The Academy’s Public Plans Subcommittee and the Pension Finance Task Force submitted separate comments for the Actuarial Standards Board’s (ASB) hearing on public pension issues on July 9. (June 15, 2015)
The Pension Committee released an update to “Selecting and Documenting Mortality Assumptions” for Pensions to reflect a new mortality improvement scale (BB) published by the Retirement Plans Experience Committee (RPEC) of the Society of Actuaries in 2012, mortality table RP-2014, and mortality improvement scale MP-2014 published by the Society of Actuaries in 2014.
(June 15, 2015)Members of the Life Practice Council and Academy Senior Life Fellow Nancy Bennett gave a presentation to the Treasury Department's Office of Financial Research (OFR) on stress testing of U.S. life insurers. The open-ended dialogue provided OFR staff an overview of how U.S. life insurers and regulators use stress testing, including how insurer stress testing differs from bank stress testing.
(June 12, 2015)The Catastrophe Risk Subcommittee of the P/C Risk-Based Capital (RBC) Committee submitted comments to the NAIC’s Catastrophe Risk Subgroup on the proposal to revise the calculation of catastrophe risks R6 and R7 for the 2015 reporting year.
(June 12, 2015)The Financial Reporting Committee’s Profits Followed by Losses Subgroup released a practice note on accounting for profits followed by losses in long-duration contracts.
(June 10, 2015)The Health Care Cost Work Group published an issue brief addressing health care cost growth in Medicare by providing a framework for understanding and evaluating the options for reforming Medicare and their potential effects on cost growth, quality of care, and access to care.
(June 05, 2015)The Intersector Group released notes of its April 2015 meeting with the Pension Benefit Guaranty Corporation.
(June 02, 2015)The Intersector Group released notes of its April 2015 meeting with the Treasury Department and Internal Revenue Service.
(June 02, 2015)The Health Practice Council (HPC) published an issue brief that examines the approaches included in various proposals that policymakers are considering before the Supreme Court decision in King v. Burwell. The court could decide that federal premium subsidies are not available for individual market plans in states participating in the federally facilitated marketplace.
(May 28, 2015)Ellen Kleinstuber, vice-chairperson of the Academy’s Pension Committee, testified at an ERISA Advisory Council hearing on model notices and disclosures to help defined benefit plan participants understand their options when offered lump-sum distributions in a pension risk transfer transaction.
(May 28, 2015)The RBC Catastrophe Risk Subcommittee submitted a comment letter to the NAIC’s Catastrophe Risk (E) Subgroup on revised Form PR026 for the 2015 reporting year.
(May 22, 2015)The Health Solvency Work Group submitted a comment letter to the NAIC's Investment Risk-Based Capital Working Group on the evaluation of asset risk factors for the health risk-based capital formula.
(May 20, 2015)The Nonforfeiture Modernization Work Group submitted a comment letter to the NAIC Life Actuarial (A) Task Force on exposed edits to the standard nonforfeiture law for annuities regarding requirements for contingent deferred annuities (CDA).
(May 13, 2015)The Risk Management and Financial Reporting Council (RMFRC) sent comments to the International Association of Insurance Supervisors (IAIS) on Insurance Core Principle (ICP) 8: Risk Management and Internal Controls.
(May 12, 2015)The Risk Sharing Work Group submitted comments to CCIIO on the methodology proposed to evaluate the sufficiency of EDGE server data.
(May 08, 2015)William Hines, vice president of the Risk Management and Financial Reporting Council, gave a presentation to the International Association of Insurance Supervisors (IAIS) on modeling for insurance capital standards (ICS).
(May 06, 2015)The ERM/ORSA Committee sent comments to the International Association of Insurance Supervisors (IAIS) on its draft issues paper Conduct of Business Risk and its Management.
(May 01, 2015)The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update-Derivatives and Hedging (Topic 815): Disclosures about Hybrid Financial Instruments with Bifurcated Embedded Derivatives.
(April 30, 2015)The Solvency Committee submitted written testimony to the U.S. Senate Banking Subcommittee on Securities, Insurance, and Investment for its hearing on "Examining Insurance Capital Rules and FSOC Process."
(April 30, 2015)The Solvency Committee submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance for its hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers.”
(April 29, 2015)
