The Actuarial Guideline 33 Non-elective Incidence Proposal Work Group presented the NAIC Life Actuarial Task Force with proposed language to AG 33 to address the non-elective incidence reserve issue.
The Nonforfeiture Modernization Work Group updated the NAIC Life Actuarial Task Force on the Gross Premium Nonforfeiture Method.
The Academy released two new Essential Elements papers on principle-based reserving (PBR) and the National Flood Insurance Program (NFIP) adding to its series designed to make actuarial analyses of public policy issues more accessible to widespread audiences. Visit the Essential Elements webpage to read these and other papers in the series.
(March 28, 2014)The Life Experience Subcommittee presented an update to the NAIC Life Actuarial Task Force on mortality development of the 2014 Commissioners Standard Ordinary table, the 2014 Valuation Basic Table, and margins under VM-20 for determination of Prudent Estimate Mortality.
The NAIC Life Actuarial Task Force adopted a Life Reserves Work Group amendment proposal to VM-20 regarding treatment of due premiums in reserve calculation.
The Contingent Annuity Issues Work Group responded to questions from the NAIC regarding the reserving and capital requirements for contingent annuities
The Principle-Based Reserve Strategy Subgroup submitted comments on the exposed Feb. 17, 2014, Report of Rector & Associates, Inc. to the Principle-Based Reserving Implementation (EX) Task Force.
Frank Todisco, chief actuary of the Government Accountability Office, spoke at an Academy Capitol Forum webinar on the GAO’s mission, the role of the actuary at the agency, and some of its selected work areas. If you missed this webinar, click here to listen to the audio recording.
(March 20, 2014)The Casualty Practice Council submitted comments to the NAIC's Casualty Actuarial and Statistical Task Force on objective actuarial education measurement criteria that could be used by regulators to make a recommendation regarding the ability of SOA Fellows in General Insurance to sign P&C Statements of Actuarial Opinion.
(March 19, 2014)The AOM Discussion Group released a report on ideas to improve the communication of issues within the appointed actuary’s memorandum.
Senior Pension Fellow Donald Fuerst provided written testimony to U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Economic Policy hearing on the state of U.S. retirement security.
(March 12, 2014)The Health Solvency Work Group sent a letter to the NAIC Health Risk-Based Capital Working Group that offered ideas for alternatives to increasing riks-based capital factors to cover the 3Rs.
(March 11, 2014)William Hines, vice-president of the Risk Management and Financial Reporting Council, submitted written testimony to the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection for its hearing on capital regulation for insurers.
(March 11, 2014)Academy members made well-received presentations at the National Conference of Insurance Legislators’ Spring Meeting in Savannah March 7-9. Ellen Kleinstuber, vice-chairperson of the Academy’s Pension Committee, presented on a March 7 panel, “Longevity Risk & Insurance.” She also offered comments at a special point-counterpoint discussion on a proposed pension de-risking model act. Joyce Bohl, a member of the Federal Health Committee, presented on March 8 as part of a panel on the Affordable Care Act and underwriting.
(March 10, 2014)The ORSA Subgroup submitted comments to the NAIC on its Guidance Manual for the Own Risk and Solvency Assessment (ORSA), noting that revisions made in the March 2014 draft provide clarity for those developing ORSA reports.
(March 05, 2014)The Social Security Committee released its updated monograph, Social Security Reform Options, that analyzes proposals to address Social Security’s financial challenges. Click here to read the news release.
(March 03, 2014)The Pension Committee sent comments to the Internal Revenue Service regarding Notice 2014-5, Temporary Nondiscrimination Relief for Closed Defined Benefit Plans and Request for Comments.
(February 28, 2014)The Academy has launched a new series of public policy papers designed to make its actuarial analysis of public policy issues more accessible. Each paper in the Essential Elements series will provide a succinct analysis, supplemented by infographics, that allows the reader to quickly grasp an issue and its significance in the public debate. Visit the Essential Elements webpage now. Click here to read the news release.
(February 26, 2014)The Natural Catastrophe Subcommittee submitted comments to U.S. House members on repealing some premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.
(February 26, 2014)The Life Principle-Based Approach Practice Note Work Group completed its draft Practice Note for Principle-Based Reserves of Life Insurance, which is exposed for comment until April 25.
