AmericanAcademyOfActuaries

Member E-mails

• Academy President Mary Frances Miller advised Academy members that the International Actuarial Association (IAA) has released its first exposure draft of a model International Standard of Actuarial Practice (ISAP). The exposure draft is open for comments from IAA member associations and any individual. The Actuarial Standards Board (ASB) has provided a report to the U.S. based-actuarial associations on the proposed ISAP. To find out more:
  • Read the ASB Report
  • Read the message from Academy President Mary Frances Miller

Media Coverage

• Pension contribution pickup forecast through 2016
  Employee Benefit News, Oct. 12, 2011
  The Academy’s Capitol Hill briefing on a new Society of Actuaries study on pension contribution challenges was discussed.

Website: New Postings

• 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.
• The presentation and report from the Capitol Hill briefing, Important New Research Findings Indicate a “Rising Tide” of Contributions Facing Defined Benefit Pensions, are available online. Speakers presented new research findings from the actuarial profession that illustrate a “rising tide” of pension funding challenges facing the private defined benefit system. They also discussed important implications for plan sponsors, beneficiaries, and policymakers. A video of the briefing will be available soon from the Academy website.
• Member Health Insurance Issues alert: The Institute of Medicine (IOM) released a consensus report addressing essential benefits of health insurance offered through exchanges. The report does not contain any specific recommendations on what should be a part of any benefits package. Log in to read the full alert.

Upcoming Events

• The discounted rates for the 2011 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary end Oct. 17. The seminar (Nov. 16–17) will address a variety of topics, including accepting an opinion assignment, documentation, point estimates, and risk of material adverse deviation. Register today! Day One is now sold out.
• The deadline to register for the Life and Health Qualifications Seminar is Oct. 21. This seminar (Nov. 7–10) is a 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. Attendees will learn about asset adequacy testing, statutory insurance accounting, valuation and nonforfeiture requirements, and more. Register today!

Recently Released Publications

• The fall Enrolled Actuaries Report is available online. In this issue, you’ll meet the Academy’s new senior pension fellow and learn about recently updated standards from the Financial Accounting Standards Board and proposed standards from the Governmental Accounting Standards Board.

News from the Actuarial Standards Board (ASB)

• The ASB recently adopted a revised version of ASOP No. 20, Discounting of Property/Casualty Unpaid Claim Estimates, and approved an exposure draft of ASOP No. 38, Using Models Outside the Actuary’s Area of Expertise (Property and Casualty). Click here to learn more.

Note: Some links in this e-mail go to external websites and may require registration. The Academy is not responsible for the content of these websites. Links may expire.