Join us for a discussion of the Exhibit 3A instructions, which are new for the 2013 NAIC Health Annual Statement. Presenters will provide an overview of the health care receivables, discuss the purpose of the new exhibit, and share examples with cross references to Exhibit 3 and Underwriting & Investment Exhibit Part 2B.
(September 30, 2013)The Pension Committee submitted comments to the Actuarial Standards Board on its recent modeling ASOP exposure draft that included concerns that the potential ASOP could be applied too broadly.
(September 27, 2013)The Academy sent a letter to the National Association of Insurance Commissioners describing the many ways its mission aligns with regulators and their goals. The letter was sent in response to a request for comments to a discussion draft paper of the Joint Qualified Actuary (A/B/C) subgroup. As the home for actuarial professionalism, the Academy has long worked to serve both the public and the U.S. actuarial profession, describing this mission as “intended to support the objective of regulators to protect and assist the public.”
(September 27, 2013)The Pension Finance Task Force sent a letter to the Financial Accounting Standards Board (FASB) that provides suggestions, based on financial economics, to improve accounting for single employer pension plans, an issue that FASB may consider revisiting.
(September 26, 2013)Health Care Receivables Factors Work Group makes a presentation to the Valuation Actuarial Symposium on the NAIC Health Annual Statement's new Exhibit 3A, which provides guidelines for health care receivables.
(September 24, 2013)The Pension Committee sent comments to the Internal Revenue Service regarding the Annual Return/Report of Employee Benefit Plan (Form 5500) that focus on the electronic submission of data on Schedules SB and MB. The committee applauds the electronic filing mandate, but raises concerns over how to ensure reliability of the data and suggests sample reviews to ensure better accuracy.
(September 23, 2013)Academy/SOA Individual Disability Table Work Group presents update to the Disability Insurance & Long-Term Care Insurer's Forum on work being done to complete the individual disability table.
(September 20, 2013)The C-3 Work Group presented its recommendation of potential alternatives to C-3 Phase 1 to the NAIC Life Risk-Based Capital (E) Working Group.
The Terrorism Risk Insurance Subcommittee submitted comments to the Federal Insurance Office on the long-term availability and affordability of insurance for terrorism risk.
(September 16, 2013)The Joint Economic Scenario Generator Project Oversight Group of the American Academy of Actuaries and the Society of Actuaries updated a list of Frequently Asked Questions for Version 7 of the interest rate generator for life insurance products.
Intersector Group reported to the Pension Practice Council its notes from a meeting with the Pension Benefit Guaranty Corporation. (September 11, 2013)
Learn what’s new and find out what has been updated in the Academy’s practice note, “Large Group Medical Insurance Reserves, Liabilities, and Actuarial Assets,” which provides information for valuation actuaries regarding their responsibilities relating to the determination of reserve levels and other actuarial assets and liabilities for large group medical insurance coverage. The Sept. 27 webinar topics will include the definition of large group medical business; funding arrangements that are currently being used; pertinent regulatory and legislative issues; and asset adequacy analysis.
(September 09, 2013)The Medical Loss Ratio (MLR) Work Group submitted additional comments to CMS on the proposed rule implementing MLR requirements for Medicare Advantage (MA) and Medicare prescription drug (Part D) programs.
(September 06, 2013)Health actuaries: Do you calculate minimum or actuarial values under the Affordable Care Act? Register now to learn about the new minimum value and actuarial value requirements under the ACA and some of the technical issues associated with these calculations.
(September 06, 2013)Joint Committee on Retiree Health submits comments to the Actuarial Standards Board on revisions to a second exposure draft of ASOP No. 6, Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Prefunding Contributions.
(August 30, 2013)Health and Pension Practice Council sent a letter to the Actuarial Standards Board on coordinating Actuarial Standards of Practice (ASOP) affecting pension and retiree group benefits.
(August 30, 2013)The Life Illustration Work Group updated the practice note for Actuarial Standard of Practice No. 24, which outlines compliance with the NAIC Life Insurance Illustrations Model Regulation.
(August 28, 2013)Want to learn what you missed at the NAIC Summer Meeting? Register now for the Life Practice Council’s Sept. 19 webinar to learn about the Academy’s activities at the meeting and progress on principle-based reserving (PBR), which is now being adopted by the states. Speakers will lead an in-depth discussion of reserving developments for non-variable annuities (VM-22) and also provide updates on Life Actuarial Task Force activity and the Academy’s professionalism initiatives.
Two Academy practice councils made presentations at the NAIC’s Center for Insurance Policy and Research Summit. Dave Neve, chairperson of the Life Financial Soundness Risk Management Committee, made a presentation on issues related to internal modeling for PBR at the summit on behalf of the Life Practice Council. Academy Vice President Mike Angelina, representing the Casualty Practice Council, presented actuarial perspectives on both property/casualty insurance issues and the effects of current liability reporting.
(August 27, 2013)Senior Life Fellow Nancy Bennett presented the Academy’s paper on lifetime income to the NAIC ERISA Retirement Income Working Group at the NAIC Summer National Meeting. Her presentation examining the financial risks of increased lifespans and the needs for retirees to secure lifetime income was based upon the Lifetime Income Risk Joint Task Force’s “Risky Business: Living Longer Without Income for Life.”
