This Week, June 17, 2011

Week ending June 17, 2011


Announcements

  • The Academy is seeking to recognize outstanding members for their contributions and commitment to the profession through the Robert J. Myers Public Service Award and the Jarvis Farley Service Award. The Myers Award honors an actuary who has made an extraordinary contribution to the public good. The nomination deadline is July 8. The Farley Award recognizes an Academy volunteer who has made exceptional contributions to the actuarial profession. The nomination deadline is July 12. Please take a moment now to nominate a deserving colleague and/or respected mentor.

Media Coverage

  • Rep. Gerlach: Fix Medicare now to avoid breakdown
    Pottstown Mercury, June 12, 2011
    The American Academy of Actuaries issue brief on Medicare's financial condition was cited in an op-ed by Rep. Jim Gerlach. The Academy's Medicare Steering Committee urged swift action to guarantee that the program remains viable.
  • Essential benefits still being considered
    Managed Healthcare Executive, June 2011
    Karen Bender, the chairperson of the American Academy of Actuaries Individual and Small Group Market Task Force, discussed the development of the essential health benefits package, a set of health care service categories that must be covered by plans offered through the state health insurance exchanges.

Website: New Postings

  • The Academy's Pension Committee submitted a letter to the Internal Revenue Service stating concerns about the implications of the proposed modifications to Circular 230 and registration requirements for a preparer tax identification number (PTIN) and the application of these rules to various reporting requirements for retirement plan professionals.
  • The Academy's Invested Asset Work Group completed a report on the C-1 framework and delivered it to the NAIC's Life Risk-based Capital Working Group.
  • The Academy's Life Reserves Work Group submitted a proposed amendment to the valuation manual (VM-20) to the NAIC's VM PBR (Valuation Manual Principle-based Reserves) Life Subgroup. The proposed amendment related to mortality assumptions.

Upcoming Events

  • What does it mean to fulfill the profession's responsibility to the public? Join the Academy's June 29 webinar, The Profession's Responsibility to the Public, to explore this question and to learn more about:
    • Precept 1 of the Code of Professional Conduct as the source of the actuarial profession's responsibility to the public and to uphold the reputation of the actuarial profession.
    • The state of the profession: If the public does not think we are responsible, do we have a profession?
    • The key aspects on maintaining the profession's relevance.
  • Registration is open for the 2011 Life and Health Qualification Seminar, Nov. 7-10. This seminar is 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 but may not have met the specific knowledge requirements set forth in the U.S. Qualification Standards. Experienced FSAs and career ASAs intending to change practice areas, or those looking for an excellent source of continuing education required under the U.S. Qualification Standards, also should attend. Seats are limited—register today!

Recently Released Publications

  • Read about the 2011 Pension Symposium in the summer issue of the Enrolled Actuaries Report—the Academy's quarterly newsletter for pension actuaries. This issue also features news from the Enrolled Actuaries Meeting about setting assumptions in volatile times, the 2011 Gray Book, mortality assumptions, and more.

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