The Academy's May Capitol Forum webinar, International Insurance Regulation 101: The International Association of Insurance Supervisors, will now be taking place on Friday, May 22, from 2:00 to 3:00 p.m. George Brady, deputy secretary general of the International Association of Insurance Supervisors (IAIS), will provide an overview of IAIS and its activities. Learn more and register here. (April 30, 2015)
The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update-Derivatives and Hedging (Topic 815): Disclosures about Hybrid Financial Instruments with Bifurcated Embedded Derivatives. (April 30, 2015)
The Solvency Committee submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance for its hearing on “The Impact of International Regulatory Standards on the Competitiveness of U.S. Insurers.” (April 29, 2015)
The Solvency Committee submitted written testimony to the U.S. Senate Banking Subcommittee on Securities, Insurance, and Investment for its hearing on "Examining Insurance Capital Rules and FSOC Process." (April 30, 2015)
The Risk Management and Financial Reporting Council and Financial Reporting Committee sent comments to the Federal Insurance Office (FIO) on U.S. GAAP loss recognition testing and Insurance Core Principle (ICP) 14 current estimates. (April 27, 2015)
Senior Health Fellow Cori Uccello submitted written testimony to the U.S. House Ways and Means Subcommittee on Health for its hearing on alternatives to the individual and employer mandates under the Affordable Care Act (ACA). (April 27, 2015)
The Academy has released a report outlining potential ethical concerns facing U.S. actuaries today. The report, which is based on survey responses from more than 3,300 Academy members, shows that the highest perceived concern by a clear margin was “responding to pressure from principals and/or management to select inappropriate assumptions used in pricing or reserving.” Read the full report here. (April 27, 2015)
The Deposit Fund Subgroup sent a comment letter to the NAIC Life Actuarial (A) Task Force on exposed edits to the model regulation for synthetic guaranteed investment conracts (GIC). (April 22, 2015)
The Academy published its new PBA Perspectives, a quarterly update on regulatory, legislative, and Academy activities surrounding the implementation of the Principle-Based Approach (PBA) for life insurance. (April 16, 2015)
The Price Optimization Task Force submitted a comment letter to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) on its Price Optimization White Paper. (April 15, 2015)
The Life Illustrations Work Group sent a comment letter to the NAIC’s Life Actuarial (A) Task Force on the proposed actuarial guideline for indexed universal life illustrations. (April 14, 2015)
The Applicability Guidelines for Actuarial Standards of Practice were updated to include the new ASOP No. 49, Medicaid Managed Care Capitation Rate Development and Certification. The ASOP was developed to establish guidance for actuaries preparing, reviewing, or giving advice on capitation rates for Medicaid programs, including those certified in accordance with 42 CFR 438.6(c), and takes effect for opinions and certifications issued on or after Aug. 1, 2015. (April 10, 2015)
Actuaries have enjoyed robust discussions on their fluency in actuarial professionalism since the creation of the American Academy of Academy—the home of actuarial professionalism—50 years ago. But have you ever really tested your proficiency in the profession’s Code of Professional Conduct? Be among the first to test your knowledge and receive a certificate (if you pass) showing your skill and commitment to the highest standards of conduct, qualifications, and practice. Join the Academy as we launch our latest professionalism tool and try our brand new Actuarial eLearning Center today. (April 10, 2015)