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WELCOME TO INSIDE THE
ACADEMY
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the electronic newsletter for members of the American Academy
of Actuaries. Every month, ITA features Academy news and links
to timely Academy resources. This month, it also notes a few
new items on the ABCD and ASB websites. |
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TAKING A CLOSE LOOK IN THE
MIRROR
A new
Academy task force is starting work on an ambitious project: a
critical analysis of the profession, using ERM and management
consulting techniques. Citing such challenges as
globalization, the decline of pension plans, and a changing
financial-services marketplace for actuarial skills, President
Bob Wilcox has established the Actuarial Review Task Force
(ARTF) to identify risks and opportunities facing the U.S.
profession, and to make recommendations on managing
them.
The members of the task force are Fred Kilbourne
(chairperson), Terri Vaughan, Robert Collett, Guy King, and
James Rech. “This evaluation will be far-reaching and
in-depth,” Kilbourne said. “We will be relying on people
inside and outside of the profession, as well as the other
North American actuarial organizations, for input.” Progress
reports on ARTF's work will be provided on the Academy
website, in the Actuarial Update, and at the Academy annual
meeting.
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ACADEMY LAUNCHES NEW PUBLICATION FOR
MEMBERS
Some
Academy members are surprised when they hear about the
extent—and impact—of the Academy's media relations and
external outreach activities, and others have told us they
want to know more. Now they will.
If you want to know
what's been going on behind the headlines, take a look at the
inaugural issue of the Media Update, which is dedicated to
covering the Academy's media and external relations efforts.
The first issue of the newsletter will arrive in your mailbox
along with the June Actuarial Update—or you can read it now
online.
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JUNE ISSUE OF ACTUARIAL UPDATE NOW
ONLINE
The
new Actuarial Update features extensive coverage of Spring
Meeting 2005, including summaries of the general sessions and
practice-specific sessions. And there's more. The June Update also has stories on:
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The Academy's testimony at a Senate hearing on pension funding reform |
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Paulette Tino's receiving the 2005 Myers award for public service |
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New exposure drafts from the ASB |
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ABCD WRITES TO IRS AND
TREASURY
In
recent comments to the IRS and Treasury Department, the ABCD
warns of potential conflicts between the Code of Professional
Conduct and a proposal to change relative value disclosure
requirements for pension plans. | |
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COMMENT ON SUGGESTED CHANGES IN PENSION
ASOPs
The
ASB is proposing a second revision of ASOP 4, which currently
offers guidance on measuring pension obligations. In the
second ASOP 4 exposure draft, guidance on plan costs and
contributions would be added. The ASB also wants to update
pension ASOPs 27 and 35 to clarify that, in case of a
conflict, ASOP 4 would take precedence. The ASB welcomes
comments. The comment deadline for all three exposure drafts
is Oct. 31.
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COMMENT ON PROPOSED EXPANSION OF ASOP
15
The
ASB is also suggesting changes in ASOP 15, which now focuses
on determining annuity and individual life insurance
dividends. Among other proposed revisions, the exposure draft would expand ASOP 15
to include individual disability and long term care dividends.
Comments are welcome, and the comment deadline is Sept.
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COMMENT ON DRAFT REVISION OF DI PRACTICE
NOTE
In another disability-related project, the Academy has
published a proposed update of its 1995 health practice note
on statutory reserves for disability insurance. The practice
note is designed to help actuaries who are involved in
determining adequate statutory reserve levels and asset
adequacy for individual DI coverage. The Health Practice
Financial Reporting Committee welcomes comments on the updated version, and the comment
deadline is June 24. | |
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SAVE THE DATES FOR ACADEMY EVENTS THIS
FALL
Oct. 10-11: Annual Meeting. The
Academy's 2005 annual meeting, to be held Oct. 10-11 in
Washington, promises to be memorable. The Academy will be
marking 40 years of service to the profession and the public,
and the anniversary celebration will include a salute to
Academy volunteers. Academy members will be notified by e-mail
when registration begins.
Oct.
19: Loss Reserve Seminar. "Effective Loss Reserve Opinions: Tools for the
Appointed Actuary" will be held Oct. 19 at the Chicago Hilton.
The Academy seminar is designed for actuaries who
sign or prepare statements of actuarial opinion on
property/casualty loss reserves.
Nov. 8-11: Life and Health Seminar. The
popular Life and Health Qualifications Seminar will be held
Nov. 8-11 in historic Alexandria, Va., just a few minutes from
Reagan National Airport and the District of Columbia. The site
of this year's seminar is the Hilton Alexandria Mark Center. A
special room rate is available for participants, and those who
register before August 12 will save $100 on registration
fees.
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NOMINATE AN ACTUARY FOR THE FARLEY
AWARD
The
Academy welcomes nominations for the 2005 Jarvis Farley
Service Award. Every year, the award is presented to an
actuary who has provided sustained exemplary volunteer service
to the profession. All members of the Academy, the ASB, and
the ABCD are eligible, unless they are current Academy
officers or former Academy presidents.
To make a
nomination, send a message to awards@actuary.org before July 15.
Include the nominee's name, a brief explanation of why his or
her volunteer service should be honored, and your name and
phone number. | |
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WHAT'S NEW ON THE
WEBSITE
Here
are a few recent additions to the Academy website.
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C3 PHASE II SEMINAR NOW ON
CD-ROM
If
you missed the Academy's C3 Phase II seminar in Washington May
4-5, it's not too late to catch up. Now you can see and hear
all the presentations on a new "virtual seminar" CD-ROM. The
CD-ROM costs just $499, with a 10 percent discount for orders
of five or more.
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LET US HEAR FROM
YOU
If you have
suggestions, praise, criticism, or questions about Inside the
Academy, tell us. Send your comments to Managing Editor Anne
Asplen (asplen@actuary.org, 202-223-8196). We
welcome your feedback. | |
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