The Cancer Claims Cost Tables Work Group presented to the NAIC's Health Actuarial Task Force the produced graduated valuation tables, and sample reserve calculations. (November 18, 2015)
The Long-Term Care Terminations Work Group (LTCTWG) sent their final report to the NAIC's Long-Term Care Actuarial Working Group on terminations for long-term care (LTC) insurance. (November 18, 2015)
The Health Solvency Subcommittee provided an update on the evaluation of asset risk in the health risk-based capital (HRBC) formula. (November 09, 2015)
The Medicare Supplemental Work Group sent answers concerning questions regarding the work group’s recommendations on modifications to the Medicare supplement refund formula. (November 10, 2015)
Academy professionalism representatives provided updates at each of the actuarial task force meetings this week at the NAIC to brief regulators on Actuarial Standards Board (ASB), Actuarial Board for Counseling and Discipline (ABCD), and qualification issues. They also provided an opportunity for candid conversations with regulators at a breakfast meeting on Thursday. Immediate Past President Mary D. Miller, ASB Chairperson Tricia Matson, ABCD member John Purple, and Committee on Qualifications member Tom Campbell presented. Miller highlighted the progress on the Academy’s development of an attestation form, which regulators have supported and provided feedback on, that will allow actuaries submitting statements of actuarial opinion to document their qualifications under the U.S. Qualification Standards. The Academy expects a working version of the form to be available by the end of the year. (November 23, 2015)
Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (November 20, 2015)
The ERM/ORSA Committee submitted comments to the International Actuarial Association (IAA) on its white paper "Actuarial Aspects of ERM for Insurance Companies." (November 20, 2015)
Academy Senior Property/Casualty Fellow Jim MacGinnitie testified at the National Association of Insurance Commissioners’ (NAIC) public hearing on "The Pricing of Automobile Insurance." (November 19, 2015)
The Joint American Academy of Actuaries Life Experience Committee and Society of Actuaries Preferred Mortality Oversight Group provided an update on guaranteed issue, simplified issue and preneed to the Life Actuarial Task Force at the NAIC Fall 2015 National Meeting. (November 17, 2015)
The Deposit Fund Subgroup submitted comments to the Life Actuarial Task Force on rules for separate accounts that fund guaranteed minimum benefits under group contracts related to the synthetic GIC model regulation. (November 16, 2015)
The Nonforfeiture Modernization Working Group (NMWG) made a presentation on the gross premium nonforfeiture method to the Life Actuarial Task Force at the NAIC Fall 2015 National Meeting. (November 16, 2015)
The Academy’s sold-out Life and Health Qualifications Seminar took place in Arlington, Va., this week, just prior to the Annual Meeting and Public Policy Forum. The seminar, now in its 15th year, is the most efficient way for actuaries to obtain the required basic education and continuing education to be qualified to sign NAIC annual statements of actuarial opinion. (November 12, 2015)
The Academy and the Canadian Institute of Actuaries (CIA) have released a Frequently Asked Questions (FAQs) document that reflects our common understanding of how the long standing Cross Border Discipline Agreement (Agreement) works in both the U.S. and Canada. While the Agreement has rarely been used, we want to anticipate and address common questions from the joint perspective of our two national associations. You can find the Cross-Border Agreement here and the FAQs and their answers here. (November 12, 2015)
Professionalism outreach was in high gear this week, as speakers arranged through the Academy’s Speakers Bureau addressed three actuarial club meetings. President Mary D. Miller provided a professionalism update on Wednesday to 300 actuaries at a meeting of the Actuaries’ Club of Hartford and Springfield, while COP member Geoffrey Sandler spoke on professionalism topics to an audience of 225 at the Actuarial Society of Greater New York’s Annual Meeting about 120 miles away in New York City. ABCD member Kathy Riley provided an overview of the ABCD and discussed ethics case studies with attendees of the Middle Atlantic Actuarial Club’s meeting near Baltimore on Thursday. (November 06, 2015)
