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News for Thursday, April 17, 2014

Stu Rothenberg to address actuaries at annual meeting

Political analyst Stu Rothenberg will kick off the Academy Annual Meeting and Awards Luncheon on Oct. 15. Rothenberg is a fixture on Washington’s political scene and editor of the Rothenberg Political Report. He has been widely published and is a frequent guest on NBC’s Meet the Press, ABC’s This Week, and The McLaughlin Group. Learn more. (05/22/12)

Issue brief on the 2012 Medicare Trustees Report

The Medicare Steering Committee updated its annual issue brief that offers an actuarial perspective on Medicare's financial condition and outlines the public policy options to address the program's long-term financial challenges. (05/21/12)

Second Quarter Retirement Account now available

Read about the Academy’s public policy activities in the pension arena in the latest edition of the Retirement Account.(05/15/12)

Comments on Pension Funding Stabilization

The Pension Practice Council submitted a letter to members of the House-Senate Conference Committee commenting on the pension funding stabilization provisions included in S. 1813 as passed by the Senate. The PPC recommended that to the extent the conference committee chooses to include pension funding changes in the final legislation to create more stability in contributions for plan sponsors, this could be accomplished better by smoothing outputs (contribution requirements) rather than inputs (discount rates). See the News Release (05/02/12)

Online issue of May/June Contingencies

Do our brains favor stories over statistics? Find out what cognitive scientists have uncovered and what it means for actuaries in the latest issue. (05/01/12)

April Update now available

Read about the Academy’s New Medicare Voters’ Guide in the April Actuarial Update. (04/30/12)

New Task Force to examine organizations and the services they provide in support of the profession

Read the Council of U.S. Presidents statement and review the task force membership. (04/25/12)

April HealthCheck now available

Read about recent health care reform activities in the latest edition of HealthCheck. (04/25/12)

Academy releases Medicare and Social Security voters’ guides

The Academy has published two guides to help voters better understand the long-term financial challenges facing Medicare and Social Security. Read what to ask candidates—and how to evaluate their answers—about proposals for reforming these programs. The guides are part of the Academy’s Campaign 2012 Toolkits. For more information on the release of the guides, click here. (04/24/12)

Letter Regarding Appropriate Definition of Qualified Actuary As It Relates to ACA's Rate Review Provision

The Health Practice Council and the Committee on Qualifications sent a letter to all state insurance commissioners and chairs of each state house and senate insurance committee regarding the appropriate definition of "Qualified Actuary" as it relates to the Affordable Care Act's rate review provision. Under the Affordable Care Act, the Centers for Medicare and Medicaid Services (CMS) is authorized to determine whether health insurance rate increases filed with states are "unreasonable." As of September 1, 2011 rate increases equal to or greater than 10 percent may be reviewed by states that have been determined by CMS to have an effective rate review program; otherwise, increases in excess of 10 percent will be reviewed by CMS to determine whether such rate increases are "unreasonable." As a result, many states are in the process of drafting regulatory language that would create their own rate review program. In the past few months, an inconsistency in the definition of "qualified actuary" in some state regulations has come to the attention of the American Academy of Actuaries. The letter provides recommended language regarding the appropriate definition of qualified actuary as states move to implement the Affordable Care Act's rate review provision. (04/20/12)

Save the date for the Academy Annual Meeting and Awards Luncheon: Oct. 15

This event will be held in conjunction with the Society of Actuaries Annual Meeting at Washington’s Gaylord National Resort Hotel & Convention Center. Stay tuned for more information. (04/20/12)

Nominate exceptional Academy members!

Nominations for three different Academy awards are open. The Jarvis Farley Service Award is given to an Academy member who has made an extraordinary contribution to the profession through long-time service as an Academy volunteer. The Robert J. Myers Public Service Award recognizes extraordinary contribution to the public good through service to the government or in the public sphere. And, initiated last year, are the annual Awards for Outstanding Volunteerism to honor Academy volunteers who have made a single, noteworthy contribution above and beyond what is reasonably expected. (04/20/12)

April 2012 Boxscore is now available

Read about the exposure of ASOP Nos. 22 and 28 revisions; the exposure of the Risk Evaluation in Enterprise Risk Management draft; and the 2011 annual report. (04/18/12)

ASB approved exposure of ASOP No. 6 revision

The ASB released Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Plan Costs or Contributions for comments. Comments are due July 15, 2012. Learn more. (04/17/12)

Letter to Treasury on Financial Research Advisory Committee

The Risk Management and Financial Reporting Council wrote a letter to the Department of Treasury urging that actuarial science be one of the specific considerations for members of the proposed Financial Research Advisory Committee that will support the work of the Office of Financial Research. (04/13/12)

2012 Life and Health Qualifications Seminar—registration is now open!

Don’t miss the primary source of instruction for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement. Register today if you have not met these specific knowledge requirements set forth in the U.S. Qualification Standards, intend to change practice areas (experienced FSAs or career ASAs), or need an excellent source of continuing education. Seats are limited! (04/13/12)

