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)
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 10, 2015)
The Casualty Practice Council submitted a letter to the NAIC’s Casualty Actuarial and Statistical Task Force on the CPC’s process for approving member actuaries to sign P/C NAIC opinions. (April 09, 2015)
In the April issue of HealthCheck, read about updates Health Practice Council (HPC) work groups provided to the NAIC’s Long-Term Care Working Group at the NAIC’s Spring 2015 National Meeting. Also in this issue, read the Risk Sharing Work Group’s letter to the Centers for Medicare & Medicaid Services (CMS) on the 2014 medical loss ratio (MLR) annual reporting form, register for upcoming health care reform events, and more. (April 08, 2015)
Academy volunteers addressed issues ranging from pandemic effects on the insurance sector to professionalism before regulators at the National Association of Insurance Commissioners Spring 2015 National Meeting held March 28-31 in Phoenix. (April 03, 2015)
The Pension Practice Council and Multiemployer Subcommittee sent a comment letter to the Pension Benefit Guarantee Corporation regarding the Request for Information on Partitions and Facilitated Mergers under the Multiemployer Pension Reform Act of 2014 (MPRA). (April 06, 2015)
The Pension Practice Council and Multiemployer Subcommittee sent a comment letter to the IRS and Treasury regarding the Request for Information on Suspensions of Benefits under the Multiemployer Pension Reform Act of 2014 (MPRA). (April 06, 2015)
In accordance with the Academy’s policy, 72 volunteers have been removed from their Academy committee positions because they failed to comply with the Academy’s policy that its volunteers expressly acknowledge the longstanding Conflict of Interest (COI) policy applicable to all volunteers.
Committee member and interested party acknowledgments are a vital element in the Academy’s ability to maintain its standards in providing unbiased, reliable information for policymakers and others who rely on actuarial insight to inform their decisions regarding U.S. fiscal and societal challenges. The Academy requires members who serve in volunteer positions with the Academy to annually acknowledge its longstanding COI policy, and to comply with the continuing education (CE) requirements of the U.S. Qualification Standards. Individuals who serve as interested parties must formally acknowledge the Academy’s COI policy as well. (April 06, 2015)
On March 30, Academy Assistant General Counsel Sheila Kalkunte spoke to an audience of approximately 150 at the MassMutual Actuarial Gathering in Chicopee, Mass., on professionalism issues including the topic of qualifying for a new/emerging area of practice. To request a speaker on actuarial professionalism for your event, click here. (April 06, 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 03, 2015)
On Tuesday, March 31, Mark Freedman, former president of the Society of Actuaries, filed a voluntary motion to dismiss the remaining claim alleging defamation, which was pending in the circuit court in Cook County, Illinois, against Academy Immediate Past President Tom Terry. The motion requires presentment to and approval of a judge, which is pro forma but required and scheduled for April 7. On Feb. 24, 2015, Judge Peter Flynn dismissed all other claims against the Academy. This withdrawal of the remaining defamation claim against Tom Terry as an individual brings to a close all claims against any party related to the Academy. The dismissal of the specific counts against the Academy and the withdrawal of the specific count against Tom Terry reaffirm the validity and vitality of the profession’s self-disciplinary process. (April 02, 2015)
Registration is now open for the 2015 Life and Health Qualifications Seminar, to be held Nov. 9-12 in Arlington, Va. See why so many of your peers find this seminar the most succinct and effective way to acquire the required basic education and continuing education to be qualified to sign NAIC annual statement actuarial opinions. 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 basic education requirements set forth in Section 3.1.1 of the U.S. Qualification Standards (USQS). Register early: Seats are limited and will fill up quickly. (April 02, 2015)
In this month’s Actuarial Update, the Academy has premiered the enhanced website of the Actuarial Standards Board. The website now features interactive elements on ASB documents including ASOPs and exposure drafts, as well as an improved user-focused design. Also in this issue, read about the Health Practice Council's issue brief on the expansion of the definition of “small groups” under the Affordable Care Act; a webinar on how state and local pension plans became underfunded; Academy volunteers offer an actuarial perspective during visits to Capitol Hill; and more. (April 01, 2015)
