The Social Security Committee released an issue brief on the 2014 Social Security Trustees Report that examines the social insurance program’s long-term solvency and states that Congress should act soon to improve the long-term financial outlook of Social Security. (October 22, 2014)

The Financial Reporting Committee (FRC) sent comments to the International Accounting Standards Board (IASB) and Financial Accounting Standards Board (FASB) on the IASB's Accounting for Dynamic Risk Management: a Portfolio Revaluation Approach to Macro Hedging discussion paper. (October 17, 2014)

The Life Financial Reporting Committee released a practice note detailing practices on the treatment of value of business acquired (VOBA), goodwill, and other intangible assets under the purchase method of accounting of Generally Accepted Accounting Principles, or PGAAP. (October 15, 2014)

The Joint Board for the Enrollment of Actuaries (JBEA) has asked the Academy to alert its members that the JBEA is seeking applications from enrolled actuaries to serve on its Advisory Committee on Actuarial Examinations. The committee is responsible for reviewing, editing, and finalizing examination questions, reviewing statistical results of the examination, and other activities. The application period closes on Dec. 5. (November 15, 2014)

The Solvency Committee submitted comments to the National Conference of Insurance Legislators on the key priorities and principles that should be considered when developing insurance group solvency and capital standards. (October 10, 2014)

The Profits Followed By Losses Subgroup released for exposure a new practice note on profits followed by losses in long-duration contracts. Comments on the exposure draft are due Nov. 10. (October 10, 2014)

Representatives of the Actuarial Climate Volatility Index Subcommittee presented “Implications for Increasing Catastrophe Volatility on Insurers and Consumers” that updated progress on the development of an Actuaries Climate Index and Actuaries Climate Risk Index at the NAIC’s Center for Insurance Policy and Research (CIPR) Symposium. (October 07, 2014)

Academy President Tom Terry sent an email to Academy members on Oct. 3 reviewing the U.S. Qualification Standards requirements for actuaries who wish to change practice areas. The message seeks to dispel confusion for thousands of Academy members who may have received an email that stated one credential gives an actuary ease of movement from one practice area to another without replacing credentials. “As it applies to the U.S. Qualification Standards (USQS), we do not believe this statement to be correct. The requirements set forth in the USQS are fairly explicit about changing practice areas,” Terry wrote. Read the entire letter here. (October 24, 2014)

The PBR Strategy Subgroup sent a comment letter to the NAIC's Life Actuarial Task Force regarding an updated version of the AG 48 exposure draft. (October 02, 2014)

The P/C Risk-Based Capital Committee submitted comments to the National Association of Insurance Commissioners on the Reinsurance Association of America's updated proposal on reinsurance credit risk factors. (October 01, 2014)

How does an actuary go about changing practice areas, ensuring that he or she is qualified to perform actuarial services in the new area? The head of the Academy’s Council on Professionalism outlines what the Qualification Standards require. Read this story and much more. (October 01, 2014)