The Academy’s Long-Term Care Practice Note Work Group has published an updated practice note relating to long-term care rate stability under the NAIC’s Long-Term Care Insurance Model Regulation. (October 23, 2012)
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. (October 19, 2012)
The Academy held its Annual Meeting and Awards Luncheon on Oct. 15. Outgoing President David Sandberg honored Julia Phillips with the Robert J. Myers Public Service Award, Curtis Huntington with the Jarvis Farley Service Award (click here to view his acceptance speech), and Shawna Ackerman, Mita Lodh, and Mike Ward with Awards for Outstanding Volunteerism. Sandberg also welcomed new regular directors to the Academy Board of Directors. (October 19, 2012)
The Academy’s board of directors has elected Tom Terry to the position of president-elect. Terry will succeed Cecil Bykerk as president for the 2013-2014 term. The Academy also announced it elected five members to fill officer positions. (October 19, 2012)
Cecil D. Bykerk was installed as the Academy’s 48th President at the Annual Meeting and Awards Luncheon on Oct. 15. The focus of his presidency will be to bring an actuarial perspective to bear on ever-increasing health care costs in the United States. (October 19, 2012)
The ASB adopted final revisions to ASOP No. 22, Statements of Opinion Based on Asset Adequacy Analysis by Actuaries for Life and Health Insurers, and ASOP No. 28, Statements of Actuarial Opinion Regarding Health Insurance Liabilities and Assets. The revisions are effective for actuarial opinions issued on or after Dec. 31, 2012. (October 18, 2012)
Read about the recent revision, adoption, and approval of several ASOPs, plus more! (October 18, 2012)
The ASB approved a revision of ASOP No. 25, Credibility Procedures, which is now applicable to all practice areas while providing guidance to actuaries in the selection of a credibility procedure and the assignments of credibility values to sets of data. Comments for ASOP No. 25 are due Dec. 31, 2012. The ASB also adopted ASOP No. 46, Risk Evaluation in Enterprise Risk Management, which provides guidance to actuaries when performing professional services with respect to risk evaluation systems used for the purposes of enterprise risk management, including designing, implementing, using, and reviewing those systems. The effective date for ASOP No. 46 is May 1, 2013. (October 16, 2012)
Gain an actuarial perspective on the 2012 Social Security Trustees Report and the assumptions used in determining Social Security projections. Social Security Administration Chief Actuary Steve Goss will be available to provide additional comments and answer questions. Learn more! (November 20, 2012)
The Academy's International Accounting Standards Task Force (IASTF) will present a webinar on the FASB and IASB Insurance Contracts Project. Attendees will learn about IASB's work on Phase 2 of the project and the resulting significant changes to the International Financial Reporting Standard (IFRS) on insurance contracts, and potential changes to U.S. GAAP. (October 16, 2012)
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. (October 12, 2012)
The Academy's Actuarial Guideline 43/C-3 Phase II Work Group submitted a report to the NAIC with possible ideas for a review process of Actuarial Guideline 43 and C-3 Phase II. (October 12, 2012)
The Pension Practice Council has published an issue brief on the 80 percent funded ratio myth. The issue brief debunks that myth and clarifies how actuaries view funding levels for pension plans and how the funded ratio relates to the “soundness” or the “health” of a pension plan or system. (July 31, 2012)
The International Accounting Standards Task Force comments to the International Accounting Standards Board on its working drafts, Feedback on the premium-allocation approach decisions, Feedback on the Non-Insurance Components and on measuring earned premium under the building block approach. (October 09, 2012)
Presenters will provide important information for pricing actuaries when completing an actuarial certification related to pricing long-term care insurance policy forms under the rate stability provisions of the NAIC’s Long-Term Care Model Regulation. Register today! (October 09, 2012)
