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Recent Academy Activity, June 3–7, 2013

Actuaries in the News

  • Bankrate.com’s blog on retirement issues cited Academy Senior Pension Fellow Donald Fuerst’s congressional testimony calling for an increase in the full retirement age of Social Security.
  • Academy Senior Health Fellow Cori Uccello helped clarify how the Affordable Care Act’s MLR rule works in a Bloomberg Businessweek story.  
  • Concerns raised by the Academy regarding proposed Pension Benefit Guaranty Corporation funding thresholds for plans subject to reportable events requirements were highlighted in a BenefitsPro story, “Proposed PBGC changes cause concern.”
  • Academy Medicare Steering Committee Chairperson Tom Wildsmith told Modern Healthcare (subscriber-only) that the modest improvements reflected in the 2013 Medicare trustees’ report do not “eliminate the need for additional action to ensure the program's long-term solvency and financial health.” Wildsmith also emphasized the need for corrective action in an interview with Healthcare Finance News.

New Public Policy Activities

  • The Pension Committee submitted comments to the Pension Benefit Guaranty Corporation regarding its proposed rule on reportable events under ERISA Section 4043.
  • The Solvency Committee submitted comments to the NAIC on its revised version of a draft white paper, The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative.
  • The Committee on Property & Liability Financial Reporting submitted comments on the proposed final regulations governing California’s workers’ compensation self-insurance plans.
  • The CAS Climate Change Committee has issued a call for essays discussing the impact of climate change on the insurance industry. This follows the committee’s Climate Index Working Group’s (CIWG) release of its Phase 1 report, Determining the Impact of Climate Change on Insurance Risk and the Global Community. The CIWG is a collaborative endeavor comprised of representatives from the Academy, the CAS, the Canadian Institute of Actuaries, and the SOA. Essays are due July 17 and are expected to be published later this year.

Opportunities to Learn

  • 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: Life and Health Qualifications Seminar will help you expedite the basic education you will need to obtain health and life qualifications under Section 3 of the U.S. Qualification Standards. This seminar is the primary source of instruction to become qualified. Seats are limited so register today!

 

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