ASB Approves ERM Risk Evaluation Exposure Draft

The proposed ASOP provides guidance to actuaries when performing professional services with respect to risk evaluation systems, including designing, implementing, using, and reviewing those systems. Comments are due June 30, 2012. (04/03/12)

Academy reiterates position on severability as detailed in amicus brief

As the U.S. Supreme Court prepared to hear arguments on the issue of severability, the Academy reiterated its position that the guaranteed-issue and community-rating provisions should stand or fall with the individual mandate. (03/27/12)

Campaign 2012 Toolkit: Social Security guide now available

The Academy’s Social Security Committee published a  guide to analyzing Social Security reform proposals. Visit the Campaign 2012 Toolkit page  for more information. (03/27/12)

New Policy: All Academy Committee Members Required to Comply with CE Requirements

The Academy Board of Directors adopted at its October 28, 2011, meeting a recommendation from the Council on Professionalism that all Academy members who are members of any Academy board, committee, subcommittee, work group, task force, etc. (“committee”) annually must comply and attest to their compliance with the continuing education (CE) requirements of the U.S. Qualification Standards to serve as members of such committee. Please click here for more information. (03/26/12)

Nominations Open

Petitions for members to nominate a colleague or themselves for consideration as a candidate for Regular Director on the Academy Board of Directors are now available online at the Academy Board Election Center. Petitions are due by April 27. Read the March 22 member email for more details and links to additional information, including making nominations directly to the Nominating Committee. (3/22/12)

Comment Letter on H.R. 5

The Medical Professional Liability Committee sent a  letter to the leadership of the U.S. House of Representatives concerning H.R. 5, which would reform the medical professional liability system and repeal the Independent Payment Advisory Board. (03/21/2012)

Academy amicus brief cited in Fed’s SCOTUS filing

The Academy’s amicus brief on severability of the individual mandate from other provisions of the Affordable Care Act was cited in this week’s SCOTUS filing by the federal government (see pp. 8–9). The government brief referenced the Academy specifically. Given that more amicus briefs were filed in this matter than in any other in the history of the Supreme Court, and few were cited, that reference is a significant recognition of our credibility. (03/16/12)

Presentation slides and recorded audio file available: U.S. Qualification Standards—Key Aspects and your FAQs Answered

Slides and audio files are now available for the March 14 professionalism webinar.  Members can access these resources to learn more about the U.S. Qualification Standards and how to maintain compliance with these standards. Presenters provided a refresher on the U.S. Qualification Standards and discussed in-depth the more complicated aspects relating to qualifications and practicing U.S. actuaries, including changing practice areas and emerging practices. Presenters also provided clarification about certain key provisions of the standards and took questions during this 90-minute webinar. Click here to access the slides and recording in the Resources section. (03/16/12)

Webinar slides: Risk Classification & the New Academy Monograph

Click here to download slides from the March 15 webinar: Risk Classification & the New Academy Monograph. Presenters Arnold Dicke, Burt Jay, and Mark Litow discussed the concepts underlying risk classification as it is applied in all actuarial practice areas. The webinar was based on the Academy’s Risk Classification Work Group’s monograph, On Risk Classification, published in November 2011, which updates the 1980 Risk Classification Statement of Principles. (03/15/12)

Spring EAR now available

Read about issues that affect pension actuaries and the Academy’s work to advance sound pension policy in the latest edition of the Enrolled Actuaries Report. (3/14/12)

March 29: Post-NAIC Update/PBA Webinar

The Academy’s Life Practice Council will present a webinar to review the NAIC Spring 2012 National Meeting and progress on the principle-based approach (PBA) to life reserves. The webinar will include updates on AG 38, Contingent Deferred Annuities, ORSA, new simplified mortality assumption for VM-20, and the activities of the Life Actuarial Task Force. Learn more. (03/09/12)

Available: Slides and Audio Recording for Lifetime Income—Risks and Solutions Webinar

If you missed the March 7 webinar on lifetime income, you can download the slides for free or order a recording of the webinar for a small fee. Noel Abkemeier and Tonya Manning, co-chairpersons of the Academy’s Joint Lifetime Income Risk Task Force, provided an overview of the risks of inadequate lifetime income, current options to address the risks, and the range of policy solutions to help retirees better prepare for managing lifetime retirement needs. Tom Terry, chairperson of the Public Interest Committee, also announced new Academy initiatives underway to advance the discussions surrounding longevity risk. (03/07/12)

ASB releases exposure draft for comments

The ASB recently approved an exposure draft of the newly revised Introduction, now titled Introductory Actuarial Standard of Practice. Comments are due by May 31, 2012. Click here to read the exposure draft. (02/17/12)

Feb. 8 Webinar: Medical Loss Ratios—Final Regulations and Repercussions for the Health Insurance Marketplace

