The Life Reserves Work Group submitted a revised amendment proposal regarding treatment of due premiums in the VM-20 reserve calculation. (February 05, 2014)
At the Academy’s January Board of Directors meeting, the Board approved a resolution which removed the presidential officers of the Society of Actuaries (SOA) from our Board. This action does not change the Academy’s steadfast commitment to strong relationships with all U.S.-based actuarial associations, including ASPPA-ACOPA, the CAS, the CCA and the SOA. More information about these changes can be found in a member letter from Academy President, Tom Terry, and the resolution, which can be read in full here. (February 06, 2014)
The North American Actuarial Council released its 2012-2013 annual report, outlining its work and highlighting its accomplishments for the year. (February 05, 2014)
The Academy's Senior Health Fellow submitted written testimony to the U.S. House Oversight and Government Reform for its hearing on the Affordable Care Act's risk-corridor program and whether it constitutes a "bailout" for insurance companies. Read the news release. (February 05, 2014)
The Academy submitted comments to NAIC’s Joint Qualified Actuary (A/B/C) Subgroup on definitions of “qualified actuary” as prescribed by the NAIC. In a letter from Academy President Tom Terry, the Academy stated that it is willing to work with regulators to make qualifications for health, life, and Property/Casualty actuaries more consistent and address concerns about oversight of qualification. (February 03, 2014)
The Financial Regulatory Reform Task Force submitted written testimony to the U.S. House Financial Services Subcommittee on Housing and Insurance for its hearing, “The Federal Insurance Office’s Report on Modernizing Insurance Regulation”. Read the news release. (February 04, 2014)
The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations. (February 02, 2014)
Professional objectivity is at the core of the Academy’s identity and mission. That’s why, to serve as a volunteer or be an interested party on Academy boards, councils, committees, subcommittees, task forces, and work groups, one must annually acknowledge the Academy’s conflict of interest policy and attest to compliance with USQS CE requirements. Learn more on the new Professional Objectivity at the Academy webpage. (January 31, 2014)
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. (January 31, 2014)
The Pension Committee submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations. (January 31, 2014)
The Academy hopes that retirement legislation introduced today by Sen. Tom Harkin will prompt a national discussion about retirement policy. “The discussion is long overdue,” said Academy President Tom Terry. An April 28 policy forum in Washington, D.C., hosted by the Academy will focus on how the Academy’s new “Retirement for the AGES” framework can be used to evaluate proposals such as Sen. Harkin’s. Read the news release. (January 30, 2014)
The Nonforfeiture Modernization Work Group developed a spreadsheet for the NAIC Life Actuarial Task Force that illustrates potential nonforfeiture benefits for guaranteed lifetime withdrawal benefits contained in fixed deferred annuities based on the work group’s December proposal. (January 30, 2014)
Academy RBC work groups sent a letter to the NAIC SMI RBC Subgroup outlining concerns with a Dec. 9, 2013, Capital Adequacy Task Force Operational Risk Proposal. (January 30, 2014)
The ERM Committee submitted comments to the Financial Stability Board on its proposal, Guidance on Supervisory Interaction with Financial Institutions on Risk Culture. (January 30, 2014)
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs). (January 28, 2014)
