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Recent Academy Activity, May 28–31, 2013

Actuaries in the News

  • Academy Senior Pension Fellow Don Fuerst told Chuck Jaffee, host of the Internet radio program “MoneyLife,” that the sooner Congress acts to make Social Security sustainably solvent, the better. HealthNewsDigest.com and other media outlets reported on Fuerst’s May 23 testimony before the House Ways and Means Committee’s Subcommittee on Social Security, in which Fuerst warned that the policy options for promoting sustainable solvency will only become more limited and difficult as time goes by without action.
  • Three different news outlets highlighted the Academy’s analysis of the factors affecting ACA-related premium changes: UPI, Bloomberg BNA (subscriber-only), and Health Plan Week (subscriber-only).
  • LifeHealthPro reported that the National Association of Insurance Commissioners’ Senior Issues Task Force is seeking help from the Academy “with developing the minimum standards that an insurer could use to justify having the composite margin be less than 10 percent” in revisions to NAIC’s long-term care insurance model regulations.
  • U.S. Comptroller General Gene L. Dodaro, announced that Academy Senior Health Fellow Cori Uccello has been re-appointed to the Medicare Payment Advisory Commission (MedPAC) for a second three-year term. MedPAC is an independent congressional agency established to advise the U.S. Congress on issues affecting the Medicare program.

Newly Released Publications

  • May Actuarial Update: Read about recent public policy events, efforts to revisit the U.S. Qualifications Standards, release of ASOP No. 1, and more!

Member Alerts

  • The Social Security and Medicare Boards of Trustees issued their annual reports on the financial status of the Social Security and Medicare programs today. The reports state that the retirement and disability programs of Social Security have sufficient resources to cover benefits until 2033 and that the Medicare Hospital Insurance (HI) Trust Fund has enough in funds to ensure the coverage of its obligations through 2026. Log in to read the full alert.
  • The Department of Health and Human Services released a final rule amending existing regulations that implement provisions related to special enrollment periods and employee choice for the Small Business Health Options Program (SHOP) under the Affordable Care Act. Log in to read the full alert.

New Public Policy Activities

  • Members of the Academy’s Life Practice Council presented an educational session to state regulators at the 2013 NAIC Financial Summit that explored current valuation requirements compared with the new principle-based reserve valuation requirements, and how regulatory review could change accordingly.

Invitation to Submit Nominations for Board Regular Directors Closing Soon

  • Don’t miss the June 7 deadline to submit nominations directly to the Nominating Committee for regular director positions on the Academy’s Board of Directors. After that, nominations will be considered only through a petition process. Visit the election page to make your nominations and get the latest updates about the Academy’s election process.

Seeking Exceptional Academy Members

  • We want to know who you think deserves recognition! The Jarvis Farley Service Award is presented annually to an Academy member whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession. The Robert J. Myers Public Service Award recognizes an actuary for a single noteworthy public service achievement or a career devoted to public service. And, the Award for Outstanding Volunteerism honors Academy volunteers who have made a single, noteworthy contribution above and beyond what is expected. The nominations for each of these awards are due July 8.

Request for Comments on the U.S. Qualification Standards

  • Five years have passed since the U.S. Qualification Standards (QS) were last revised. To determine if there is a need to start the process of considering revisions to the QS, the Academy’s Committee on Qualifications, with the approval of the Academy’s Board of Directors, is undertaking a review. The committee asks all actuaries and the public to provide comments by July 31. Learn more about what areas are of particular interest and how to submit comments.

Opportunities to Learn

  • June 4: Don’t miss the Regulatory Issues for Small Insurance Companies Webinar if you are an actuary who works with or for a small company. You’ll gain a better understanding of regulators’ perspectives on a variety of topics, including risk-focused exams, principle-based reserves for small companies, ORSA and small insurance companies, asset adequacy analysis, and more!
  • June 17: The Setting the Ground Rules: Revised ASOP No. 1 and Other Key Information for Actuaries webinar will examine new information contained in the revised ASOP No. 1, Introductory Actuarial Standard of Practice, which sets the ground rules for all ASOPs. Effective June 1, 2013, ASOP No. 1 is a complete revision of the previous Introduction to the Actuarial Standards of Practice, and includes new content as well as clarification of prior language.
  • Nov. 11–14: The Life and Health Qualifications Seminar is a significant continuing education (CE) resource 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 could earn up to 27.3 credits including CE hours required to meet Section 3 of the U.S. Qualification Standards. Seats are limited and fill up quickly, so register today!

 

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