Mary Bahna-Nolan, chairperson of the Life Experience Subcommittee, gave a presentation to the NAIC Life Actuarial Task Force discussing conclusions of the subcommittee on the 2012 Individual Annuity Mortality Basic Tables following a recent exposure period.
(August 09, 2012)The chairpersons of the Pension Committee, along with Senior Pension Fellow Don Fuerst, sent a letter to Treasury officials regarding the implementation of MAP-21 pension provisions. The letter expresses support for the urgent need to publish the 25-year average segment rates required under MAP-21. Attached to the letter is an outline of topics discussed by several Pension Committee members at a meeting with Treasury on July 23.
(August 02, 2012)The Pension Practice Council has published an issue brief on the 80 percent funded ratio myth. The issue brief debunks that myth and clarifies how actuaries view funding levels for pension plans and how the funded ratio relates to the “soundness” or the “health” of a pension plan or system.
(July 31, 2012)The Financial Regulatory Reform Task Force comments to the IAIS on its proposed method to identify insurers whose distress or disorderly failure would cause significant disruption to the global financial system and economic activity.
(July 31, 2012)The Pension Practice Council sent a letter to Senator Orrin Hatch commenting on a January report entitled “State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America.” The letter references the Pension Practice Council’s newly published issue brief that debunks the myth that an 80% funded ratio is the proper basis for determining whether a pension plan is financially or “actuarially” sound.
(July 31, 2012)The Solvency Committee submits comments to the NAIC and IAA on the IAIS Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors and the framework for supervisors to address group-wide activities and risks.
(July 27, 2012)
The Rate Review Practice Note Work Group released for a 30-day exposure period a practice note related to the preparation and review of rate filings under the Affordable Care Act. Comments on Actuarial Practices Relating to Preparing, Reviewing, and Commenting on Rate Filings Prepared in Accordance with the Affordable Care Act should be submitted by September 4.
(July 23, 2012)
This two-day interactive seminar will allow attendees to work hands-on with the new reserving requirements in VM-20 and apply them to real-life examples. The seminar also will provide plenty of opportunity to discuss specific components of VM-20 with expert faculty. This seminar is jointly sponsored by the Academy and the Society of Actuaries. (July 21, 2012)
Steve Schoonveld, a member of the Federal Long-Term Care Task Force, presented at the National Conference of Insurance Legislators (NCOIL) Summer Meeting in Burlington, VT on options to reform the long-term care system in the United States.
(July 18, 2012)The Life Practice Council and Life Financial Soundness/Risk Management Committee submitted comment letters with suggested changes to the valuation manual and expressed the need for an updating and review process for the valuation manual going forward.
(July 16, 2012)The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on the exposure draft of ASOP 6, Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Plan Costs or Contributions.
(July 14, 2012)Nancy Bennett, Senior Life Fellow and member of the Financial Regulatory Reform Task Force, presented to the National Conference of Insurance Legislators on modernizing insurance regulation as expressed by the Task Force to the Federal Insurance Office.
The Academy’s Health Practice Council hosted a webinar on July 11 to provide actuaries from all practice areas with an analysis of the Supreme Court’s June 28 decision on the Affordable Care Act (ACA). Speakers outlined the decision, discussed the next steps in the federal and state implementation process, and highlighted future Academy activities aimed at the challenge of addressing long-term health costs. Download the presentation slides and audio recording.
(July 11, 2012)The P/C Risk-Based Capital Committee has issued a letter to the Solvency Modernization Initiative RBC Subgroup concerning CAS Working Party research on potential improvements to the NAIC's P/C RBC framework.
(July 10, 2012)The Group Long-Term Disability Work Group submitted a report outline to the NAIC’s Health Actuarial Task Force (HATF) regarding a valuation proposal for a new group long-term disability table.
The Stop-Loss Work Group submitted comments to the Employee Benefits Security Administration on small employers' use of stop-loss insurance and how this affects the market for fully insured small health coverage under the Affordable Care Act (ACA).
The Pension Committee submitted comments to the SOA on a new set of mortality tables and projection scales for the valuation of uninsured pension plans.
(June 30, 2012)The Flood Insurance Subcommittee has issued a comment letter to Congressional leaders concerning H.R. 4348, a bill to reform the National Flood Insurance Program and reauthorize it for five years.
The Academy’s Health Practice Council Communications Task Force updated its recent Campaign 2012 voters’ guide, Making Health Care Reform Work: Why Broad Participation is Necessary. The guide is intended to assist voters to understand why broad participation is necessary in the health insurance system to avoid higher premiums.
(June 28, 2012)The Contingent Annuity Work Group gave a presentation at an interim meeting of the NAIC Contingent Deferred Annuity (A) Working Group regarding the solvency and risk management issues associated with contingent annuities.
(June 27, 2012)
