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)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)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)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 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 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 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 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)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)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)
