The Risk-Sharing Work Group submitted a letter to the Center for Consumer Information and Insurance Oversight (CCIIO) with comments on a proposed rule related to exchanges and market reforms for 2015, specifically addressing ACA risk-sharing mechanisms.
(April 21, 2014)The Pension Practice Council and Pension Finance Task Force both sent letters concerning recent proposals to use pension policy as an offset for unrelated spending increases. Read the news release.
(April 17, 2014)In this month’s HealthCheck, read about the Academy’s new Health Cost and Quality of Care Initiative, enactment of a law preserving the sustainable growth rate for one year, proposed and final HHS rules, a citation of the Academy in a New York Times article on the Genetic Information Nondiscrimination Act, and much more.
(April 16, 2014)The Life Capital Adequacy Subgroup submitted comments on the NAIC Operational Risk Subgroup’s March 20 exposure of a revised proposal that suggests a new “C-5” factor in the NAIC Life Risk-Based Capital formula to provide for operational risk.
The Principle-based Reserves Strategy Subgroup submitted comments clarifying the suggestion to eliminate the net premium reserve (NPR) component of VM-20 in previous comments on Feb. 17 Report of Rector & Associates to the Principle-Based Reserving Implementation (EX) Task Force.
On April 28, the Academy will host a forum, Retirement for the AGES: Measuring for Success, that will bring together retirement community leaders for a discussion of retirement plans and proposals, and an assessment of them using the Academy’s new framework for retirement-income systems. The all-day forum at the Ronald Reagan International Trade Center in Washington will include a review of the Academy’s AGES framework, presentations of policy proposals to increase retirement security, and panel discussions on how well these retirement plans and proposals adhere to the AGES framework. Click here to register.
(April 10, 2014)The American Academy of Actuaries’ initiative, Examining the Health Care Equation – Actuarial Perspectives on Cost and Quality, examines health care cost growth and explores options to reduce long-term spending growth and promote high-quality care.
On April 7, 2014, the Academy launched this initiative with a Capitol Hill Briefing as part of its continuing effort to provide objective, unbiased information to serve the public and the United States actuarial profession. The first paper in the series, "New Models of Care Delivery," and the flyer "What Drives the Growing Cost of Health Care" were presented. If you were unable to attend the briefing, please click here to view the presentation.
Click Here for more information on the Academy's latest initiative.
The Life Financial Reporting Committee completed its draft of its Practice Note detailing practices on the purchase method of accounting on VOBA, goodwill and other intangible assets under Generally Accepted Accounting Principles commonly referred to as Purchase GAAP and is exposed for comment until June 2.
The C-1 Work Group gave a presentation at the NAIC Spring National Meeting to the Investment Risk-Based Capital Working Group on C-1 Factors for Corporate Bonds in the Life Risk-Based Capital Instructions.
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 Medicare Supplement Work Group presented an update to the NAIC's Health Actuarial Task Force on the progress of a review of the Medicare supplement review and a list of next steps.
(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 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.
The Contingent Annuity Issues Work Group responded to questions from the NAIC regarding the reserving and capital requirements for contingent annuities
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)
