This Week, December 2, 2011

• The new age of retirement [1]
  Consumers Digest, Dec. 1, 2011
  The Academy was cited as the source of longevity statistics. The Academy said that, on average, a 65-year-old male in 1960 would live about 13 more years but could expect to live another 18 years in 2011. (Subscription is required to read this article.)

News Releases

• American Academy of Actuaries Welcomes New General Counsel, Professionalism Director [2] (Nov. 30, 2011)

Website: New Postings

• The 2011 P/C Loss Reserve Law Manual is now available. Click here [3] to order your copy. The law manual is designed to help appointed actuaries comply with the NAIC annual statement requirements for statements of actuarial opinion.
• The first in a series of toolkits designed to provide actuaries in every practice area with the tools necessary to deliver objective information on public policy issues is now available. The toolkit—on Medicare’s financial condition—includes a slide deck that provides an overview of the structure of Medicare, the challenges to the program’s solvency and sustainability, and options that have been proposed to reform the program. Click here [4] to learn more.
• The Academy submitted written comments to the International Actuarial Association (IAA) in response to its exposure draft on model International Standard of Actuarial Practice (ISAP) 1–General Actuarial Practice. Mary Frances Miller, then the Academy’s president, advised members in October that the IAA had released its first exposure draft to IAA member associations and individual actuaries for comment. The Actuarial Standards Board (ASB) provided a report to the U.S.-based actuarial associations on the proposed ISAP and also submitted a comment letter that was strongly endorsed by the Academy. To learn more, read the Academy’s comment letter [5], Miller’s message [6], and the ASB’s report [7] and comment letter [8].

Recent Events

• The Academy’s Volunteer Resource Committee presented a free webinar on Dec. 1 for new volunteers. Actuaries from all practice areas attended and presenters covered topics such as the committee process, conflict of interest, confidentiality, antitrust, public statements, peer review, and tools for getting committee work done. To learn more, download the presentation [9] and audio [10] files.

Upcoming Events

• The Academy’s Health Practice Council will present a free webinar, What Every Actuary Should Know about Medicare—From Structure to Reform, on Dec. 9 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 [11] to learn more.
• Don’t miss the final 2011 Academy professionalism webinar on Dec. 15. Join the Academy’s Council on Professionalism to learn more about the IAA 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 [12] to learn more.

Recently Released Publications

• The November Actuarial Update [13] is available online. Read about the Academy’s Annual Meeting and Awards Luncheon, which featured the ceremonial passing of the gavel to 2012 President Dave Sandberg and election predictions by keynote speaker Nate Silver. Other newsletter highlights include a look at the new officers on the Academy’s board of directors, profiles of the 2011 Myers and Farley award winners, and an update on developments in health care reform.

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