This Week, October 28, 2011

Week ending October 28, 2011

Member E-mails

  • Cecil Bykerk was elected by the Academy’s board of directors to the office of president-elect. The board also elected five officers. Read today’s member e-mail to learn more.

Media Coverage

  • Suspension of CLASS program hearing
    C-SPAN, Oct. 26, 2011
    The Academy’s 2009 letter to Congress that included an actuarial analysis of the Community Living Assistance Services and Supports (CLASS) Act by a joint Academy/Society of Actuaries work group was cited and discussed by several members of Congress during a congressional hearing.
  • American Academy of Actuaries picks president
    Pensions & Investments, Oct. 25, 2011
    David Sandberg was announced as the next president of the Academy.

News Releases

Website: New Postings

  • Members now can pre-order a copy of the 2011 Property/Casualty Loss Reserve Law Manual. The manual is designed to help appointed actuaries comply with the NAIC annual statement requirements for statements of actuarial opinion. It is updated annually and is scheduled to be published in November. Click here to learn what’s new for 2011 and to pre-order your copy!
  • The Nonforfeiture Improvement Work Group submitted its much-anticipated final report and presentation to the NAIC’s Life Actuarial Task Force for the NAIC Fall National Meeting.
  • The Contingent Annuity Work Group submitted a comment letter to the NAIC Life Insurance and Annuities (A) Committee regarding significant issues associated with contingent annuity products.
  • The Multiemployer Plans Subcommittee submitted a letter to the Pension Benefit Guaranty Corporation, Internal Revenue Service, Department of Labor, and Department of the Treasury suggesting operational fixes to the Pension Protection Act relating to multiemployer pension plans.
  • The Deferred Tax Asset Bridge Group sent a letter to the NAIC regarding SSAP No. 101, Income Taxes, A Replacement of SSAP No. 10R and SSAP No. 10, which recently was adopted by the NAIC’s Statutory Accounting Principles Working Group.
  • The Financial Reporting Committee and International Accounting Standards Task Force responded to the International Accounting Standards Board (IASB) on its Agenda Consultation 2011 paper urging the completion of the insurance contracts standard and the addition of research to the scope of the IASB mission.
  • The Risk Sharing Work Group submitted comments to the Centers for Medicare & Medicaid Services (CMS) in response to the proposed rule implementing risk adjustment, reinsurance, and risk corridors under the Affordable Care Act (ACA).

Upcoming Events

  • The Academy’s Life Practice Council will present a webinar on Nov. 22 to review the NAIC Fall 2011 National Meeting and progress on implementing the Principle-based Approach (PBA) to reserving. This 90-minute webinar also will include updates regarding the VM-20 impact study and NAIC developments on the Own Risk Solvency Assessment (ORSA). Click here to learn more.

Recently Released Publications

  • The October HealthCheck is available online. Read about the Obama administration’s decision to table the Community Living Assistance Services and Supports (CLASS) Act and the final rule issued by the Department of Health and Human Services relating to accountable care organizations and the implementation of the Medicare Shared Savings Program.

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