The NAIC’s adoption of the new Model Standard Valuation Law sets into motion state adoptions of Principle-Based Reserving (PBR) for life insurance products, which the Academy’s Life Practice Council was instrumental in developing.
In order to provide a service to enhance professionalism documentation to the entire U.S. actuarial profession, the Academy develops TRACE—“Tracking Your CE”—offered to all actuaries regardless of their membership affiliations and without charge. TRACE was developed to reflect the terminology and references from the continuing education requirements established by the U.S. Qualification Standards.
The Board adopts a policy that all Academy members who are members of any Academy board, committee, subcommittee, work group, task force, etc. annually comply with and attest to their compliance with the continuing education requirements of the U.S. Qualification Standards to serve as members of such committees.
The Academy files an amicus curiae brief with the U.S. Supreme Court on the question of whether the individual health insurance mandate included in the Affordable Care Act could be severed from the act’s other provisions. The brief does not take a position on the law itself. Of hundreds of briefs submitted, the Academy’s is one of only a handful cited by both sides.
The Academy begins hosting a breakfast at national NAIC meetings to allow regulators to discuss candidly professionalism issues of concern to regulators with Academy professionalism volunteers knowledgeable about qualifications, practice standards, and discipline procedures.
The Academy unveils a major initiative on Lifetime Income, kicked off with a discussion paper titled “Risky Business: Living Longer Without Income for Life.”
The Academy executes a public policy research partnership with the Health Care Cost Institute to complement the Academy’s intensive examination of health care costs and quality of care in the United States.