This Week, November 18, 2011

Notice: This Week will not be published next Friday, Nov. 25, due to the Thanksgiving holiday. This Week will resume on Dec. 2.

Member E-mails

• Membership dues notices have been emailed. Dues remain at the same level as 2011. “Your membership supports the valuable work of the Academy,” Academy President Dave Sandberg wrote in his message [1] to members this week. Members can pay using the individual member link included in the dues notice email or by logging in [2] to the members-only section of the Academy website. Membership dues are due by Jan. 1, 2012.
• All Academy committee members are now required to comply with CE requirements as adopted by the Academy Board of Directors at its Oct. 28, 2011, meeting. If you belong to any Academy board, committee, subcommittee, work group, task force, etc. (“committee”), you must comply annually and attest to compliance with the continuing education (CE) requirements of the U.S. Qualification Standards to serve as a member of such committee. Click here [3] to learn more.

Media Coverage

• PBGC advises on reporting PBGC premium payments made from plan assets on Form 5500 Schedule H [4]
  CCH Business & Corporate Compliance, Nov. 17, 2011
  The Academy Pension Committee’s Oct. 14 letter [5] to the Department of Labor and the Internal Revenue Service—asking for clarity regarding Form 5500 Schedule H instructions for reporting premium payments from plan assets to the Pension Benefit Guaranty Corporation (PBGC)—was cited after the PBGC sent the committee a formal response [6].
• Interest group wish list: A window into the challenge for the super committee [7]
  Kaiser Health News, Nov. 14, 2011
  The Academy Medicare Steering Committee’s letter [8] to the Joint Select Committee on Deficit Reduction was cited and briefly discussed. The actuaries urged the committee to address Medicare’s solvency and sustainability by developing proposals to slow health care spending growth.

Website: New Postings

• Video highlights [9] from a conversation on public pension plan issues are available on the Academy’s YouTube channel. The discussion developed into a feature article in the September/October issue of Contingencies [10] magazine. Participants include actuaries Ken Kent, Robert North, and James Rizzo.
• The Risk Classification Work Group published [11] a monograph, On Risk Classification, which is a significant update to the 1980 monograph, Risk Classification Statement of Principles. The monograph provides background and information to the public regarding the purpose of risk classification and the design and management of risk classification systems. It also details the systematic development of these concepts for actuaries and other professionals in a form applicable to all areas of actuarial practice.
• The summary of the Oct. 28, 2011, Academy Board of Directors meeting is available on the members-only section of the Academy website. Log in [2] to read the summary.

Recent Events

• The Casualty Practice Council held its 2011 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary [12] on Nov. 16 and 17. The sold-out two-day seminar at the Hilton Baltimore BWI Airport hotel covered topics such as accepting an opinion assignment, documentation, point estimates, and risk of material adverse deviation. Presenters also discussed new guidance on the repeal of ASOP No. 9 (Documentation and Disclosure in Property and Casualty Insurance Ratemaking, Loss Reserving, and Valuations), revised ASOP No. 36 (Statement of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserve), and ASOP No. 43 (Unpaid Claim Estimates).

Upcoming Events

• Just announced: Final Academy Professionalism webinar of 2011 scheduled for Dec. 15. Join the Academy’s Council on Professionalism on Dec. 15 to learn more about the International Actuarial Association and how its activities may affect you as a U.S. actuary. As the global economy affects our own economy and progress, actuaries—regardless of where they live—need to keep up with current international events and stay informed of proposed changes that may affect how they approach their U.S. practice. Click here [13] to learn more.

• Don’t miss the Dec. 9 webinar: What Every Actuary Should Know about Medicare—From Structure to Reform. The Academy’s Health Practice Council will present this free webinar to provide actuaries with essential background on Medicare’s current structure and financial condition as well as options and prospects for reform in light of ongoing efforts to reduce the deficit. This webinar is presented by the Academy and cosponsored by the Society of Actuaries and the Conference of Consulting Actuaries. All actuaries, regardless of practice area, are encouraged to attend. This webinar also qualifies for continuing education credit. Click here [14] to learn more.
• There’s still time to register for the Nov. 22 Post-NAIC Update/PBA webinar. Presenters will review the NAIC Fall 2011 National Meeting and give a progress report on implementing the principle-based approach (PBA) to reserving. Presenters also will discuss updates of the VM-20 impact study and NAIC developments on the Own Risk Solvency Assessment (ORSA). Click here [14] to learn more.

Recently Released Publications

• The November HealthCheck [15] is available online. Read about the Supreme Court’s announcement that it will hear arguments related to the Affordable Care Act and the House Energy and Commerce Subcommittee’s vote to repeal the Community Living Assistance Services and Supports Act.
• The 2011 Record [16], A Year in Review, is available online. It includes a summary of the work of more than 1,200 volunteers and documents how the Academy works to fulfill its mission to serve the public and the actuarial profession.

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.