Political analyst Stu Rothenberg will kick off the Academy Annual Meeting and Awards Luncheon on Oct. 15. Rothenberg is a fixture on Washington’s political scene and editor of the Rothenberg Political Report. He has been widely published and is a frequent guest on NBC’s Meet the Press, ABC’s This Week, and The McLaughlin Group. Learn more. (May 22, 2012)
The Actuarial Value Subgroup sent a letter to CCIIO offering comments on the Actuarial Value and Cost-Sharing Reduction bulletin, specifically addressing the proposed actuarial value calculator. This letter supplements comments submitted April 2 on the cost-sharing inputs for the calculator. (May 16, 2012)
Do our brains favor stories over statistics? Find out what cognitive scientists have uncovered and what it means for actuaries in the latest issue. (May 01, 2012)
The Health Practice Financial Reporting Committee sent comments to the Actuarial Standards Board on revisions to ASOPs 22, Statements of Opinion Based on Asset Adequacy Analysis by Actuaries for Life and Health Insurers and 28, Statements of Actuarial Opinion Regarding Health Insurance Liabilities and Assets. (May 17, 2012)
The Long-Term Care Practice Note Work Group has released an exposure draft of the Long-Term Care Rate Stability Practice Note, titled Long-Term Care Insurance Compliance with the National Association of Insurance Commissioners Long-Term Care Insurance Model Regulation Relating to Rate Stability. The practice note will be exposed for a comment period of 30 days. (04/30/2012) ()
Read about the Academy’s public policy activities in the pension arena in the latest edition of the Retirement Account. (May 15, 2012)
The cross-practice-Actuarial Soundness Task Force has issued Actuarial Soundness, a Special Report. It provides an overview of the uses of the terms “actuarial soundness” and “actuarially sound” in state and federal legislative and regulatory contexts to inform regulators and the general public of the meanings and implications of these terms. (May 10, 2012)
The ERM Committee responds to the NAIC on its draft, Own Risk and Solvency Assessment (ORSA) Model Act regarding the ORSA requirements and exemptions from the requirements, specifically the treatment of captive insurers. (May 11, 2011)
COPLFR submitted comments to the NAIC on the Blanks Working Group’s proposed 2012 Actuarial Opinion Instructions. (May 01, 2012)
The Pension Committee submitted a comment letter to the Internal Revenue Service responding to proposed regulations for longevity annuity contracts. The letter commended the IRS and Treasury Department for focusing on the problem of longevity risk, and recommended modest changes to the proposed regulations to further enhance retirement security. (May 03, 2012)
The Medical Loss Ratio Work Group sent a letter to CMS offering comments on the revised annual reporting form, specifically on the definition of premiums, contract reserves, and the definition of pre-tax underwriting gain/(loss). (May 02, 2012)
The Pension Committee submitted a comment letter to the Internal Revenue Service (IRS) responding to proposed regulations for partial annuity distribution options under defined benefit (DB) pension plans, commenting specifically on the proposed structure of Section 417(e) exemptions, and transition issues. (May 03, 2012)
The Federal Long-Term Care (LTC) Task Force sent a letter to the National Conference of Insurance Legislators in response to a request for information on strategies to reduce costs related to LTC coverage. The task force highlights a number of general approaches that would address both LTC costs and effectiveness. (April 27, 2012)
The Pension Practice Council submitted a letter to members of the House-Senate Conference Committee commenting on the pension funding stabilization provisions included in S. 1813 as passed by the Senate. The PPC recommended that to the extent the conference committee chooses to include pension funding changes in the final legislation to create more stability in contributions for plan sponsors, this could be accomplished better by smoothing outputs (contribution requirements) rather than inputs (discount rates). (May 02, 2012)
Read about the Academy’s New Medicare Voters’ Guide in the April Actuarial Update. (April 30, 2012)
