News for Monday, November 24, 2014
On Dec. 11, learn directly from members of the U.S. Committee on Qualifications (COQ) about a resource for getting the answers you need as the COQ unveils its updated FAQs that provide answers to the most common questions Academy members ask about the standards. In the webinar, “Revised FAQs On USQS: Spelling Out The Details,” panelists COQ Chairperson Keith Passwater, COQ member John Gleba, and Assistant General Counsel Sheila Kalkunte will delve into how the greatly expanded FAQs document—now with nearly 50 questions—is organized to help you quickly find the answers you need. Attendance at this live webinar is an opportunity to earn professionalism CE credit. Learn more and register here. (November 21, 2014)
Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (November 21, 2014)
Prominent speakers at the Academy’s Annual Meeting and Public Policy Forum in Washington on Nov. 13-14 offered insights into the future of the Academy, insurance regulation at both the domestic and international levels, trends in health care policymaking, and other major public policy topics of interest. A robust professionalism discussion of how actuaries with governmental contacts should deal with potential risks from insider trading laws was highly popular. Read the full remarks of Academy President Mary D. Miller, Immediate Past President Tom Terry, National Association of Insurance Commissioners CEO Ben Nelson, and former Health and Human Services Secretary Kathleen Sebelius. (November 21, 2014)
Speaking at the American Academy of Actuaries’ Annual Meeting and Public Policy Forum in Washington on Nov. 14, National Association of Insurance Commissioners (NAIC) CEO Ben Nelson thanked the Academy, its committed volunteers, and dedicated staff for their involvement and contributions to the NAIC for nearly 50 years and described the Academy’s role as “instrumental” to the NAIC’s work on state-based insurance regulation. He said the NAIC would continue to tap the Academy’s expertise in implementing Own Risk and Solvency Assessment, principle-based reserving for life insurance, and other major regulatory initiatives on both the domestic and international levels. In discussing many of the common initiatives worked on by the NAIC and the Academy, Nelson remarked on the “wealth of actuarial input given by the Academy to the NAIC.” Nelson, who is also a former U.S. senator, governor, and insurance commissioner from the state of Nebraska, strongly defended the U.S. insurance sector as a “source of stability” that should not be regulated “like it’s a short-term, high-risk enterprise.” On the international level, he said, “The fixation of international standard setters on capital as a buffer – if not the buffer – to mitigate risks suggests the actuarial profession’s voice is now more critical than ever. For years, we have worked side by side to build risk-based capital and a solvency framework that is tailored to our regulatory approach and the U.S. market. We now collectively face a threat to that work, should bank-like regulation bleed into the insurance space.” He identified the need to reauthorize the Terrorism Risk Insurance Act (TRIA) before year end as an immediate priority, as well as working longer-term on growing threats to cyber security. Read the entire remarks here. (November 18, 2014)
The Joint Board for the Enrollment of Actuaries (JBEA) has asked the Academy to alert its members that the JBEA is seeking applications from enrolled actuaries to serve on its Advisory Committee on Actuarial Examinations. The committee is responsible for reviewing, editing, and finalizing examination questions, reviewing statistical results of the examination, and other activities. The application period closes on Dec. 5. (November 15, 2014)