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Recent Academy Activity, July 21–25, 2014

Anual Meeting and Public Policy Forum

  • This fall, actuaries will have a new way to learn about the most critical issues currently facing the U.S. actuarial profession in public policy and professionalism, while earning valuable continuing education (CE) credit. The Academy’s Annual Meeting and Public Policy Forum, on Nov. 13 and 14 in the nation’s capital, will feature 1-1/2 days of issue-focused plenary sessions, practice-specific breakout sessions, and networking opportunities with colleagues in all practice areas. Attendees may earn up to 11.1 organized activity CE credits depending upon area of practice, including 1.0 professionalism CE credit, by attending the entire meeting. The lineup of distinguished, informative speakers will include federal and state policymakers, representatives of state insurance commissioners, Academy leaders, representatives of U.S. actuarial professionalism bodies, and others. The meeting will also feature the presentation of Academy public service and volunteer service awards, and the Academy’s presidential transition. Learn more and register.

Broaden and Enrich Your Career and Profession

  • On Monday, July 28, be on the lookout for an email from President Tom Terry that includes this year’s Academy Volunteer Survey. Taking the quick survey will help you find out which Academy volunteer opportunity may be right for you! Academy volunteers make a difference, gain exceptional understanding of issues that affect actuarial work and practice, deepen and expand their actuarial expertise, and make lasting professional and personal connections.

News from the Actuarial Standards Board (ASB)

  • ASB has issued a request for comments from actuaries and interested parties concerning the application of the actuarial standards of practice (ASOPs) related to actuarial valuations used for determining public pension and other postemployment plan funding and accounting. In light of increased national attention on public pension plan funding, the ASB is interested in feedback from actuaries and interested parties on whether further updates are needed to the current pension-related standards. The deadline for receipt of comments is Nov. 15, 2014.

Public Policy Activities

  • The Academy reminded leaders of both the House and Senate that pension proposals need to be considered based on pension policy and a full examination of potential effects on pension system stakeholders, not merely as an offset for unrelated spending increases. The Pension Practice Council and the Pension Finance Task Force both sent letters to the bipartisan congressional leadership on July 25.
  • The ORSA Subgroup submitted comments to the National Association of Insurance Commissioners’ (NAIC) Risk-Focused Surveillance Working Group on the second exposure draft of ORSA guidance, which will be included in the Financial Analysis Handbook and the Financial Condition Examiners Handbook.

Opportunities to Learn

  • Are you ready to implement the new life principle-based reserve requirements? Delve into basic and advanced implementation topics at the “Implementing VM-20: A Practical Approach” seminar on Aug. 27 in New York. Basic sessions will provide an overview of how to perform a VM-20 calculation, while advanced sessions will focus on more complex VM-20 requirements. Learn more and register now.
  • Do you wish to sign the NAIC annual statements of actuarial opinion, but haven’t met the basic education requirements set forth in Section 3.1.1 of the U.S. Qualification Standards? Obtain the required minimum basic and continuing education at the 2014 Life and Health Qualifications Seminar, which will take place Nov. 10-13 in Arlington, Va. Learn more and register now.


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