Academy News

The Academy’s Life Practice Council will present a webinar on Nov. 22 to review the NAIC Fall 2011 National Meeting and progress on implementing the Principle-based Approach (PBA) to reserving. This 90-minute webinar also will include updates regarding the VM-20 impact study and NAIC developments on the Own Risk Solvency Assessment (ORSA). Click here to learn more. (October 31, 2011)

Read about the Obama administration’s decision to table the Community Living Assistance Services and Supports (CLASS) Act and the final rule issued by the Department of Health and Human Services relating to accountable care organizations and the implementation of the Medicare Shared Savings Program. (October 31, 2011)

Cecil Bykerk was elected by the Academy’s board of directors to the office of president-elect. The board also elected five officers. (October 28, 2011)

The Property/Casualty Loss Reserve Law Manual is designed to help appointed actuaries comply with the NAIC annual statement requirements for statements of actuarial opinion (SAO). It is updated annually and is scheduled to be published in November. Click here to learn what’s new for 2011 and to pre-order your copy!  (October 27, 2011)

The Academy honored five actuaries during the Academy’s annual meeting and awards luncheon. Michael Abroe received the Jarvis Farley Service Award, Mary Downey Miller received the Robert J. Myers Award for Public Service, and three inaugural Outstanding Volunteerism awards were presented to Steve Alpert, Arnold Dicke, and Stuart Mathewson. (October 24, 2011)

David Sandberg accepted the Academy’s presidential gavel during a transition ceremony at the Academy’s annual meeting and awards luncheon. His term begins on Oct. 28.  (October 24, 2011)

The Academy released a statement in response to a new report from the Department of Health and Human Services (HHS) regarding the Community Living Assistance Services and Supports (CLASS) program. 

(October 17, 2011)

In the fall Enrolled Actuaries Report, you’ll meet the Academy’s new senior pension fellow and learn about recently updated standards from the Financial Accounting Standards Board and proposed standards from the Governmental Accounting Standards Board. (October 17, 2011)

The Life Financial Reporting Committee has re-exposed the practice note, Optional Retrospective Application of ASU 2010-26 Acquisition Costs, for an additional two weeks. The deadline for comments is Oct. 28, 2011. (October 14, 2011)

The Academy hosted a jointly sponsored Capitol Hill briefing, Important New Research Findings Indicate a “Rising Tide” of Contributions Facing Defined Benefit Pensions, with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrate a “rising tide” of pension funding challenges facing the private defined benefit system. Presenters discussed important implications for plan sponsors, beneficiaries, and policymakers.

 

(October 12, 2011)

Academy President Mary Frances Miller announced that Mary Bahna-Nolan, Ken Kent, and Catherine Murphy-Barron have been elected by the members to fill open regular director positions on the Academy’s board of directors. Complete election results, including the results of two amendments to bylaws, are available in her letter to the members. See related news release.

(October 06, 2011)

Read about the Academy's recent activities in September 2011 Actuarial Update.

(October 05, 2011)

The Academy is hosting a jointly sponsored Capitol Hill briefing with the Society of Actuaries on Oct. 11 to present new research findings from the actuarial profession that illustrates a “rising tide” of funding challenges facing the private defined benefit system. Presenters will discuss important implications for plan sponsors, beneficiaries, and policymakers. Learn more. (September 30, 2011)

The Financial Reporting Committee commented on a paper by the Public Company Accounting Oversight Board (PCAOB) on the issues surrounding the auditor’s report based on recent investor feedback. The committee’s comments included a recommendation to increase disclosure and provide more detail to the auditor's reporting model. (September 30, 2011)

Read about President Obama’s decision to ask the Supreme Court to rule on the individual mandate requirement in the Affordable Care Act and the Medicare Steering Committee’s letter to the Joint Select Committee on Deficit Reduction in this issue of HealthCheck. (September 30, 2011)