The Financial Regulatory Reform Task Force comments to the Federal Reserve on its proposed rule establishing additional prudential standards to apply to non-bank financial service companies identified by the FSOC as companies that could pose systemic risk. The comments focused on the application of the proposed standards addressing risk based capital, leverage regulations, liquidity standards, risk management processes, counterparty limits, stress test requirements, debt to equity limits, and early remediation to US insurers that currently are under the regulatory supervision of one state functional regulator. (April 30, 2012)
The Academy submitted comments to the NAIC on its draft white paper on the Solvency Modernization Initiative and insurance regulation offering suggestions encompassing RBC, ORSA, and NAIC model laws. (April 30, 2012)
Read about recent health care reform activities in the latest edition of HealthCheck. (April 25, 2012)
The Pension Practice Council published a new issue brief examining the Pension Benefit Guaranty Corporation (PBGC) premium structure and current proposals to revise that structure. The issue brief discusses and differentiates between two categories of costs faced by the PBGC: going-forward costs and legacy costs. (April 26, 2012)
The ASB released Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Plan Costs or Contributions for comments. Comments are due July 15, 2012. Learn more. (April 17, 2012)
Read about the exposure of ASOP Nos. 22 and 28 revisions; the exposure of the Risk Evaluation in Enterprise Risk Management draft; and the 2011 annual report. (April 18, 2012)
Read the Council of U.S. Presidents statement and review the task force membership. (April 25, 2012)
The Academy has published two guides to help voters better understand the long-term financial challenges facing Medicare and Social Security. Read what to ask candidates—and how to evaluate their answers—about proposals for reforming these programs. The guides are part of the Academy’s Campaign 2012 Toolkits. For more information on the release of the guides, click here. (April 20, 2012)
This event will be held in conjunction with the Society of Actuaries Annual Meeting at Washington’s Gaylord National Resort Hotel & Convention Center. Stay tuned for more information. (April 20, 2012)
The Health Practice Council and the Committee on Qualifications sent a letter to all state insurance commissioners and chairs of each state house and senate insurance committee regarding the appropriate definition of "Qualified Actuary" as it relates to the Affordable Care Act's rate review provision. Under the Affordable Care Act, the Centers for Medicare and Medicaid Services (CMS) is authorized to determine whether health insurance rate increases filed with states are “unreasonable.” As of September 1, 2011 rate increases equal to or greater than 10 percent may be reviewed by states that have been determined by CMS to have an effective rate review program; otherwise, increases in excess of 10 percent will be reviewed by CMS to determine whether such rate increases are “unreasonable.” As a result, many states are in the process of drafting regulatory language that would create their own rate review program. In the past few months, an inconsistency in the definition of “qualified actuary” in some state regulations has come to the attention of the American Academy of Actuaries. The letter provides recommended language regarding the appropriate definition of qualified actuary as states move to implement the Affordable Care Act’s rate review provision. (April 20, 2012)
The Health Practice Council and the Committee on Qualifications sent a letter to all state insurance commissioners and chairs of each state house and senate insurance committee regarding the appropriate definition of "Qualified Actuary" as it relates to the Affordable Care Act's rate review provision. Under the Affordable Care Act, the Centers for Medicare and Medicaid Services (CMS) is authorized to determine whether health insurance rate increases filed with states are “unreasonable.” As of September 1, 2011 rate increases equal to or greater than 10 percent may be reviewed by states that have been determined by CMS to have an effective rate review program; otherwise, increases in excess of 10 percent will be reviewed by CMS to determine whether such rate increases are “unreasonable.” As a result, many states are in the process of drafting regulatory language that would create their own rate review program. In the past few months, an inconsistency in the definition of “qualified actuary” in some state regulations has come to the attention of the American Academy of Actuaries. The letter provides recommended language regarding the appropriate definition of qualified actuary as states move to implement the Affordable Care Act’s rate review provision. (April 20, 2012)
The Natural Catastrophe Subcommittee provided comments to the National Conference of Insurance Legislators on natural catastrophe insurance reform options, focusing on damage prevention and risk financing. (April 13, 2012)
The Risk Management and Financial Reporting Council wrote a letter to the Department of Treasury urging that actuarial science be one of the specific considerations for members of the proposed Financial Research Advisory Committee that will support the work of the Office of Financial Research. (April 13, 2012)
Don’t miss the primary source of instruction for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement. Register today if you have not met these specific knowledge requirements set forth in the U.S. Qualification Standards, intend to change practice areas (experienced FSAs or career ASAs), or need an excellent source of continuing education. Seats are limited! (July 27, 2012)
The Joint Economic Scenario Generator Project Oversight Group of the American Academy of Actuaries and the Society of Actuaries has released an updated FAQ document that provides important information on the Academy’s Interest Rate Generator (AIRG). In January 2012, the POG updated the AIRG with historical yield curves through December 2011. (April 04, 2012)
