In the September/October Contingencies, the cover story, “A Policy for Fluffy,” explores pet insurance, which currently occupies only a relatively small niche of the marketplace—but many observers believe it’s poised for big growth in the United States. Other features include “Flu Review”—Just in time for flu season, a brief history and analysis of influenza risk, and how actuaries fit into insurance companies’ strategic plans to deal with outbreaks; and “Taking Aim”—Actuarial professionalism and the challenge of engagement. Also, a President’s Message on the Academy as the fulcrum of self-regulation; insights from health care systems in Africa and the Middle East; and an exploration of core values and the ASOPs. (September 04, 2018)
The Pension Committee published a practice note covering topics related to the implementation of the spot rate approach to determining benefit obligations, service cost, and interest cost under accounting standards and other granular approaches. (September 23, 2018)
The Pension Committee released an exposure draft of practice note on current and emerging practices in the development of liabilities and cost estimates for pension plans with benefits paid as a lump sum. The comment deadline for this exposure draft is November 15, 2018. (September 20, 2018)
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. (September 20, 2018)
As discussed in the August Actuarial Update, some Academy members have been asked to sign a petition in support of a membership vote on changing the Academy’s rules governing the participation of guests in meetings of the Actuarial Standards Board and of the Academy’s various committees. A petition was presented on September 13, which the Academy has reviewed and determined is insufficient to trigger a membership vote for three principal reasons. Read more. (September 20, 2018)
The Solvency Committee submitted comments to the NAIC's Group Capital Calculation (E) Working Group on scope and non-insurance testing. (September 19, 2018)
In the Fall Casualty Quarterly, Travel Insurance Task Force Chairperson Daniel Roth does a Q&A on the task force’s new travel insurance monograph. Also in this issue, the Academy presented at the Casualty Loss Reserve Seminar and at a Capitol Hill cybersecurity panel, and the latest state and federal legislative and regulatory activity. (September 20, 2018)
The Big Data Task Force submitted comments ahead of the U.S. Senate Committee on Banking, Housing, and Urban Affairs' hearing, Fintech: Examining Digitization, Data, and Technology. (September 16, 2018)
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. (September 13, 2018)
The Intersector Group released an Academy Alert highlighting time-sensitive information in advance of the publication of the notes from its April 4 meetings with the Internal Revenue Service (IRS) and the U.S. Department of the Treasury. The Intersector Group has chosen to release the following information now due to the time-sensitive nature for plan sponsors who are considering making contributions to defined benefit (DB) plans on Sept. 15. The full minutes of the group’s meeting with the IRS and Treasury will be published in the near future. (September 13, 2018)
The Academy’s Council on Professionalism maintains an online tool to help practicing actuaries stay abreast of actuarial standards of practice (ASOPs). The Applicability Guidelines can help actuaries initiate an analysis of which ASOPs may be applicable to particular assignments and to keep current with new and revised ASOPs. (Actuarial Update, August 2018) (August 30, 2018)
The Life Reserves Work Group submitted a revised amendment proposal form to the NAIC on the aggregation of mortality segments for the purpose of determining credibility. (September 11, 2018)
The September HealthCheck covers the Individual and Small Group Markets Committee’s comments to the Centers for Medicare & Medicaid Services and the Department of Health and Human Services (HHS) on a proposed rule regarding the adoption of methodology for the HHS-operated permanent risk adjustment program. Also covered: the committee’s issue brief, Auto-Enrollment Into Individual Market Health Insurance Coverage; and states’ and federal legislative and regulatory actions. (September 12, 2018)
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. (September 06, 2018)
On Sept. 4, 2018, the Academy’s Board of Directors, after careful deliberation, voted to amend the Academy’s Bylaws to change the composition of the Academy’s Selection Committee. This committee is established by the Academy Bylaws and appoints members of the Actuarial Standards Board (ASB) and the Actuarial Board for Counseling and Discipline (ABCD), both of which are housed within the Academy. Effective immediately, the Selection Committee will be composed only of the presidents and presidents-elect of the Academy, the Society of Actuaries, and the Casualty Actuarial Society. Read Academy President Steve Alpert’s letter to members. (September 06, 2018)
