The Health Solvency Work Group submitted a letter to the NAIC's Health Risk-Based Capital Working Group giving the work group's analysis of possible risks caused by the Affordable Care Act as it relates to health risk-based capital. (February 08, 2013)
The Pension Committee sent comments to the Internal Revenue Service regarding its recent guidance related to notice requirements under section 101(j) of ERISA for funding-related benefit limitations in single-employer defined benefit pension plans. (February 05, 2013)
The Academy offered a heartfelt thank you to Richard S. Foster, who is retiring this week as Centers for Medicare & Medicaid Services (CMS) chief actuary after a long and distinguished career in public service. Through his 18 years at CMS and previous 13 years as deputy chief actuary of the Social Security Administration, Foster devoted his entire actuarial career to improving the financial status of the nation’s most important social insurance programs — Medicare, Medicaid, and Social Security. Read the news release. (February 01, 2013)
The Academy/SOA's Cancer Claims Cost Tables Work Group submitted a letter to the NAIC's Health Actuarial Task Force that updated the progress of the valuation table and the work it expects to do over the next six months. (February 01, 2013)
The ORSA Subgroup submitted changes to the NAIC on its December 2012 draft, Guidance Manual for the Own Risk and Solvency Assessment, and included information on actuaries who are involved in enterprise risk management. (January 31, 2013)
Join the Academy and the Casualty Actuarial Society on Feb. 14 for this timely webinar on key considerations related to the risk of material adverse deviation (RMAD) disclosure required of appointed actuaries providing statements of actuarial opinion on property/casualty loss and loss adjustment expense reserves in the United States. Attendees will learn why RMAD disclosure exists and how to establish a materiality standard, evaluate whether there is an RMAD, and document their findings. Register today! (February 01, 2013)
The Academy's Large Group Medical Business Practice Note Work Group has released for a 60-day comment period an updated practice note relating to Large Group Medical Business. (January 24, 2013)