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)The Pension Practice Council’s Forward Thinking Task Force released a public policy monograph that introduces a framework to examine retirement plans and policy proposals designed to provide a secure and sufficient retirement as part of its Retirement for the AGES initiative. In conjunction with the release of the monograph, the Academy hosted a Capitol Hill briefing on the initiative. Read the news release here.
(January 17, 2014)The Individual Disability Table Work Group released detailed instructions on how to use the newly revised individual disability valuation table.
(January 17, 2014)The Financial Reporting Committee sent comments to the Financial Accounting Standards Board and International Accounting Standards Board regarding their joint project on classification and measurement of financial instruments.
On Jan. 16, 2014 Federal Emergency Management Agency (FEMA) experts Thomas L. Hayes, D. Andrew Neal, and moderator Stuart B. Mathewson discussed the current state of the NFIP, how the passage of the Biggert-Waters Act has affected the NFIP and its policyholders thus far, and the options available to Congress to revise Biggert-Waters to reduce its immediate effect on premiums. This webinar is part of the Academy Capitol Forum Lunchtime Guest Webinar Series.
(January 16, 2014)The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs).
(January 16, 2014)The Life Practice Council submitted comments on the proposed “actuarial standard” in the Report of Rector & Associates to the NAIC Principle-Based Reserving Implementation (EX) Task Force.
The Separate Account Products Work Group commented on the Potential Actions/Recommendations (Document 2) exposed for comment in November by the NAIC Separate Account Risk (E) Working Group.
(January 10, 2014)Senior Pension Fellow Don Fuerst sent a letter to members of the U.S. House of Representatives regarding their request to make Generally Accepted Accounting Principles (GAAP) consistent with the pension funding rules in the Moving Ahead for Progress in the 21st Century Act (MAP-21). Read the news release.
(January 08, 2014)The Rate Review Practice Note Work Group submitted technical comments to the Center for Consumer Information and Insurance Oversight (CCIIO) on a new proposed list of changes to the Unified Rate Review Template (URRT) for quarterly 2014 and annual 2015 filings. The letter also reiterates several other technical comments on the URRT and actuarial memorandum instructions.
(January 03, 2014)In the Academy’s Jan. 2 webinar, “IFRS Update: Where In The World Are We Going With Insurance Contracts?” members of the Academy’s Risk Management and Financial Reporting Council discussed the Academy’s and other key stakeholders’ responses to the 2013 International Accounting Standards Board and Financial Accounting Standards Board exposure drafts on insurance contracts. Presenters offered their opinions on the timing and likelihood of passage of any new standards, as well as the effect they would have on insurers, regulators, and actuaries. Click here to listen to the recorded webinar.
(January 02, 2014)
