Volunteer Action Required: Committing on an annual basis to professional objectivity is required to perform volunteer work for all those who participate in Academy committees. That’s why Ken Kent, vice president of the Academy’s Council on Professionalism, today emailed each volunteer a request to submit a conflict of interest (COI) acknowledgement and continuing education (CE) attestation. Interested parties must also acknowledge the COI policy. To comply, follow the instructions in the email or on the membership page under “Volunteer Acknowledgements.”
Life & Health Valuation Law Manual, P/C Loss Reserve Law Manual Available to Order
The 2016 Life & Health Valuation Law Manual—designed to help appointed life and health actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation—is now available. It includes a current-topics section outlining key valuation developments and state guidance; NAIC model laws and regulations that have an effect on reserve calculations; a discussion of generally distributed interpretations; and copies of the current actuarial guidelines from the NAIC Examiners Handbook. The manual is available in a variety of formats.
The Academy’s 2015 Property/Casualty Loss Reserve Law Manual is now available. Updated annually and designed to help appointed property/casualty (P/C) actuaries comply with NAIC annual statement requirements, the manual includes SAO requirements and state laws and regulations establishing those requirements; annual statement instructions for the SAOs for P/C, title loss, and loss expense reserves; and other pertinent annual statement instructions. It is available in two formats—web/online or CD-ROM. Members can order online by logging in to Academy’s website, or orders also may be placed via mail/fax.
For questions or additional information on either manual, please contact Leiloni Hayward, public policy senior administrative assistant, at 202-223-8196 or hayward@actuary.org.
Winter EAR Released
In the Winter 2015-16 edition of the Enrolled Actuaries Report, read about concerns over the long-term sustainability of multiemployer pension plans; find out more about pension sessions and plenary speakers at the Academy’s 2015 Annual Meeting and Public Policy Forum; see what the Pension Practice Council wrote in comments to the IRS and Treasury Department on Qualified Longevity Annuity Contracts (QLACs); and examine the annual updated Social Security and IRS tables. Download the EAR here.
Webinars Cover Health Care Topics
Two Academy webinars held this week covered different aspects of health care. More than 500 attendees participated in the Health Financial Reporting and Solvency Committee’s webinar Monday on Own Risk and Solvency Assessment (ORSA) from a short-duration health perspective. And attendees from nearly 500 sites and about a dozen countries tuned into Wednesday’s webinar, “An International Discussion on Risk Adjustment,” hosted by the Academy’s Health Practice International Committee and the International Actuarial Association.
Slides are available for both webinars, and audio is available for the ORSA webinar. See the forthcoming January Actuarial Update for more coverage.
Alerts
The Office of Financial Research (OFR) issued its Annual Report to Congress, describing the OFR’s 2016 agenda and highlighting a number of key research findings. Along with the office’s more in-depth inaugural Financial Stability Report, released in December, this report provides analysis of potential threats to U.S. financial stability. Read the full Alert here.
Public Policy Activities
The Medicare Subcommitteesent a letter to the Senate Finance Committee with comments on the Bipartisan Chronic Care Working Group’s Policy Options Document.
The Solvency Committeesubmitted comments to the International Association of Insurance Supervisors on the Non-traditional Non-insurance Activities and Products public consultation document dated Nov. 25, 2015.
The Committee on Property and Liability Financial Reportingsubmitted comments to the NAIC/IAIABC Joint (C) Working Group on the 2015 Workers’ Compensation Large Deductible Study draft.
The Life Illustrations Working Groupsubmitted comments to the NAIC’s Life Insurance and Annuities (A) Committee on the new working group formed to explore disclosures required in Model #580 and #582.
The Actuarial Guideline 43/C-3 Phase II Work Groupsubmitted comments to the NAIC on the variable annuities blanks proposal exposed on Nov. 19.
Upcoming Events
Health Care Spending Webinar Set for Next Week: Panelists from the Centers for Medicare & Medicaid Services (CMS) will discuss their recent findings regarding national health spending in a Feb. 4 webinar, “CMS Discussion of National Health Spending in 2014,” which is free for Academy members. Click here for more information and to register.
Enrolled Actuaries (EA) Meeting: The Academy and the Conference of Consulting Actuaries will again jointly host the annual Enrolled Actuaries Meeting, April 10-13, in Washington, D.C. The meeting offers a variety of panels and workshops, covering a wide range of topics and issues relevant to EAs and other pension professionals, as well as an exhibit of products and services. Click here for more information and to register.
In the News
The Academy’s announcement of Ted Goldman as its new senior pension fellow was reported by the Washington Business Journal. For more information on Goldman’s background and his role at the Academy, read the news release on BenefitsLink.com or on the Academy’s website.
The January/February issue of the Casualty Actuarial Society’s Actuarial Reviewdiscusses the Academy’s role in developing and adapting risk-based capital standards from a property/casualty perspective, highlighting the Academy’s Property and Casualty Risk-Based Capital Committee’s work in improving the risk-based capital formula.
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