The P/C Risk-Based Capital (RBC) Committee submitted a comment letter to the National Association of Insurance Commissioners’ Property/Casualty Risk-Based Capital Working Group on methods of properly quantifying reserve and premium underwriting factors. (March 13, 2015)
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on an exposed actuarial guideline for indexed universal life illustrations. (March 11, 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. (March 06, 2015)
The Terrorism Risk Insurance Subcommittee of the Casualty Practice Council sent a comment letter to the Federal Insurance Office of the Department of the Treasury regarding the process by which terrorist events are certified for purposes of triggering the Terrorism Risk Insurance Program (as recently amended). (March 06, 2015)
The transcript of the court proceedings on Feb. 24, 2015, is now available. On that date, Judge Peter Flynn of the Circuit Court of Cook County, Illinois, dismissed without prejudice all claims against the Academy—including any claims for injunctive or declaratory relief—that had been filed in December by a former president of the Society of Actuaries. During the proceedings, Judge Flynn said that the “plaintiff’s position apparently is that his agreement to the procedures set forth in the bylaws of the organizations for the activities of the Actuarial Board for Counseling and Discipline only applies if he likes what the Board is doing. … Our court system is inclined not to want to overturn contractually agreed upon alternative dispute resolution mechanisms without some reason to do it.” In dismissing the case, the court strongly affirmed that the U.S. actuarial profession may require members to have disciplinary complaints heard by the ABCD and not by the courts. (March 06, 2015)
The Casualty Practice Council submitted comments to the Actuarial Standards Board on an exposure draft of a proposed Actuarial Standard of Practice (ASOP) on modeling. (March 04, 2015)
The Pension Committee sent a comment letter to the Actuarial Standards Board (ASB) regarding the second exposure draft of the proposed Actuarial Standard of Practice (ASOP) on modeling standards. (March 01, 2015)
In the March/April issue of Contingencies, read the feature article, "Smoke and Mirrors: Marijuana Use and Underwriting"—the author looks at how life insurance underwriting policies treat marijuana use, and asks whether that treatment is backed up by sound science. Also in this issue, features on autonomous vehicle technologies and auto insurers, possible reforms for health care payment systems, and how Big Data and “nudges” can help improve our lives. Also check out our annual Actuarial JobSeeker supplement, read a case study from the Actuarial Board for Counseling and Discipline, challenge yourself with our puzzles, and more. (March 03, 2015)
The Individual and Small Group Market Task Force published an issue brief examining how the rules applying to groups sized 51-100 will change with the Affordable Care Act's scheduled expansion of the definition of small employers to those with up to 100 employees and what that will mean for insurance offerings in the small group market. Read the news release on the issue brief here. (March 02, 2015)
Nominations are now open for the Jarvis Farley Service Award, the Robert J. Myers Public Service Award, and the Outstanding Volunteerism Award. Learn more and submit your nomination(s) for a deserving colleague and/or respected mentor for the award that best suits his or her service to the actuarial profession and the Academy. (March 02, 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. (February 27, 2015)
In this month’s Actuarial Update, read about February activities and upcoming events of interest, including the Health Practice Council’s newsworthy letter to the Department of Health and Human Services about likely consequences if ACA subsidies are eliminated, and a new Academy webinar series on global drivers of health care costs. (February 27, 2015)
On Feb. 24, 2015, Judge Peter Flynn of the Circuit Court of Cook County, Illinois, dismissed without prejudice all claims against the Academy, including any claims for injunctive or declaratory relief, that were filed in December by the former president of the Society of Actuaries. We are pleased with this outcome. The court has strongly affirmed that the U.S. actuarial profession may require members to have disciplinary complaints heard by the ABCD and not by the courts. The Academy leadership views this ruling as a vindication of the profession’s self-discipline process. The court did not rule on the motion to dismiss the remaining claims in the case because it lacked jurisdiction to address them. The remaining claims were transferred to a different division of the Cook County Circuit Court, and the motions to dismiss those claims will be heard in due course. The Academy will post the transcript of today's hearing on the Litigation Update page of our website as soon as it is available. (February 24, 2015)
In a Feb. 24 letter to Secretary Burwell, the Health Practice Council urged HHS to consider implementing measures to counter the potential adverse consequences on health insurance premium rate filings in the event the Supreme Court rules for the petitioners in King v. Burwell. Read the news release. (February 24, 2015)
The PBR Strategy Subgroup and Life Reinsurance Work Group sent a comment letter to the NAIC PBR Implementation (EX) Task Force regarding the XXX/AXXX reinsurance supplemental proposal. (February 23, 2015)
