Academy News

Read about policy initiatives to shore up retirement security in the United States, what it takes to be a successful entrepreneur, a fresh look at actuarial reserving methods, one man’s path to patenting the modeling algorithm he developed, and much more. (May 01, 2013)

Read about the Academy’s work at the Enrolled Actuaries Meeting, the Health Practice Council’s Capitol Hill visits, and the NAIC’s Spring national meeting, as well as the Academy’s response to a Wall Street Journal op-ed on actuaries and pension funding. (April 30, 2013)

The Rate Review Practice Note Work Group released for comment an addendum to the October 2012 practice note, Actuarial Practices Relating to Preparing, Reviewing, and Commenting on Rate Filings Prepared in Accordance with the Affordable Care Act. Comments on the addendum, which highlights changes to the rate review and disclosure requirements since the initial practice note was finalized, are due by June 3. (April 26, 2013)

Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week's worth of news, updates, and media coverage in one convenient, easy-to-use publication. (April 26, 2013)

The Life Practice Council presented a webinar reviewing the NAIC Spring 2013 National Meeting and progress on the principle-based approach (PBA) to life reserves. The December 23 webinar included updates on the activities of the NAIC’s Life Actuarial Task Force, PBR Implementation (EX) Task Force, Joint Qualified Actuary (A/B/C) Subgroup, and the Emerging Actuarial Issues (E) Working Group.  In addition the webinar covered Academy PBR efforts as well as a information on current professionalism issues. (April 23, 2013)

The Academy sent a letter to the president and Congressional leaders today regarding the Military Compensation and Retirement Modernization Commission. The letter encourages them to appoint at least one qualified actuary to the newly-established commission. Appointing a qualified actuary would ensure that the commission has among its members an individual who can provide actuarial expertise on policy proposals, especially related to retirement programs. (April 22, 2013)

The Robert J. Myers Public Service Award recognizes actuaries who have made an exceptional contribution to the common good. The Jarvis Farley Service Award is given to Academy members whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession. And, the Award for Outstanding Volunteerism honors Academy volunteers who have made a single, noteworthy contribution above and beyond what is reasonably expected. (April 22, 2013)

Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week's worth of news, updates, and media coverage in one convenient, easy-to-use publication. (April 19, 2013)

Join the Academy and the Society of Actuaries on June 4 to gain a better understanding of regulator perspectives on a variety of topics, including how actuaries can adapt to the new risk-focused exams, whether principle-based reserving (PBR) makes sense for small companies, and how the Own Risk and Solvency Assessment (ORSA) will evolve and help small companies. (April 19, 2013)

In a news release, the Academy said it recognizes the importance of the issues addressed by newly introduced Congressional legislation and offered its public policy resources to legislators, regulators and other stakeholders at the federal, state and local levels to assist them in understanding the nature of the risks related to the financial soundness of state and local government public pension benefit plans. (April 19, 2013)

Register now for the April 18 webinar to learn more about requirements related to the ACA provision on rate review and disclosure, specifically the final unified rate review template and actuarial memorandum. A representative from the Center for Consumer Information and Insurance Oversight will be available to answer your questions. (April 16, 2013)

Academy President Cecil Bykerk responds with a letter to the editors of The Wall Street Journal to an April 10 op-ed, “The Pension Rate-of-Return Fantasy,” regarding pension funding and expected rates of return. (April 12, 2013)

Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week's worth of news, updates, and media coverage in one convenient, easy-to-use publication. (April 12, 2013)

As policy makers debate changes to Social Security and Medicare in the 2014 federal budget proposed by President Obama, the nation’s actuaries urge them to consider the impact of policy changes on the sustainability of these vital social-insurance programs. Social Security and Medicare are among the highest public policy priorities for the American Academy of Actuaries, in part because of their near-universal impact on U.S. retirees. Read the news release. (April 11, 2013)

Read about recent health care reform activities in the latest edition. (April 10, 2013)