The Academy is hosting a jointly sponsored Capitol Hill briefing with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrates a “rising tide” of funding challenges facing the private defined benefit system. Presenters will discuss important implications for plan sponsors, beneficiaries, and policymakers. Learn more. (September 30, 2011)
The Financial Reporting Committee commented on a paper by the Public Company Accounting Oversight Board (PCAOB) on the issues surrounding the auditor’s report based on recent investor feedback. The committee’s comments included a recommendation to increase disclosure and provide more detail to the auditor's reporting model.
(September 30, 2011)The Academy's Social Security Committee urged President Obama and congressional leaders to improve the long-term solvency and sustainability of Social Security whether in a broader deficit-reduction package or through an alternative legislative track. (September 23, 2011)
The Academy's Pension Committee submitted a comment letter to the Pension Benefit Guaranty Corporation regarding the calculation of unfunded vested benefits for at risk pension plans. (September 22, 2011)
Slide presentations from the May 18 seminar, Preparing for Change under PBA: Life Company Reserves and Capital are available for download. You will find presentations on "hot topics" and information specific to the implementation challenges related to the Principle-Based Approach (PBA) for statutory reserves and capital. It was jointly sponsored by the Society of Actuaries and the American Academy of Actuaries.
(August 31, 2011)
The ERM Committee submitted comments to the NAIC on its Own Risk and Solvency Assessment (ORSA) Guidance Manual supporting its view that the manual offers ORSA guidance which focuses on the most fundamental components of a strong ERM framework.
(August 31, 2011)
The Academy's Medicare Supplement Work Group sent a letter to the NAIC's Medicare Supplement Refund Formula Subgroup with a proposed charge to have the work group review the Medicare Supplement Refund Formula for potential changes that may need to be addressed. (August 31, 2011)
The Life Financial Reporting Committee has exposed for comment a practice note, Optional Retrospective Application of ASU 2010-26 Acquisition Costs. The committee is accepting comments until Sept. 14, 2011. (August 31, 2011)
Want to learn more about principle-based approach (PBA)? The Academy has been instrumental in the ambitious effort to modernize the framework for determining life insurers' statutory required capital and reserves in the United States. The proposed method, which is intended to be principle-based, uses risk analysis and risk management techniques to capture underlying life insurance and annuity risks more accurately than the current rule-based, one-size-fits-all approach. Learn more!
(August 31, 2011)
The Academy recently sent a comment letter to the members of the new Joint Select Committee on Deficit Reduction urging action to improve the long-term solvency and sustainability of the Medicare program. (August 31, 2011)
Solvency Committee comments to the International Association of Insurance Supervisor (IAIS) on its concept paper, Common Framework for the Supervision of Internationally Active Insurance Groups. These comments further address the methods of operating group-wide supervision of internationally active insurance groups.
(August 31, 2011)Academy Public Interest Committee Chairperson Tom Terry sent a letter to House Ways and Means Social Security Subcommittee Chairman Sam Johnson and Ranking Member Xavier Becerra in response to follow-up questions from Terry's July 8 testimony on the Social Security retirement age. The letter addressed ways in which policymakers can boost incentives for older workers to work longer.
(August 31, 2011)The Academy/SOA Long-Term Disability Work Group gave an update to the NAIC's Health Actuarial Task Force on the work group's progress regarding the creation of a valuation table for group long-term disability. The work group expects the table to be completed by March of 2012. (August 31, 2011)
The Committee on Property and Liability Financial Reporting sent comments to the AICPA regarding its working draft of Audit and Accounting Guide Property and Liability Insurance Entities. (August 31, 2011)
The Academy's Social Security Committee released an updated issue brief on automatic adjustment mechanisms that could help address actuarial balance challenges facing Social Security.
(August 04, 2011)Co-chairperson of the Joint Academy/Society of Actuaries CLASS Act Task Force Steve Schoonveld gave an update on the Community Living Assistance Supports and Services (CLASS) program at the National Conference of Insurance Legislators (NCOIL) Summer Meeting in Newport, RI
(July 21, 2011)The Academy's Medicaid Work Group presented to the Centers for Medicare and Medicaid Services (CMS) on the Medicaid rate-setting process for Medicaid Managed Care programs. The presentation included a discussion about base data sources, base data adjustments, risk adjustment, risk-sharing arrangements, and performance incentives.
(July 21, 2011)The Academy's Public Interest Committee Chairperson Tom Terry testified today to the U.S. House Committee on Ways and Means Subcommittee on Social Security. Terry told the subcommittee that actuaries believe it necessary for policymakers to act promptly in considering options for putting Social Security on a path toward sustainable solvency. He said that when exploring the options and considering continued life expectancy improvements at age 65, increasing Social Security's retirement age stands out as one of the most obvious choices.
- Written testimony
- News release
- Follow-up letter to Subcommittee Chairman Johnson and Ranking Member Becerra
- Second follow-up letter to Subcommittee Chairman Johnson and Ranking Member Becerra
The Academy released a new issue brief, Actuarial Value under the Affordable Care Act. The brief offers an overview of the concept of actuarial value and provides insight into the calculation of actuarial value under ACA.
The Academy's Pension Committee submitted a comment letter to the Joint Board for Enrollment of Actuaries regarding final regulations and continuing education requirements for enrolled actuaries. (June 29, 2011)
