrorism risk insurance program. The bill now moves to the House of Representatives, whose bill, H.R. 4871, differs considerably from S. 2244 and awaits floor consideration. To view the full alert, log on to the membership page and visit “Casualty Alerts.”

Opportunities to Learn

  • Are you ready to implement the new life principle-based reserve requirements? Delve into basic and advanced implementation topics at the “Implementing VM-20: A Practical Approach” seminar on Aug. 27 in New York. Basic sessions will provide an overview of how to perform a VM-20 calculation, while advanced sessions will focus on more complex VM-20 requirements. Learn more and register now.
  • Do you wish to sign the National Association of Insurance Commissioners (NAIC) annual statements of actuarial opinion, but haven’t met the basic education requirements set forth in Section 3.1.1 of the U.S. Qualification Standards? Obtain the required minimum basic and continuing education at the 2014 Life and Health Qualifications Seminar, which will take place Nov. 10–13 in Arlington, Va. Learn more and register now.

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.)


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