Life Practice Council members presented a practical application of PBR Valuation on life insurance products to regulators attending the NAIC Financial Summit. (May 30, 2013)
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. (May 24, 2013)
Read about the Academy’s pension policy activities in this issue. (May 23, 2013)
Senior Pension Fellow Donald Fuerst testified at a House Committee on Ways and Means Subcommittee hearing on Social Security that examined bipartisan proposals to adjust Social Security benefits and their impacts on the program’s solvency, beneficiaries, workers, and the economy. Fuerst said that raising the full retirement age could help mitigate Social Security’s long-range financial problems and that addressing Social Security’s solvency now would permit more modest changes to be phased in gradually. (May 23, 2013)
This webinar helps actuaries to learn more about the new information contained in the revised ASOP No. 1, Introductory Actuarial Standard of Practice. Effective June 1, 2013, ASOP No. 1 is a revision of the previous Introduction to the Actuarial Standards of Practice and includes new content as well as clarification of prior language. (June 17, 2013)
On May 20, American Academy of Actuaries Senior Health Fellow Cori Uccello told the U.S. House of Representatives’ Energy and Commerce Committee’s Subcommittee on Oversight and Investigations that the Affordable Care Act’s health insurance issue and rating rules that apply to the individual and small group markets, which take effect Jan. 1, 2014, “will affect not only overall average premiums, but also the specific premiums that people will face. Premium changes due to the ACA health insurance market reform rules will vary across states and among individuals and will reflect many factors…” Uccello described these factors in her testimony before the subcommittee during its hearing on “Health Insurance Premiums Under the Patient Protection and Affordable Care Act.” Read Uccello’s statement. (May 22, 2013)
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. (May 17, 2013)
Comptroller General and Head of the U.S. Government Accountability Office (GAO), Gene L. Dodaro, presented to the Academy’s board of directors at its May meeting in Washington. Dodaro discussed systems and processes ensuring objectivity of all GAO work, overall budget environment in the near and long term, debt held by the public under two fiscal policy simulations, the GAO’s high-risk list, limiting the federal government's fiscal exposure by better managing climate change risks, national flood insurance program, improving and modernizing federal disability programs, and modernizing the U.S. financial regulatory system. A theme throughout the presentation and discussion was how GAO’s work is produced under rigorous standards that ensure objectivity and independence, underlined by several mentions of how the GAO's credibility depends on the perception - and the reality—that its work has been carried out with integrity and ethical principles. (May 17, 2013)
The Health Practice Financial Reporting Committee submitted comments to the NAIC on its proposed modifications to the Maintenance Submission Form that addresses an Accounting Standards Update surrounding fees paid to the federal government by health insurers. (May 17, 2013)
The Life Practice Council submitted a comment letter to the NAIC Principle-Based Reserving Implementation (EX) Task Force praising additional language in the April 3 NAIC PBR Draft Implementation Plan and offering assistance with evaluating and updating the PBR methodology. (May 06, 2013)
The PBR Strategy Subgroup submitted an additional comment letter to the NAIC Principle-Based Reserving Implementation (EX) Task Force regarding the potential impact of PBR in its draft legislative brief. (May 06, 2013)
Visit the Academy board election page now to see the slate of officers, to be led by Mary D. Miller as President-Elect, to be elected by the Academy Board in October. There is also information about the ongoing Nominating Committee process to fill four regular director positions that will be open for election in the Academy’s third online election in the summer. The deadline for submitting regular director nominations directly to the Nominating Committee is June 7th. After that, candidates who would like to be considered by the Nominating Committee will need to submit petitions to do so. (May 16, 2013)
Five years have passed since the U.S. Qualification Standards (QS) were last revised and effectuated. As such the Academy’s Committee on Qualifications (Committee) has decided to undertake a review to determine if there is a need to start the process of considering revisions to the QS. The Academy’s Board of Directors approved the Committee’s plans to begin this process and therefore the Committee is asking all actuaries and the public to provide comments. Learn more about what areas are of particular interest and how you can submit comments. (May 28, 2013)
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. (May 10, 2013)
The American Academy of Actuaries will host a May 17 Hill briefing on how changes to health insurance premiums stemming from the Affordable Care Act (ACA) could vary considerably. Experts will present basic premium concepts; provisions in the ACA that affect premiums; and, how the provisions in ACA may change premiums. (May 12, 2013)
