The Financial Reporting Committee (FRC) submitted a letter to the International Accounting Standards Board on the treatment of participating contracts within the IFRS Foundation’s insurance contracts project that includes discussions on book-yield and effective-yield approaches. (September 02, 2014)
The Academy invites feedback from the public, actuaries, regulators, employers, and other interested parties on its draft “U.S. Qualification Standards Attestation.” The proposed form is for actuaries to demonstrate how they meet the U.S. Qualification Standards for signing statements of actuarial opinion (SAOs) in the United States, including in particular the SAOs associated with the National Association of Insurance Commissioners life, health, and property & casualty annual statements. Review/download the draft and submit your feedback. (October 08, 2014)
The Pension Committee's Public Plans Subcommittee sent a letter to the Governmental Accounting Standards Board commenting on an Exposure Draft on accounting and financial reporting for pension plans that are not administered through trusts and amendments to certain provisions of GASB Statements 67 and 68. (August 29, 2014)
In this month's Actuarial Update, read about a new Academy proposal to help actuaries demonstrate their compliance with the U.S. Qualification Standards; an introduction to the Actuaries Climate Index; online voting for Academy regular directors; the ABCD process for handling complaints; nominees for Academy officer positions; and much more. (August 28, 2014)
The Pension Committee sent a letter to the Internal Revenue Service and Treasury Department regarding guidance needed regarding the Highway and Transportation Funding Act of 2014. (August 26, 2014)
The Asset Adequacy Analysis Committee released for exposure a practice note on current practices in asset adequacy analysis and testing. Comments are due by Oct. 6. (August 21, 2014)
Representatives of the Actuarial Climate Volatility Index Subcommittee made a presentation to the NAIC’s Climate Change and Global Warming Working Group on the ongoing development of an Actuaries Climate Index and Actuaries Climate Risk Index. (August 17, 2014)
The Long-Term Care Principle-based Work Group presented an update to the NAIC’s Long-Term Care Actuarial Working Group on progress in developing a principle-based approach model and a timeline for completion. (August 15, 2014)
The Long-Term Care Terminations Work Group presented an update to the NAIC’s Long-Term Care Actuarial Working Group on progress made in developing a recommendation on LTC terminations and next steps. (August 15, 2014)