The Academys Pension Accounting Committee and Joint Committee on Retiree Health submitted a comment letter to the National Association of Insurance Commissioners (NAIC) on the exposure drafts of Statements of Statutory Accounting Principles (SSAP) No. 92 and No. 102. These exposure drafts are intended to replace existing standards governing accounting for pension benefits and postretirement benefits other than pensions (OPEBs). (December 09, 2011)
The Academy’s Tax Work Group submitted a discussion paper to the Life Actuarial Task Force and the American Council of Life Insurers regarding tax implications for structuring new commissioners’ mortality tables to include the extra mortality risk of business not subject to full underwriting.
(December 07, 2011)
(December 07, 2011)
The Academy submitted written comments to the International Actuarial Association (IAA) in response to its exposure draft on model International Standard of Actuarial Practice (ISAP) 1–General Actuarial Practice. Mary Frances Miller, then the Academy’s president, advised members in October that the IAA had released its first exposure draft to IAA member associations and individual actuaries for comment. The Actuarial Standards Board (ASB) provided a report to the U.S.-based actuarial associations on the proposed ISAP and also submitted a comment letter that was strongly endorsed by the Academy. To learn more, read the Academy’s comment letter, Miller’s message, and the ASB’s report and comment letter.
(December 02, 2011)Click here to order your copy. The law manual is designed to help appointed actuaries comply with the NAIC annual statement requirements for statements of actuarial opinion.
(December 02, 2011)
The Academy is creating toolkits designed to provide actuaries in every practice area with the tools necessary to deliver objective information on public policy issues to their own communities. The first in this series of toolkits is on Medicare’s financial condition. The toolkit includes a slide deck that provides an overview of the structure of Medicare, the challenges to the program’s solvency and sustainability, and options that have been proposed to reform the program. Learn more.
The Health Practice Council co-signed a letter with the Committee on Qualifications to the Arizona insurance director pointing out that their regulatory definition of “qualified actuary” for health premium actuarial certifications was inappropriate and suggested corrective language.
(November 18, 2011)
The Academy’s Cancer Claims Cost Tables Work Group submitted a letter to the NAIC’s Health Actuarial Task Force (HATF) indicating progress it has made over the last year and informing HATF of what it intends to do in the coming year. (November 11, 2011)
The Academy’s Group Long-Term Disability Work Group provided an update to the NAIC's Health Actuarial Task Force (HATF) at the NAIC’s Fall Meeting highlighting progress on the Long-Term Disability Valuation Table as well as indicating what work still needs to be completed. (November 11, 2011)
The Premium Review Work Group sent a letter to the Mass. Senate regarding an amendment to the state budget that would require the disapproval of any health insurance rates to be “supported by sound actuarial assumptions and methods.” (November 01, 2011)
The Academy’s Life Practice Council will present a webinar on Nov. 22 to review the NAIC Fall 2011 National Meeting and progress on implementing the Principle-based Approach (PBA) to reserving. This 90-minute webinar also will include updates regarding the VM-20 impact study and NAIC developments on the Own Risk Solvency Assessment (ORSA). Click here to learn more.
(October 31, 2011)
The Academy's Pension Practice Council submitted comments to the Governmental Accounting Standards Board (GASB) in response to two exposure drafts on pension accounting and financial reporting by employers. (October 17, 2011)
The Academy’s Pension Committee submitted a letter to the IRS and Department of Labor concerning a possible error in the instructions for Form 5500, Schedule H on the reporting of premium payments made to the PBGC from qualified DB plan assets. Click here to read the PBGC response to the Pension Committee's Inquiry. (October 17, 2011)
The Life Financial Reporting Committee has re-exposed the practice note, Optional Retrospective Application of ASU 2010-26 Acquisition Costs, for an additional two weeks. The deadline for comments is Oct. 28, 2011. (October 14, 2011)
A joint work group comprised of members of the SOA Long-Term Section Council and the Academy’s Federal Long-Term Care Task Force submitted a letter to HHS Secretary Sebelius regarding the department’s extension of the Genetic Information Nondiscrimination Act (GINA) to long-term care insurance in proposed regulations.
(October 13, 2011)Presenters from the American Academy of Actuaries and Society of Actuaries discussed new research findings from the actuarial profession that illustrate pension funding challenges facing the private defined benefit system. Presenters also discussed important implications for plan sponsors, beneficiaries, and policymakers. Speakers: Academy Vice President Ethan Kra, SOA Vice President Tom Terry, SOA Research Actuary Joe Silvestri, and Academy Senior Pension Fellow Don Fuerst.
- Click here to download the presentation.
- Click here to view the report on the SOA website.
- Video of briefing: part 1, part 2, part 3, part 4
The Academy's Pension Committee submitted a comment letter to the Actuarial Standards Board regarding the discussion draft of proposed revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. (October 12, 2011)
The Academy hosted a jointly sponsored Capitol Hill briefing, Important New Research Findings Indicate a “Rising Tide” of Contributions Facing Defined Benefit Pensions, with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrate a “rising tide” of pension funding challenges facing the private defined benefit system. Presenters discussed important implications for plan sponsors, beneficiaries, and policymakers.
- Click here to download the presentation.
- Click here to view the report on the SOA website.
- Video of briefing: part 1, part 2, part 3, part 4
The Casualty Practice Council submitted comments to the NAIC’s Casualty Actuarial & Statistical Task Force on its proposed 2012 Actuarial Opinion Instructions.
(October 10, 2011)Exchanges Work Group comments to CMS in response to proposed regulations establishing health insurance exchanges and qualified health plans under the ACA. (October 06, 2011)
The Academy recently sent a letter to the NAIC Medigap PPACA Subgroup offering comments on the subgroup’s new discussion paper, Medicare Supplement Insurance First Dollar Coverage and Cost-Shares.
(October 04, 2011)
