What does it mean to fulfill the profession's responsibility to the public? Join the Academy for this June 29 webinar, The Profession's Responsibility to the Public, to explore this question and to learn more about:
Precept 1 of the Code as the source of the actuarial profession's responsibility to the public and to uphold the reputation of the actuarial profession.
The state of the profession: If the public does not think we are responsible, do we have a profession?
The key aspects on maintaining the profession's relevance.
Registration is now open for the 2011 Life and Health Qualification Seminar, Nov. 7-10. This seminar is the primary source of instruction for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement but may not have met the specific knowledge requirements set forth in the U.S. Qualification Standards. Experienced FSAs and career ASAs with an intention to change practice areas, or those looking for an excellent source of continuing education required under the U.S. Qualification Standards also should attend. Seats are limited for this event—register today!
If you are an actuary who writes P/C loss reserve opinions, then make plans to attend the Academy's 2011 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary on Nov. 16 & 17. Attendees will learn about regulations and standards applicable in drafting loss reserve opinions, including, disclosing risk of material adverse deviation, dealing with difficult situations, and the new guidance on revised ASOP No. 36 (Statement of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserve) and the repeal of ASOP No. 9 (Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations). Save the date and stay tuned for more information!
Media Coverage
FACI: Actuaries Ask for Voice on New Federal Insurance Panel National Underwriter Life & Health, June 9, 2011
American Academy of Actuaries President Mary Frances Miller's letter to the U.S. Treasury Department regarding the proposed Federal Advisory Committee on Insurance (FACI) was discussed. Miller urged officials to ensure that the FACI includes individuals with direct actuarial expertise.
The fact checker: A pox on both their 'Mediscare' houses Washington Post, June 9, 2011
To defuse partisan rhetoric on Medicare, the American Academy of Actuaries issue brief on the program's financial condition was cited and linked. The Academy's Medicare Steering Committee credited provisions in the Affordable Care Act for improving Medicare's financial outlook, but stressed the need for additional, prompt actions to restore the long-term solvency and financial sustainability of the program.
Website: New Postings
Academy President Mary Frances Miller, in a letter to the U.S. Treasury Department, urged Treasury officials to ensure that the proposed Federal Advisory Committee on Insurance includes individuals with direct actuarial expertise.
The Academy released a new issue brief, Risk Adjustment and Other Risk-Sharing Provisions in the Affordable Care Act (ACA). The brief provides an overview of the various risk-sharing mechanisms in ACA and the risks each mechanism can mitigate.
The Academy submitted comments to the Centers for Medicare & Medicaid Services in response to proposed regulations on accountable care organizations and the Medicare Shared Savings Program under ACA.
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