The Committee on Property & Liability Financial Reporting (COPLFR) published an update of its paper, Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserves Expertise. (December 10, 2014)

Janet Barr, former chairperson of the Academy’s Social Security Committee, testified before the U.S. Senate Committee on Finance hearing on “Social Security: Is a Key Foundation of Economic Security Working for Women?” Read the written testimony and news release or watch the full hearing video. (December 09, 2014)

The Solvency Committee sent comments to the National Association of Insurance Commissioners on the U.S. Group Capital Methodology Concepts Discussion Paper. (December 05, 2014)

Casualty Practice Council sent letters to U.S. Senate and House leaders urging reauthorization of the Terrorism Risk Insurance Act (TRIA), which is set to expire on Dec. 31. (December 04, 2014)

This month’s Actuarial Update recaps an exciting and well-received Annual Meeting and Public Policy Forum, including speeches from former Secretary of Health and Human Services Kathleen Sebelius and former Senator and current NAIC CEO Ben Nelson, and training sessions with federal and state officials and industry experts; a primer on when continuing education credits can be carried over to apply to a new year; Academy presentations to the NAIC’s fall national meeting; and the Academy addresses the cost of Sovaldi and other breakthrough therapies. (December 04, 2014)

The May 2014 update of ASOP No. 6, Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Actuarially Determined Contributions, included a number of changes that have practical implications for actuaries. This webinar provides an overview of the changes, reviews aspects of the U.S. Qualification Standards, and explains how data recently made available by the California Public Employee Retirement System (CalPERS) pertains to the new requirements for developing age-specific costs.  (November 24, 2014)

The Solvency Committee sent comments to members of the U.S. House of Representatives and the U.S. Senate in support of passage of the Insurance Capital Standards Clarification Act of 2014, which clarifies that the Federal Reserve has the authority to differentiate between banks and insurers in terms of capital requirements. (December 02, 2014)

The C-3 Work Group submitted to the NAIC Life Risk-Based Capital (RBC) Working Group an updated spreadsheet and instructions for calculating the CTE 90 RBC measure as part of the 2014 C-3 Phase 1 field test for large companies. (November 03, 2014)

The Financial Reporting Committee submitted comments to the Financial Accounting Standards Board on its disclosure requirements for short duration contracts. (November 21, 2014)

The Committee on Qualifications chair along with another committee member discuss a greatly expanded and detailed revision to the committee’s Frequently Asked Questions on the U.S. Qualification Standards, including topics such as statements of actuarial opinion, practicing in more than one area, continuing education, and other qualification matters. The newly expanded FAQs are available here. (December 11, 2014)