The Reinsurance Committee responded to the Federal Insurance Office's request for comment on topics relating to reinsurance, including: the purpose of reinsurance, the effect of domestic and international regulation on reinsurance in the U.S., and the coordination of reinsurance supervision nationally and internationally.
(August 27, 2012)
The Pension Committee sent comments to the Internal Revenue Service in response to its proposed regulations concerning the prohibited payment option under single-employer defined benefit plans when a plan sponsor is in bankruptcy.
(August 20, 2012)The Solvency Committee sent comments to the IAIS on its Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors, and the framework for supervisors to address group-wide activities and risks. These comments were previously sent to the NAIC and IAA on July 27, 2012.
The Academy’s Health Practice Council sent a letter to Sen. Thune and Rep. Boustany to clarify the nature and intent of recent Academy-hosted roundtables focused on addressing the accessibility and affordability of long-term care services.
(August 15, 2012)
The Flood Insurance Subcommittee presented an actuarial perspective on flood insurance reform at the NAIC’s Center for Insurance Policy and Research summit on flood insurance reform.
(August 14, 2012)Bob Yee, chairperson of the Long-Term Care Valuation Work Group, provided an update to the NAIC Long-Term Care Actuarial Working Group on the valuation morbidity tables for long-term care insurance.
(August 10, 2012)Rick Leavitt, member of the Group Long-Term Disability Work Group, offered a final recommendation to the NAIC Health Actuarial Task Force regarding a valuation proposal for a new group long-term disability table.
(August 10, 2012)Registration is now open for the Nov. 7–8 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary. Actuaries who write P/C loss reserve opinions and who want to stay up to date on regulations and standards applicable in drafting loss reserve opinions should attend. New breakout sessions will focus on intercompany pooling, premium reserves, reinsurance, and extended reporting contracts. New workshops will cover sample opinions and report documentation. Don’t miss it!
(August 10, 2012)Mary Bahna-Nolan, chairperson of the Life Experience Subcommittee, gave a presentation to the NAIC Life Actuarial Task Force discussing conclusions of the subcommittee on the 2012 Individual Annuity Mortality Basic Tables following a recent exposure period.
(August 09, 2012)The Nonforfeiture Modernization Work Group updated the NAIC Life Actuarial Task Force on a general revision of the life and annuity standard nonforfeiture laws.
(August 09, 2012)The North American Actuarial Council Collaborative Research Group has issued a Request for Proposals (RFP) to examine the regulatory risk faced by insurance companies in North America and their actuaries. Proposals must be received no later than September 30, 2012.
The chairpersons of the Pension Committee, along with Senior Pension Fellow Don Fuerst, sent a letter to Treasury officials regarding the implementation of MAP-21 pension provisions. The letter expresses support for the urgent need to publish the 25-year average segment rates required under MAP-21. Attached to the letter is an outline of topics discussed by several Pension Committee members at a meeting with Treasury on July 23.
(August 02, 2012)The Pension Practice Council sent a letter to Senator Orrin Hatch commenting on a January report entitled “State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America.” The letter references the Pension Practice Council’s newly published issue brief that debunks the myth that an 80% funded ratio is the proper basis for determining whether a pension plan is financially or “actuarially” sound.
(July 31, 2012)The Pension Practice Council has published an issue brief on the 80 percent funded ratio myth. The issue brief debunks that myth and clarifies how actuaries view funding levels for pension plans and how the funded ratio relates to the “soundness” or the “health” of a pension plan or system.
(July 31, 2012)The Financial Regulatory Reform Task Force comments to the IAIS on its proposed method to identify insurers whose distress or disorderly failure would cause significant disruption to the global financial system and economic activity.
(July 31, 2012)The Solvency Committee submits comments to the NAIC and IAA on the IAIS Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors and the framework for supervisors to address group-wide activities and risks.
(July 27, 2012)
The Rate Review Practice Note Work Group released for a 30-day exposure period a practice note related to the preparation and review of rate filings under the Affordable Care Act. Comments on Actuarial Practices Relating to Preparing, Reviewing, and Commenting on Rate Filings Prepared in Accordance with the Affordable Care Act should be submitted by September 4.
(July 23, 2012)
This two-day interactive seminar will allow attendees to work hands-on with the new reserving requirements in VM-20 and apply them to real-life examples. The seminar also will provide plenty of opportunity to discuss specific components of VM-20 with expert faculty. This seminar is jointly sponsored by the Academy and the Society of Actuaries. (July 21, 2012)
Steve Schoonveld, a member of the Federal Long-Term Care Task Force, presented at the National Conference of Insurance Legislators (NCOIL) Summer Meeting in Burlington, VT on options to reform the long-term care system in the United States.
(July 18, 2012)The Life Practice Council and Life Financial Soundness/Risk Management Committee submitted comment letters with suggested changes to the valuation manual and expressed the need for an updating and review process for the valuation manual going forward.
(July 16, 2012)
