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.
The Public Plans Subcommittee published an issue brief introducing the objectives and principles for funding pension plans for state and local government. The brief states that policies used to establish funding for these plans should be formulated to maintain an appropriate balance among the competing objectives of benefit security, generational equity, and contribution stability. Read the news release.
(February 19, 2014)The Joint Academy/SOA Long-Term Care Valuation Work Group released a final report to the NAIC’s Long-Term Care Actuarial Working Group that highlights the work group's process in considering the development of an LTC valuation table.
(February 14, 2014)The Financial Reporting Committee sent a letter to the Financial Accounting Standards Board on proposed wording to clarify the methodology used in determining the "top down" discount rate.
(February 14, 2014)This webinar discussed the most recent findings on National Health Spending from the Centers for Medicare & Medicaid Services (CMS). Since 2009, health care spending has experienced its lowest growth rates in decades. According to a new analysis from the CMS Office of the Actuary, that was published in the January edition of Health Affairs, this trend continued into 2012 with an increase in spending of only 3.7 percent to $2.8 trillion.
(February 06, 2014)The Life Reserves Work Group submitted a revised amendment proposal regarding treatment of due premiums in the VM-20 reserve calculation.
The Academy's Senior Health Fellow submitted written testimony to the U.S. House Oversight and Government Reform for its hearing on the Affordable Care Act's risk-corridor program and whether it constitutes a "bailout" for insurance companies. Read the news release.
(February 05, 2014)The Financial Regulatory Reform Task Force submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance for its hearing, “The Federal Insurance Office’s Report on Modernizing Insurance Regulation”. Read the news release.
(February 04, 2014)The Academy submitted comments to NAIC’s Joint Qualified Actuary (A/B/C) Subgroup on definitions of “qualified actuary” as prescribed by the NAIC. In a letter from Academy President Tom Terry, the Academy stated that it is willing to work with regulators to make qualifications for health, life, and Property/Casualty actuaries more consistent and address concerns about oversight of qualification. (February 03, 2014)
The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
(February 02, 2014)The Pension Committee submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.
(January 31, 2014)The Nonforfeiture Modernization Work Group developed a spreadsheet for the NAIC Life Actuarial Task Force that illustrates potential nonforfeiture benefits for guaranteed lifetime withdrawal benefits contained in fixed deferred annuities based on the work group’s December proposal.
The ERM Committee submitted comments to the Financial Stability Board on its proposal, Guidance on Supervisory Interaction with Financial Institutions on Risk Culture.
Academy RBC work groups sent a letter to the NAIC SMI RBC Subgroup outlining concerns with a Dec. 9, 2013, Capital Adequacy Task Force Operational Risk Proposal.
(January 30, 2014)Academy President Tom Terry urged the Federal Insurance Office to include actuaries on the expanded Federal Advisory Committee on Insurance.
(January 28, 2014)The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs).
(January 28, 2014)The NAIC's Health Actuarial Task Force has exposed the Individual Disability Table Work Group's proposed disability table, final instructions for utilizing the table, and final report which includes an actuarial guideline and proposed changes to the Health Insurance Reserves Model Regulation.
(January 24, 2014)The Natural Catastrophe Subcommittee submitted comments to U.S. Senators on modifying the Biggert-Waters Flood Insurance Reform Act of 2012 to delay implementation of some premium increases mandated by the law.
(January 24, 2014)Rate Review Practice Note Work Group letter to the Center for Consumer Information and Insurance Oversight (CCIIO) with comments on a second draft of revisions to the Unified Rate Review Template (URRT) and actuarial memorandum instructions.
(January 24, 2014)The Life Practice Council presented a webinar reviewing the NAIC Fall 2013 National Meeting and activities including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of activities at the Life Risk-Based Capital (E) Working Group meeting, an update on VM-22 development, and a review of activity on captives and special purpose vehicles as they relate to NAIC model regulations XXX and AXXX.
(January 24, 2014)
