The National Association of Insurance Commissioners held its Fall National Meeting December 15-18 in Washington. The Academy was a significant presence on public policy and professionalism matters. Log in to read the full member alert. (December 20, 2013)
The Academy's Council on Professionalism developed the discussion paper—"The Application of Precept 13 of the Code of Professional Conduct" to help actuaries better understand their obligation to take action if they come across actuarial work that appears to materially violate the Code. The paper includes an infographic that provides an overview of the Precept 13 process triggered by knowledge of "an apparent, unresolved, material violation of the Code" and an appendix that features several hypothetical scenarios related to Precept 13 violations. (December 19, 2013)
Life Financial Soundness/Risk Management Committee made a proposed amendment to NAIC’s Life Actuarial Task Force on whether the direct iteration approach for the deterministic reserve results in the same amount as the gross premium valuation approach currently required by VM-20. (December 13, 2013)
The Casualty Practice Council presented background and introductory material before the NAIC’s P/C Risk-Based Capital Working Group in conjunction with presentation by Casualty Actuarial Society updating its research on underwriting risk charges in NAIC P/C risk-based capital. (December 15, 2013)
The National Association of Insurance Commissioners Health Insurance and Managed Care (B) Committee adopted the Academy/SOA's group long-term disability valuation table and actuarial guideline at its fall national meeting. (December 18, 2013)
Intersector Group reported to the Pension Practice Council its notes from a meeting with the Pension Benefit Guaranty Corporation. (September 11, 2013)
Intersector Group reported to the Pension Practice Council its notes from a meeting with the Treasury Department and Internal Revenue Service. (September 11, 2013)
Intersector Group reported to the Pension Practice Council its notes from a meeting with the Treasury Department and Internal Revenue Service. (March 13, 2013)
The Individual Dsiability Table Work Group gave a presentation on an updated table to the NAIC's Health Actuarial Task Force. (December 17, 2013)
Read about the Academy's year-end discussion of the Pension Benefit Guaranty Corp, the recently released Measuring Pension Obligations issue brief, updated Social Security and IRS amounts for 2014, and ways to get Form 5500 informational copies. (December 16, 2013)
The Academy/SOA's Individual Disability Table Work Group provided a final report and actuarial guideline on a new individual disability table to the NAIC's Health Actuarial Task Force at its fall national meeting. (December 16, 2013)
The Long-Term Care Principle-Based Work Group presented an update to the NAIC's Long-Term Care Actuarial Working Group on work to complete the LTC principle-based approach model. (December 16, 2013)
The Pension Committee submitted comments to the Internal Revenue Service on Notice 2013-49: Updated Static Mortality Tables for the Years 2014 and 2015. (December 16, 2013)
The Separate Account Products Work Group submitted comments to the NAIC’s Separate Accounts Risk Working Group on suggested principles for insulating separate account assets for non-variable products. (December 13, 2013)
Life Reserves Work Group provides memo to the NAIC’s Life Actuarial Task Force of VM-20 on current and long-term spread tables. (December 13, 2013)
