Senior Pension Fellow Donald Fuerst testified at a House Committee on Ways and Means Subcommittee hearing on Social Security that examined bipartisan proposals to adjust Social Security benefits and their impacts on the program’s solvency, beneficiaries, workers, and the economy. Fuerst said that raising the full retirement age could help mitigate Social Security’s long-range financial problems and that addressing Social Security’s solvency now would permit more modest changes to be phased in gradually.
(May 23, 2013)The Health Practice Financial Reporting Committee submitted comments to the NAIC on its proposed modifications to the Maintenance Submission Form that addresses an Accounting Standards Update surrounding fees paid to the federal government by health insurers.
(May 17, 2013)The American Academy of Actuaries will host a May 17 Hill briefing on how changes to health insurance premiums stemming from the Affordable Care Act (ACA) could vary considerably. Experts will present basic premium concepts; provisions in the ACA that affect premiums; and, how the provisions in ACA may change premiums.
(May 12, 2013)The Academy's Senior Health Fellow has written an issue brief that provides an overview of the basic concepts underlying premium calculations, and highlights and examines several Affordable Care Act-related provisions that could affect premiums.
(May 09, 2013)The PBR Strategy Subgroup submitted an additional comment letter to the NAIC Principle-Based Reserving Implementation (EX) Task Force regarding the potential impact of PBR in its draft legislative brief.
The Casualty Practice Council sent a comment letter to the Bank for International Settlements on its consultative document on mortgage insurance.
(May 03, 2013)The Risk Sharing Work Group submitted comments to HHS on the interim final rule implementing amendments to the Notice of Benefit and Payment Parameters final rule.
(April 30, 2013)The Rate Review Practice Note Work Group released for comment an addendum to the October 2012 practice note, Actuarial Practices Relating to Preparing, Reviewing, and Commenting on Rate Filings Prepared in Accordance with the Affordable Care Act. Comments on the addendum, which highlights changes to the rate review and disclosure requirements since the initial practice note was finalized, are due by June 3.
(April 26, 2013)The Medical Loss Ratio (MLR) Work Group submitted comments to CMS on the proposed rule implementing MLR requirements for Medicare Advantage (MA) and Medicare prescription drug (Part D) programs.
(April 25, 2013)The Life Practice Council presented a webinar reviewing the NAIC Spring 2013 National Meeting and progress on the principle-based approach (PBA) to life reserves. The December 23 webinar included updates on the activities of the NAIC’s Life Actuarial Task Force, PBR Implementation (EX) Task Force, Joint Qualified Actuary (A/B/C) Subgroup, and the Emerging Actuarial Issues (E) Working Group. In addition the webinar covered Academy PBR efforts as well as a information on current professionalism issues.
The Academy sent a letter to the president and Congressional leaders today regarding the Military Compensation and Retirement Modernization Commission. The letter encourages them to appoint at least one qualified actuary to the newly-established commission. Appointing a qualified actuary would ensure that the commission has among its members an individual who can provide actuarial expertise on policy proposals, especially related to retirement programs.
(April 22, 2013)The PBR Strategy Subgroup submitted a comment letter to the NAIC Principle-Based Reserves (EX) Task Force on legislative brief outlining the ramifications of the Standard Valuation Law for state legislatures.
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Join the Academy and the Society of Actuaries on June 4 to gain a better understanding of regulator perspectives on a variety of topics, including how actuaries can adapt to the new risk-focused exams, whether principle-based reserving (PBR) makes sense for small companies, and how the Own Risk and Solvency Assessment (ORSA) will evolve and help small companies.
(April 19, 2013)In a news release, the Academy said it recognizes the importance of the issues addressed by newly introduced Congressional legislation and offered its public policy resources to legislators, regulators and other stakeholders at the federal, state and local levels to assist them in understanding the nature of the risks related to the financial soundness of state and local government public pension benefit plans.
(April 19, 2013)Register now for the April 18 webinar to learn more about requirements related to the ACA provision on rate review and disclosure, specifically the final unified rate review template and actuarial memorandum. A representative from the Center for Consumer Information and Insurance Oversight will be available to answer your questions.
(April 16, 2013)Academy President Cecil Bykerk responds with a letter to the editors of The Wall Street Journal to an April 10 op-ed, “The Pension Rate-of-Return Fantasy,” regarding pension funding and expected rates of return.
(April 12, 2013)