The Natural Catastrophe Subcommittee provided comments to the National Conference of Insurance Legislators on natural catastrophe insurance reform options, focusing on damage prevention and risk financing.
(April 13, 2012)The Joint Economic Scenario Generator Project Oversight Group of the American Academy of Actuaries and the Society of Actuaries has released an updated FAQ document that provides important information on the Academy’s Interest Rate Generator (AIRG). In January 2012, the POG updated the AIRG with historical yield curves through December 2011.
(April 04, 2012)
The Health Practice Council submitted a comment letter to the Center for Consumer Information and Insurance Oversight (CCIIO) providing responses to questions raised during a meeting with representatives of CCIIO on the structure of a proposed actuarial value calculator (for purposes of the ACA). The letter addresses cost-sharing inputs for the calculator, incorporation of induced demand, number of geographic pricing tiers, and incorporation of multiple network tiers.
(April 02, 2012)
The Pension Accounting Committee and Public Plans Subcommittee submitted a joint letter to the Governmental Accounting Standards Board (GASB) in response to GASB's Preliminary Views on Economic Condition Reporting: Financial Projections. The letter addressed several of the questions posed to respondents in the Preliminary Views from an actuarial perspective with respect to pension and postretirement obligations.
The Academy’s Social Security Committee published a guide to analyzing Social Security reform proposals. Visit the Campaign 2012 Toolkit page for more information.
The Academy's Medical Professional Liability Insurance Committee published a fact sheet on the Death, Disability, and Retirement (DDR) Extended Reporting Endorsement. This is the third in a series of fact sheets published by the Committee designed for actuaries as well as the general public.
(March 23, 2012)The Medical Professional Liability Committee sent a letter to the leadership of the U.S. House of Representatives concerning H.R. 5, which would reform the medical professional liability system and repeal the Independent Payment Advisory Board.
(March 23, 2012)The Financial Reporting Committee responds to questions posed in FASB's Revenue Recognition paper.
(March 13, 2012)If you missed the March 7 webinar on lifetime income, you can download the slides for free or order a recording of the webinar for a small fee. Noel Abkemeier and Tonya Manning, co-chairpersons of the Academy’s Joint Lifetime Income Risk Task Force, provided an overview of the risks of inadequate lifetime income, current options to address the risks, and the range of policy solutions to help retirees better prepare for managing lifetime retirement needs. Tom Terry, chairperson of the Public Interest Committee, also announced new Academy initiatives underway to advance the discussions surrounding longevity risk.
The Academy presented to the National Conference of Insurance Legislators on its comments to the Federal Insurance Office regarding insurance modernization in the U.S. system.
(February 24, 2012)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)