The Academy jointly sponsored a webinar with the Society of Actuaries, Medical Loss-Ratios—Final Regulations and Repercussions for the Health Insurance Marketplace. The Feb. 8 webinar was a timely, detailed discussion for practitioners of the rules governing medical loss ratio standards. More than 225 actuaries attended the webinar. To learn more and order the webinar, visit the SOA webinar page. (02/13/12)

Webinar Slides: The Affordable Care Act—What Every Actuary Should Know

Click here to download slides from the Feb. 10 webinar: The Affordable Care Act—What Every Actuary Should Know. Presenters David Shea, Shari Westerfield, and Tom Wildsmith provided an overview of health insurance expansion and market reform provisions in the ACA. They also detailed the current status of implementation and how the Academy has been involved in the development of proposed rules and regulations implementing the law. In addition, the presentation and the Q&A with attendees covered the Academy’s Jan. 27 amicus curiae brief filed with the U.S. Supreme Court in the pending challenge to the ACA. This webinar is part of an ongoing effort by the Health Practice Council to help all actuaries stay informed on the latest developments in health reform. (02/13/12)

Academy cited in CLASS Act debate

The Academy was cited several times during the Feb. 1 debate on the floor of the U.S. House of Representatives on the repeal of the CLASS Act (the long-term care program included in the Affordable Care Act). Log in to read the health Alert reporting on the House repeal of the program. (2/2/12)

Professionalism Webinar Recordings Available to Members

A valuable benefit of Academy membership is free and unlimited access to the Council on Professionalism’s entire—and growing—library of professionalism webinars, which date back to September 2007. Academy members can earn continuing education (CE) credits by listening to these pre-recorded webinars. These credits can be counted toward the annual required three hours of continuing education on professionalism topics, as detailed in the U.S. Qualification Standards (Section 2.2). Click here to see a list of professionalism webinars and to access the links for the recorded presentations and audio files. (01/26/12)

2011 Academy Legislative/Regulatory Review Now Available

The annual Academy legislative/regulatory year in review details significant legislative and regulatory activities affecting the actuarial profession, as well as the Academy’s work on these issues during the past year. Read the full alert. (01/23/12)

The 2012 Life & Health Valuation Law Manual is now available

You can order your copy online or by mail/fax. The manual is designed to help appointed actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. (1/20/12)

Please pay your membership dues by May 1 to avoid a 20 percent late fee.

2012 membership dues remain at the same level as 2011. If you haven’t paid your 2012 dues, click here to conveniently pay online. Now is also a good time to ensure your member profile is up to date, make any necessary changes, and sign up for Academy alerts—timely online bulletins about legislative and regulatory developments that keep members informed. Log in now to pay your dues, print your invoice, or to update your profile. (01/06/12)

Partial dues waivers—do you qualify?

If you are under the age of 70 and retired, planning to retire soon, or on temporary leave, you may be eligible for a partial Academy membership dues waiver. Qualified members receive a substantial discount and can continue to enjoy the same benefits of full membership. Click here to learn more about how partial dues work and to apply. (01/06/12)

Academy and SOA partner on economic scenario generators

The Academy and the Society of Actuaries (SOA) have joined resources to manage the economic scenario generators used in regulatory reserve and capital calculations. The latest version of the interest rate and equity generator is now on the SOA website. The SOA will provide frontline support and maintenance for the economic scenario generators. A joint Society of Actuaries/American Academy of Actuaries Project Oversight Group will oversee the generators and assist the SOA in providing technical support and direction for the current and future versions of the generators.

All versions of the generators, pre-packaged scenario sets, and documentation will be archived on the Academy website. Academy members involved in creating and updating the generators will continue to work with the regulatory community and the SOA to refine the generators and implement regulatory requirements for economic scenario generators. Support questions should be directed to: (12/16/11)

The 2011 P/C Loss Reserve Law Manual is now available.

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. (12/02/11)

New: Campaign 2012 Toolkits

The first in a series of toolkits designed to provide actuaries in every practice area with the tools necessary to deliver objective information on public policy issues is now available. The toolkit—on Medicare’s financial condition—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. Click here to learn more. (11/23/11)

2011 Record Published

The 2011 Record, the Academy Year in Review, is now available online. The Record documents how the Academy’s more than 1,200 volunteers work to fulfill its mission to serve the public and the actuarial profession. (11/17/11)

President’s Message

Read the first email message to members from 2012 Academy President Dave Sandberg. (11/11/11)

Summary of October 28 Board Meeting

Read a summary of the October 28, 2011, meeting of the Academy Board of Directors. (11/07/11)

Help from PAL

The Academy's Pension Assistance List (PAL) program helps people who have questions about their pension plans.

Hotel discounts for members

Did you know you can use your Academy membership to get a business-class hotel room at Club Quarters in New York, London, Boston, Chicago, Washington, Philadelphia, or San Francisco? To find out how, log in to your member welcome page.

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