Academy President Tom Terry urged the Federal Insurance Office to include actuaries on the expanded Federal Advisory Committee on Insurance. (January 28, 2014)
In the lead-up to President Obama’s 2014 State of the Union address, the American Academy of Actuaries called on the President and Congress to commit to addressing the financial security of federal programs like Medicare and Social Security. “While the scope of, and possible solutions to, the financial challenges vary according to program, a basic fact remains that challenges will grow more unmanageable the longer they remain unattended,” said Academy President Tom Terry. Read the news release. (January 27, 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 24, 2014)
The Natural Catastrophe Subcommittee submitted comments to U.S. Senators on modifying the Biggert-Waters Flood Insurance Reform Act of 2012 to delay implementation of some premium increases mandated by the law. (January 24, 2014)
The Life Practice Council presented a webinar reviewing the NAIC Fall 2013 National Meeting and activities including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of activities at the Life Risk-Based Capital (E) Working Group meeting, an update on VM-22 development, and a review of activity on captives and special purpose vehicles as they relate to NAIC model regulations XXX and AXXX. (January 24, 2014)
Rate Review Practice Note Work Group letter to the Center for Consumer Information and Insurance Oversight (CCIIO) with comments on a second draft of revisions to the Unified Rate Review Template (URRT) and actuarial memorandum instructions. (January 24, 2014)
The NAIC's Health Actuarial Task Force has exposed the Individual Disability Table Work Group's proposed disability table, final instructions for utilizing the table, and final report which includes an actuarial guideline and proposed changes to the Health Insurance Reserves Model Regulation. (January 24, 2014)
Academy President Tom Terry provided comments in a Jan. 21 letter to the National Association of Insurance Commissioners (NAIC) Joint Qualified Actuary Subgroup (JQA) regarding the JQA's request for proposals on bringing uniformity to the current definitions of Qualified Actuary for Life, Health, and Property/Casualty Appointed Actuaries signing annual statements. Cecil Bykerk, Academy past-president presented additional perspectives on the comment letter during a JQA conference call on Jan. 22, including the importance of the Academy's MAAA credential being the only one representing the US national profession, and the Academy as the only organization vested with US qualification, practice and conduct professionalism functions. (January 23, 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 17, 2014)
The Individual Disability Table Work Group released detailed instructions on how to use the newly revised individual disability valuation table. (January 17, 2014)
The Financial Reporting Committee sent comments to the Financial Accounting Standards Board and International Accounting Standards Board regarding their joint project on classification and measurement of financial instruments. (January 16, 2014)
The Solvency Committee submitted comments to the International Actuarial Association on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs). (January 16, 2014)
The Pension Practice Council’s Forward Thinking Task Force released a public policy monograph that introduces a framework to examine retirement plans and policy proposals designed to provide a secure and sufficient retirement as part of its Retirement for the AGES initiative. In conjunction with the release of the monograph, the Academy hosted a Capitol Hill briefing on the initiative. Read the news release here. (January 17, 2014)
The Life Practice Council submitted comments on the proposed “actuarial standard” in the Report of Rector & Associates to the NAIC Principle-Based Reserving Implementation (EX) Task Force. (January 15, 2014)
The Separate Account Products Work Group commented on the Potential Actions/Recommendations (Document 2) exposed for comment in November by the NAIC Separate Account Risk (E) Working Group. (January 10, 2014)
