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Recent Academy Activity, Aug. 26–30, 2013

Academy Regular Director Elections Are Now Open

  • Voting for four regular directors opened to members on Monday, Aug. 26. Please check for an email from Intelliscan (elections@intelliscaninc.net), the Academy’s election vendor, for your online ballot. If you can’t find your ballot and would like to vote online, visit the Intelliscan website to submit your votes. Elections will be open until Sept. 16—we encourage you to vote! To learn more about this year’s candidates, visit the Academy Board Election Center.

New Public Policy Activities at the NAIC

  • Two Academy practice councils made presentations at the NAIC’s Center for Insurance Policy and Research Summit. Academy Vice President Mike Angelina, representing the Casualty Practice Council, presented actuarial perspectives on both property/casualty insurance issues and the effects of current liability reporting. Dave Neve, chairperson of the Life Financial Soundness Risk Management Committee, made a presentation on internal modeling for PBR at the summit on behalf of the Life Practice Council.
  • Senior Life Fellow Nancy Bennett presented the Academy’s paper on lifetime income to the NAIC ERISA Retirement Income Working Group. Her presentation, examining the financial risks of increased lifespans and the needs for retirees to secure lifetime income, was based upon the Lifetime Income Risk Joint Task Force’s “Risky Business: Living Longer Without Income for Life.”
  • The C1 Work Group made a presentation to the NAIC’s Investment Risk-Based Capital Working Group on the benefits and uses of a representative portfolio for C1 factors in the Risk-Based Capital formula.
  • The Casualty Practice Council presented to the NAIC’s Casualty Actuarial & Statistical Task Force a summary of the Casualty Practice Council’s application process for non-CAS members to be approved to sign NAIC P/C Opinions.
  • The Life Practice Council sent its Legislation-In-Brief to the NAIC Principle-Based Reserving Implementation Task Force outlining support for the revised NAIC model Standard Valuation Law and PBR methodology. The LPC plans to distribute the brief to state insurance regulators and legislators.
  • The Life Illustration Work Group updated the practice note for ASOP No. 24, which outlines compliance with the NAIC Life Insurance Illustrations Model Regulation.

Academy in the News

Member Alerts

  • Life Insurance Issues: The NAIC adopted the Principle-Based Reserving (PBR) Implementation Plan supporting a PBR review and implementation process. The plan provides an overview of regulatory and NAIC actions that are needed to implement PBR. Log in to read the full member alert.
  • Health Insurance Issues: The Department of the Treasury released the final rule providing guidance on the payment requirements for not maintaining minimum essential coverage as mandated by the ACA. Log in to read the full member alert.

Newly Released Publications

  • August Actuarial Update: Read more about Academy efforts at the NAIC meeting, the continuing dialogue with regulators on actuarial professionalism issues, a new issue brief on the PBGC deficit, and regulator director elections open through Sept. 16.

Opportunities to Learn and Earn CE

  • Sept. 15–17, Casualty Loss Reserve Seminar: Attend this seminar to stay current with industry developments and learn from expert analysis of innovation in reserving. Practical sessions in estimating reserve risk and evaluating the effectiveness of various estimation techniques are offered, as well as professionalism sessions to help you comply with standards and communicate results.
  • Just added! Sept. 19, NAIC Summer Meeting Overview and PBA Progress Webinar: Register now for the Life Practice Council’s Sept. 19 webinar to learn about the Academy’s activities at the NAIC Summer Meeting and progress on principle-based reserving, which is now being adopted by the states. Speakers will lead an in-depth discussion of reserving developments for non-variable annuities (VM-22) and also provide updates on Life Actuarial Task Force activity and the Academy’s professionalism initiatives.
  • Sept. 24–25, Life PBR—The New Valuation World Seminar: Don’t miss this seminar that combines instructor-led training with small-group discussions on the practical application of the principle-based reserving mechanics as outlined in VM-20. PBR experts will discuss the latest developments, including the new PBR actuarial standard of practice and PBR practice note—both expected to be completed this year.
  • Nov. 4, Academy Annual Meeting and Awards Luncheon: Join award-winning author, journalist, and radio and TV personality Stephen J. Dubner, co-author of the international bestsellers Freakonomics and Superfreakonomics, as he shares his wit and insight at this year’s event. The luncheon is being held in conjunction with the CAS Annual Meeting in Minneapolis. The Academy will hold its presidential transition and present the Academy member awards.
  • Nov. 11–14, Life and Health Qualifications Seminar: Register by Sept. 13 and receive $200 off the regular registration fee for this instructional seminar—a primary source of education 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 but may not have met the specific knowledge requirements set forth in the U.S. Qualification Standards.
  • Nov. 13–14, P/C Effective Loss Reserve Opinions Seminar: Whether you’re an actuary who signs P/C loss reserve opinions or one who assists in preparing them, this hands-on seminar will offer you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Don’t miss this highly interactive and customized seminar!

 

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