This Week, Week ending August 19, 2011

Announcements

• Election Reminder: If you misplaced your original email with the information necessary to log in and vote in the Academy election for three regular directors and two bylaws amendments, don't worry. A reminder email was sent today to all members who (1) have not yet voted and (2) have not opted out of receiving Academy emails. Polls will remain open until 11:59 p.m. ET on Sept. 2. All Academy members as of July 14, 2011, are eligible to vote in this election. Members who have not yet received an email (or paper) ballot should request a replacement ballot by emailing elections@actuary.org [1]. Please note that last week's edition of This Week carried an incorrect email address. Please be sure to use this address when sending a message about the Academy Elections: elections@actuary.org [1]. For more information on the election, visit the Academy's Election Center [2].

Media Coverage

• Social Security: A little light summer reading [3]
  MarketWatch, Aug. 18, 2011
  Academy Social Security Committee Chairperson Janet Barr provided several observations on a new report, "Fast Facts and Figures on Social Security, 2011."
• Long-term care insurance gets a makeover [4]
  Reuters, Aug. 16, 2011
  The Academy was cited for its adverse selection and sustainability concerns regarding the Community Living Assistance Services and Supports (CLASS) Act program.

Website: New Postings

• Academy Public Interest Committee Chairperson Tom Terry sent a letter [5] to House Ways and Means Social Security Subcommittee Chairman Sam Johnson and Ranking Member Xavier Becerra in response to follow-up questions from Terry's July 8 testimony on the Social Security retirement age. The letter addressed ways in which policymakers can boost incentives for older workers to work longer.
• The Solvency Committee submitted comments [6] to the NAIC on its ComFrame Concept Paper Draft U.S. Responses supporting the NAIC's position that the modules should be outcome-oriented rather than prescriptive.
• The Invested Asset Work Group commented [7] on the Reporting Full Faith and Credit and Other U.S. Government Obligations proposal from the New York State Insurance Department that was made to the Valuation of Securities Task Force (VOSTF) on July 7, 2011.
• The Life Financial Reporting Committee has exposed for comment a practice note, Optional Retrospective Application of ASU 2010-26 Acquisition Costs [8]. The committee is accepting comments until Sept. 14, 2011.

Upcoming Events

• The Academy's Life Practice Council will present a webinar [9] on Sept. 8 to review the NAIC Summer 2011 National Meeting and progress on the principle-based approach (PBA). This 90-minute webinar also will include updates regarding the VM-20 impact study and NAIC developments on the Own Risk Solvency Assessment (ORSA) program.
• Early bird registration has been extended for the Life and Health Qualifications Seminar [10]. This Nov. 7–10 seminar is a great way for actuaries to earn the 15 hours of Continuing Education required under Section 3 of the U.S. Qualification Standards related to the NAIC life and health annual statement opinions.
• Interested in learning more about PBA implementation challenges and how PBA will affect the valuation process? The Preparing for Change under PBA for Life Products: Life Company Reserves and Capital [11] seminar will address these specific implementation challenges with an emphasis on how PBA will affect the valuation process for a company. Register for this Sept. 14 seminar to gain a deeper understanding of these key issues.
• Are you up-to-date on regulations and standards applicable in drafting loss reserve opinions? Register now to attend the 2011 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary [12], which will cover topics such as accepting an opinion assignment, documentation, point estimates, and risk of material adverse deviation. This Nov. 16 & 17 seminar also will cover new guidance on the repeal of ASOP No. 9 (Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations [13]), revised ASOP No. 36 (Statement of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserve [14]), and ASOP No. 43 (Unpaid Claim Estimates [15]).

Recently Released Publications

• Read the first issue of Retirement Account [16]—the Pension Practice Council's new quarterly email newsletter designed to keep Pension actuaries up to date on Academy activity in the pension arena. The newsletter features short descriptions of—and links to—recent practice council work products, including comment letters, practice notes, publications, and legislative outreach. It supplements the detailed reports on pension activity that members already receive each month in the Actuarial Update and each quarter in the Enrolled Actuaries Report.

Note: Some links in this e-mail go to external websites and may require registration. The Academy is not responsible for the content of these websites. Links may expire.