In this month’s Actuarial Update, the Academy has launched the Actuarial eLearning Center, a new professionalism tool that provides members with an innovative way to earn necessary continuing education credits. Also in this issue: a new report highlights members’ perceptions of key ethical issues facing the profession; the Pension Practice Council addresses the Multiemployer Pension Reform Act of 2014; and a letter from the Academy’s first president that still resonates today. (May 01, 2015)
The ERM/ORSA Committee sent comments to the International Association of Insurance Supervisors (IAIS) on its draft issues paper Conduct of Business Risk and its Management. (May 01, 2015)
In the May/June issue of Contingencies, read the feature article, "Long-Term Care Insurance: Past, Present, and Future"— the author asserts that LTCI remains the best choice for uninsured millions looking to protect their retirement at a reasonable cost. Also in this issue, an article discussing Social Security’s current financing problem, different measurements of the size of the problem, how the problem came about, and why Canada may have the key to unlocking this thorny problem; the second in a series articles by Carlos Fuentes on how the precepts of military strategy have been applied—and misapplied—to business contexts; plus a Tradecraft piece on actuarial managed services, a letter from Academy presidential leadership on the profession’s self-regulation, puzzles, and more. (May 01, 2015)
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)
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. (April 24, 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)
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. (April 17, 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)
