The Pension Committee submitted a letter to the Internal Revenue Service and Department of the Treasury addressing elections to reduce funding balances for defined benefit pension plans. (February 16, 2012)
Don't miss the chance to learn about the risks of inadequate lifetime income, current options to address the risk, the range of policy solutions to help retirees better prepare for managing lifetime retirement needs, and new initiatives underway within the Academy to advance the discussions surrounding longevity risk. Attendees will learn about the characteristics of lifetime income risk, important steps recently taken by the federal government designed to enhance lifetime retirement security, and how the unique skills of the actuarial profession can contribute to solutions. (February 09, 2012)
The Academy was cited several times during the Feb. 1 debate on the floor of the U.S. House of Representatives on the repeal of the CLASS Act (the long-term care program included in the Affordable Care Act). Log in to read the health Alert reporting on the House repeal of the program.
(February 02, 2012)The Academy Life Valuation Subcommittee submitted a comment letter to the NAIC Joint Working Group of the Life Insurance and Annuities (A) Committee and Financial Condition (E) Committee regarding their draft Framework on Actuarial Guideline 38.
(January 31, 2012)The Pension Committee submitted a letter to the Internal Revenue Service and Department of the Treasury concerning differing interpretations in the application of IRC Section 415(b) limits and requesting guidance. (January 30, 2012)
The Academy filed on Jan. 27 an amicus curiae brief with the U.S. Supreme Court in the pending challenge to the Affordable Care Act. The court will hear oral arguments in March. The brief addresses a very narrow aspect of the case before the court—the severability of the individual mandate from the other market reform provisions, namely guaranteed issue and modified community rating. The brief does not take a position on the constitutionality of the individual mandate or whether any other provisions in the law are severable from the mandate—nor does it support or oppose the law as a whole. Read the brief. Read the Academy’s member alert on the filing. Read the news release.
(January 27, 2012)The annual Academy legislative/regulatory year in review details significant legislative and regulatory activities affecting the actuarial profession, as well as the Academy's work on these issues during the past year. Read the full alert.
(January 23, 2012)The Academy’s Contingent Annuity Issues Work Group presented an analysis to the NAIC Contingent Deferred Annuity (A) Subgroup comparing two different investment arrangements: typical contingent annuity design vs. self-insurance.
(January 19, 2012)In December 2011, the Department of Health and Human Services published final regulations implementing the medical loss ratio requirements in the ACA. Insurers have already begun complying with the reporting and rebate requirements under the ACA and this webinar will focus on the implications of the changes in the final regulations. Learn more. (January 17, 2012)
The Tax Work Group submitted an amendment proposal form regarding the VM-20 transition period.
(January 12, 2012)
The Academy’s Health Practice Council will present a webinar on Feb. 10 to provide actuaries from all practice areas with essential background on the Affordable Care Act (ACA), including key provisions in the law (focusing on those intended to expand coverage and the status of implementation). Members are invited free of charge. Learn more. (January 11, 2012)
The Medicare slide decks—the first topic to be addressed in the Academy’s Campaign 2012 Toolkits series—include an overview of the structure of Medicare, the challenges to the program’s solvency and sustainability, and options that have been proposed to reform the program. You can download these files here:
- Sample slide deck without speaker notes: A Guide to Medicare’s Financial Challenges and Options for Improvement
- Sample slide deck with speaker notes: A Guide to Medicare’s Financial Challenges and Options for Improvement
Life Practice Council Vice President Cande Olsen made a presentation to the NAIC’s Contingent Deferred Annuity (A) Subgroup on the Academy’s Contingent Annuity Work Group’s report that was submitted to the NAIC on October 28.
(December 22, 2011)The American Academy of Actuaries International Accounting Standards Task Force submitted comments to the IASB on the topic of defining the contract boundary for insurance contracts.
(December 21, 2011)The Financial Regulatory Reform Task Force provided comments to the Financial Stability Oversight Council on its proposed rule relating to systemically important financial institutions.
(December 19, 2011)The International Accounting Standards Task Force submitted to the International Accounting Standards Board a white paper on what belongs in “other comprehensive income” and a discussion paper on the approaches to setting the discount rate for valuation of insurance contracts.
(December 19, 2011)The Academy and the Society of Actuaries (SOA) have joined resources to manage the economic scenario generators used in regulatory reserve and capital calculations. The latest version of the interest rate and equity generator is now on the SOA website. The SOA will provide frontline support and maintenance for the economic scenario generators. A joint Society of Actuaries/American Academy of Actuaries Project Oversight Group will oversee the generators and assist the SOA in providing technical support and direction for the current and future versions of the generators.
All versions of the generators, pre-packaged scenario sets, and documentation will be archived on the Academy website. Academy members involved in creating and updating the generators will continue to work with the regulatory community and the SOA to refine the generators and implement regulatory requirements for economic scenario generators. Support questions should be directed to: ESGhelp@SOA.org. (December 16, 2011)
All versions of the generators, pre-packaged scenario sets, and documentation will be archived on the Academy website. Academy members involved in creating and updating the generators will continue to work with the regulatory community and the SOA to refine the generators and implement regulatory requirements for economic scenario generators. Support questions should be directed to: ESGhelp@SOA.org. (December 16, 2011)
The Academy’s Tax Work Group submitted a discussion paper to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting.
The Financial Regulatory Reform Task Force responded to the Federal Insurance Office on how to modernize and improve the U.S. system of insurance regulation.
(December 11, 2011)
