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Recent Academy Activity, September 1–5, 2014

Reminder: Vote in Academy Regular Director Elections

  • The role and value of the Academy to the public and to the U.S. actuarial profession: The candidates for three open regular director positions on the Academy board of directors share their insights with members on these and similar topics in their candidate statements, available on the Academy Board Election Center. Vote today online on the Intelliscan website. Balloting will be open until Sept. 15.

Annual Meeting and Public Policy Forum, Nov. 13–14—New Information

  • Presidential appointee Roy Woodall, a member of the Financial Stability Oversight Council, will be a panelist for the session, “What in the World is Going on Internationally?” on Nov. 14 at the Academy’s Annual Meeting and Public Policy Forum in Washington. Woodall was appointed by the White House in May 2011 and was confirmed by the U.S. Senate in September 2011. Other recently confirmed Annual Meeting speakers include National Association of Insurance Commissioners (NAIC) CEO Ben Nelson and regulatory & financial services Super Lawyer Steven Salky. Learn more and register now.
  • New registration options have been added to provide greater flexibility to attendees of the Academy’s Annual Meeting and Public Policy Forum. Single-day tickets provide registration for a full day’s events—either Thursday, Nov. 13, or Friday, Nov. 14. Dinner-only tickets allow admittance to the dinner honoring the recipient of the 2014 Robert J. Myers Service Award on Nov. 13. The evening’s entertainment will feature the one and only political satirist/pianist Mark Russell. Learn more and register now.

More Opportunities to Learn

  • The early, discounted registration fee for the 2014 Life and Health Qualifications Seminar ends Sept. 12. Make the seminar, which will take place Nov. 10–13 in Arlington, Va., part of your plan to become qualified to sign the NAIC annual statements of actuarial opinion by meeting the basic education requirements set forth in Section 3.1.1 of the U.S. Qualification Standards. Learn more and register now.
  • Actuaries who prepare or sign NAIC annual statements of actuarial opinion on P/C loss reserves, or those who assist in preparing them, are urged to register for the Academy’s 2014 Seminar on P/C Effective Loss Reserve Opinions: Tools for the Appointed Actuary, Dec. 2–3 at the Westin Baltimore Washington Airport. Attendees will earn valuable CE credit. Learn more and register now.

Public Policy Activities

  • The Joint Committee on Retiree Health sent a comment letter to the Governmental Accounting Standards Board (GASB) regarding proposed statements of accounting and financial reporting by governmental employers for other postemployment benefits (OPEBs).
  • The Financial Reporting Committee submitted comments to the International Accounting Standards Board regarding its decision to reconsider the treatment of participating contracts as part of its insurance contracts project. The comments specifically address measurement approaches that could be used for certain types of participating insurance contracts compared to non-participating contracts.
  • The Reinsurance Committee submitted comments to the NAIC on the NAIC Reinsurance Task Force’s exposure draft, “Securities Listed by the Securities Valuation Office,” that specifically address the security provided for the purpose of collateralizing reinsurance obligations.

Academy In the News

  • A Monday story reporting on NAIC’s recent model regulation amendment calling for increased actuarial analysis of long-term care (LTC) rates noted that “[t]he expanded requirements for the actuarial certification and a supporting memorandum signed by a member of the American Academy of Actuaries include requirements of discussion of margin for foreseeable adverse experience and the calculation of reserves to be held.” NAIC adopted the amendment at its Summer 2014 National Meeting, which featured several Academy presentations on LTC.
  • The Public Plans Subcommittee’s comments to GASB regarding accounting and financial reporting for pension plans that are not administered through trusts that meet specified criteria, and amendments to certain provisions of GASB Statements 67 and 68, were published in the Benefits Link Health & Welfare Plans Newsletter.

Academy Welcomes New Directors to Staff

  • The Academy welcomes David J. Nolan as its new director of communications and Mary Beth Merrin, Ph.D., as its new director of membership. David will oversee the Academy’s extensive communication program and a host of other communication projects that reflect the value the Academy has for its members. Dr. Merrin will lead the Academy’s initiatives to enhance member value and benefits and expand membership to all qualified actuaries. Read the news release.

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