This Week, June 18-22, 2012

Announcements

• The Academy’s Nominating Committee today announced the candidates for three Regular Director positions on the Board of Directors of the American Academy of Actuaries for consideration of its membership. Read Nominating Committee Chairperson Ken Hohman’s message to learn more [1].

Reminders

• Volunteering offers many personal and professional benefits and completing the annual volunteer survey is your first step to maximizing opportunities for leadership, networking, and your own professional development. Volunteers support the valuable work of the Academy to assure actuarial professionalism and involvement by the profession in public policy issues. Take the survey now [2] and join your many peers in advancing the Academy’s mission to serve to the public and the profession.

News Releases

• The Academy issued a news release [3] pledging the profession’s continued expertise regardless of the outcome of the U.S. Supreme Court ruling on the Affordable Care Act, which is expected next week.

Academy in the News

• Senior Health Fellow Cori Uccello articulates the public benefit of the Academy’s voters’ guides in a favorable Investment News review of the guides, Intelligent Debate [4]. Uccello also was quoted in a lengthy Congressional Quarterly Weekly article, The Chaos of a Narrow Ruling [5], which plays out some possible scenarios resulting from the upcoming Supreme Court decision on health care reform.
• Senior Pension Fellow Don Fuerst provides the Detroit Free Press with an actuarial perspective on public plans in Wayne County Taxpayers on Hook for $600M as Generous Pensions Drain Fund [6].
• Farms of All Sizes Needed for Crop Insurance to Work Properly [7] quotes the Academy’s definition of a “viable risk pool.”

News from the Actuarial Standards Board

• Assessment and Disclosure of Risk Associated with Pension Obligations, Plan Costs, and Plan Contributions [8] discussion draft is now available for comment. Responses are due Sept. 30, 2012.
• Standards for Principle-Based Reserves for Life Products [9] discussion draft now reflects changes to the National Association of Insurance Commissioners’ Valuation Manual-20 (VM-20).

Website: New Postings

• The Life Invested Asset Work Group submitted a comment letter [10] to the NAIC Valuation of Securities Task Force on the methodology for assigning classifications to investments and changing how classification decisions are implemented.
• The Life Financial Soundness/Risk Management Committee submitted a proposed amendment [11]to the NAIC Life Actuarial Task Force outlining a simplified approach for determining a prudent estimate mortality assumption for VM-20.

Upcoming Events

• Final Reminder—Earn valuable CE credits by attending the June 25 Professionalism webinar: ABCD Requests for Guidance Insight and Case Studies [12]. ABCD members Curtis Huntington and Kathleen Riley will present case studies, review the request-for-guidance process, and answer questions from attendees.
• Guarantee your seat at November’s 2012 Life and Health Qualifications Seminar [13]. This popular seminar is the 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.
• Save the date for the P/C Effective Loss Reserve Opinion Seminar—Tools for the Appointed Actuary: Nov. 7–8, 2012. This annual seminar is designed for actuaries who write P/C loss reserve opinions and who want to stay up to date on regulations and standards applicable in drafting loss reserve opinions.

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