This Week, July 29, 2011

Media Coverage

• 5 myths About Social Security [1]
  MSN Money, July 27, 2011
  The Academy's Social Security Game [2] was linked in an article that attempts to dispel popular misconceptions about the program.
• Actuaries Suggest Raise in Social Security Retirement Age [3]
  National Mortgage News, July 27, 2011
  Academy Public Interest Committee Chairperson Tom Terry's testimony [4] to the U.S. House Committee on Ways and Means Subcommittee on Social Security was discussed.
• Is The 27 Club A Statistical Quirk? [5]
  Wall Street Journal, July 26, 2011
  The Academy provided various life expectancy and mortality data on 27-year-old females.

Press Releases

• Media advisory: Actuaries to Discuss New Actuarial Research Study on Pension Contribution Challenges [6] (July 29, 2011)

Website: New Postings

• Election update: Academy President Mary Frances Miller announced [7] dates of the online balloting for Academy elections, the slate of candidates for open regular director positions to be voted on by the membership, the slate of candidates for presidential officers and vice presidents to be voted on by the board of directors, and the bylaws amendments to be voted on by the membership.
  
  Please note: All Academy members whose dues for the current year have been paid in full as of July 14, 2011, can vote in the Academy's election—regardless of their standing as a fellow or as an associate with the Casualty Actuarial Society or Society of Actuaries.
  
  Click here to learn more about the elections online. [8]

• Joint discipline update: Academy President Mary Frances Miller introduced [9] a joint letter from the presidents of the U.S.-based actuarial organizations regarding a proposal to make improvements to the profession's discipline process in the United States. The joint letter outlined new resources for members to learn more about the proposal, including a working draft of a proposed agreement on joint discipline and an updated set of questions and answers related to the proposal.
• The Solvency Committee submitted comments [10] to the International Actuarial Association (IAA) on the International Association of Insurance Supervisors (IAIS) concept paper, Common Framework for the Supervision of Internationally Active Insurance Groups. The committee addressed questions presented in the paper relating to Own Risk & Solvency Assessment (ORSA), corporate governance, and Enterprise Risk Management.
• Marty Simons, member of the Academy's Extreme Events Committee, gave a presentation [11] to the National Conference of Insurance Legislators' Property-Casualty Insurance Committee on the actuarial implications of the flood mapping update being completed within the National Flood Insurance Program.

Upcoming Events

• The Academy is presenting a Capitol Hill briefing [12] with the Society of Actuaries on Aug. 4 to introduce new research findings from the actuarial profession that indicate a "wall" of funding challenges facing the private defined benefit system. Presenters will discuss important implications for plan sponsors, beneficiaries, and policymakers.
• Join the Academy and the Society of Actuaries on Sept. 14 in Orlando to learn more about Principle-based Approach (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 [13] seminar will cover several "hot topics" and the specific implementation challenges relating to PBA for statutory reserves for life products. Don't miss out on gaining a deeper understanding of these key issues and the necessary changes needed to adapt in a PBA world.

Recently Released Publications

• July Actuarial Update [14]: Read about the Academy's congressional testimony on Social Security's long-term financial challenges; a Capitol Hill briefing on the National Flood Insurance Program; and highlights of the Summer Summit's examination of the Academy's work within an Enterprise Risk Management framework.
• July HealthCheck [15]: Read about the issue brief from the Academy's Actuarial Value Subgroup on actuarial value under the Affordable Care Act and the written testimony submitted by the Academy to the House Ways and Means Subcommittee on Health for a hearing on the 2011 Medicare Trustees Report. Read about these and other recent health care reform activities in the July issue of HealthCheck.

News from the Actuarial Standards Board

• The ASB recently adopted a revision of ASOP No. 28, Statements of Actuarial Opinion Regarding Health Insurance Liabilities and Assets. [16] The revision encompasses all statements of actuarial opinion regarding health insurance liabilities and assets of insurance or reinsurance companies and other health insurance financing systems (such as health benefit plans provided by self-insured or government plan sponsors). The effective date of the ASOP No. 28 revision is Oct. 31, 2011.
• Read the July Boxscore [17] to learn more about the adopted final revision of ASOP No. 28, new deviation language for ASOPs in effect, update on Introduction to the Actuarial Standards of Practice, and more.

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