This Week, October 07, 2011

Member Emails

• 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 the Academy’s bylaws, are available in her letter to the members [1].

Media Coverage

• FAQ: What factors affect the future of CLASS [2]
  Kaiser Health News, Oct. 4, 2011
  The Academy’s adverse selection concerns with the Community Living Assistance Services and Supports (CLASS) program were cited, and Academy member Steve Schoonveld provided recommendations on how to improve the program’s design.
• Proposed rules threaten fabric of river life in Port Deposit [3]
  Baltimore Sun, Oct. 1, 2011
  Academy Flood Insurance Subcommittee Chairperson Stuart Mathewson discussed National Flood Insurance Program reforms. He said that pending legislation is “not perfect” but will help the program.

News Releases

• American Academy of Actuaries Announces Election of Regular Directors [4] (Oct. 7, 2011)

Website: New Postings

• The joint Academy/SOA Payout Annuity Table Team submitted a report [5] regarding the 2012 Individual Annuity Reserving Table to the Life Actuarial Task Force of the NAIC. The team also included a presentation [6] that was originally scheduled for the NAIC Summer Meeting in Philadelphia.
• The Tax Work Group in conjunction with the Nonforfeiture Improvement Work Group issued a comment letter [7] to the Life Actuarial Task Force regarding issues associated with proposed language in VM-02.
• The Exchanges Work Group submitted comments [8] to the Centers for Medicare & Medicaid Services (CMS) in response to proposed regulations establishing health insurance exchanges and qualified health plans under the Affordable Care Act (ACA).
• The Medicare Supplement Work Group sent a letter [9] to the NAIC Medigap PPACA Subgroup offering comments on the subgroup’s new discussion paper, Medicare Supplement Insurance First Dollar Coverage and Cost-Shares.

Upcoming Events

• The Academy is hosting a jointly sponsored Capitol Hill briefing with the Society of Actuaries next Tuesday, 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 about this briefing: Important New Research Findings Indicate a “Rising Tide” of Contributions Facing Defined Benefit Pensions [10].
• Don’t miss out on the discounted registration rates for the 2011 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary [11]. The seminar (Nov. 16−17, Hilton Baltimore BWI) will address a variety of topics, including accepting an opinion assignment, documentation, point estimates, and risk of material adverse deviation. Discounted rates end Oct. 17 so register today! [11]
• The deadline to register for the Life and Health Qualifications Seminar [12] is Oct. 21. This Nov. 7–10 seminar is a primary source of instruction for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement. Attendees will learn about asset adequacy testing, statutory insurance accounting, valuation and nonforfeiture requirements, and more.  It is also an excellent way to earn up to 27.3 CE credits—including 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. Register today! [12]

Recently Released Publications

• The September Actuarial Update [13] is available online. Read about two letters from the Academy that urged policymakers to address Social Security and Medicare solvency issues. Other highlights of this newsletter include a look at the upcoming Life and Health Qualifications Seminar and the recent professionalism webinar that examined issues actuaries may face during difficult economic times.

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.