AmericanAcademyOfActuaries

Announcements

• The Public Interest Committee announced a year-long initiative to examine critical areas related to lifetime income; webinars (see related item below under Recent Events), panel discussions, symposia will gather member and public input to support development of specific policy recommendations.

News from the Actuarial Standards Board

• The ASB recently approved an exposure draft of revisions to ASOP No. 22, Statements of Opinion Based on Asset Adequacy Analysis by Actuaries for Life and Health Insurers, and ASOP No. 28, Statements of Actuarial Opinion Regarding Health Insurance Liabilities and Assets. Comments are due by May 15, 2012.

Member Alerts

• Health Insurance: Read Health-related highlights from the National Association of Insurance Commissioners (NAIC) Spring 2012 National Meeting. Topics include progress on the Group Long-Term Disability Table, current Health Practice Council activities, and the long-term care projects. Log in to read the full alert.

• Life Insurance: Read Life-related highlights from the NAIC spring meeting. Topics include the principle-based reserving project, contingent deferred annuities, and Actuarial Guideline 38. Log in to read the full alert.

• Life Insurance: There is less than a month left to comment on the 2012 Individual Annuity Reserving Table Report. Log in to read the full alert.

Website: New Postings

• The Academy’s Group Long-Term Disability Work Group provided an update to the NAIC’s Health Actuarial Task Force on the progress of the valuation table and asked for input on how to move forward on completing the table.

Recent Events

• More than 430 actuaries attended the Academy’s March 7 webinar: Lifetime Income—Risks and Solutions to learn more about 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. If you missed the webinar, you can download the slides free or order a recording of the webinar for a small fee.

Upcoming Events

• Just announced: Post-NAIC Update/PBA (March 29)

  Panelists will review the NAIC Spring 2012 National Meeting and progress on the principle-based approach (PBA) to life reserves. Updates will include AG 38, Contingent Deferred Annuities, ORSA, new simplified mortality assumptions for VM-20, and the activities of the Life Actuarial Task Force.

• Don’t miss: Risk Classification & the New Academy Monograph (March 15)

  Panelists will discuss the concepts underlying risk classification as it is applied in all actuarial practice areas. Based on the Academy Risk Classification Work Group’s monograph, On Risk Classification, the webinar will focus on the important role that risk classification can play in ensuring that such systems are successful.

• Registration still open: U.S. Qualification Standards—Key Aspects and your FAQs Answered (March 14)

  Panelists will provide a refresher on the U.S. Qualification Standards, offer an in-depth discussion on the more complicated aspects of qualifications and practicing U.S. actuaries (including changing practice areas and emerging practices), and clarify certain key provisions of the standards.

Media Coverage

• Actuaries’ Task Force Targets Longevity Risk with Lifetime Income Initiative, Speakers Say
  Bloomberg BNA, March 8, 2012
  Academy members, speaking on a March 7 Academy webinar, spoke to the need for more to be done to help people manage longevity risk in retirement.

• NAIC Working on Group LTD Valuation Table
  LifeHealthPro, March 7, 2012
  In a report from the NAIC meeting in New Orleans, LifeHealthPro notes that an Academy/SOA work group recently updated NAIC’s Health Actuarial Task Force on efforts to develop a group long-term disability valuation table.

   

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