This Week, July 30-August 3, 2012

Academy Election News

• If you haven’t voted yet in the 2012 Academy election for three open Regular Director positions on the Board of Directors, look for an email reminder next Tuesday, Aug. 7, with your individual link to your online ballot. The email is sent directly from the Academy’s election vendor; please be sure to add the following sender and email address to the “safe sender” list for your email program:

Recently Released Publications

• July Actuarial Update: Read details [3] about the Academy’s annual Summer Summit where Academy leaders looked for ways to address rising heath care costs, and discussed the challenges associated with managing lifetime income.

Member Alerts

• Life Insurance: The NAIC’s Life Actuarial Task Force voted to adopt an exposure draft [4] of the Valuation Manual that sets forth minimum reserve and related requirements for jurisdictions where the enabling NAIC Standard Valuation Law is adopted. Log in [5] to read the full alert.

Website: New Postings

• The Pension Committee sent a letter [6] to Treasury officials regarding the implementation of MAP-21 pension provisions and expressed support for the urgent need to publish the required 25-year average segment rates.
• The Pension Practice Council sent a letter [7] to Sen. Orrin Hatch commenting on his January report, “State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America,” and referencing its new issue brief [8], “The 80 Percent Pension Funding Standard Myth.” See also Academy in the News below.
• The Financial Regulatory Reform Task Force sent comments [9] to the International Association of Insurance Supervisors (IAIS) on its proposed method to identify insurers whose distress or disorderly failure would cause significant disruption to the global financial system and economic activity.
• The Solvency Committee sent comments [10] to the NAIC and IAA on the IAIS ComFrame paper concerning the relationship between the Internationally Active Insurance Groups and supervisors, and the framework for supervisors to address group-wide activities and risks.

Upcoming Events

• Register for the Aug. 30 Post-NAIC Update/PBA [11] webinar for a review of the NAIC’s life and annuity activities—including those of the Life Actuarial Task Force—and an update on the Valuation Manual that is expected to be adopted at its Summer 2012 National Meeting in Atlanta.
• Don’t miss out on discounted registration rates for the Sept. 11–12 Life PBR—Test-Drive the New VM-20 [12] seminar. Academy and SOA members: save $100 before Aug. 20. Regulators: get the special rate of $400 per registrant.
• Join us for the Oct. 15 Academy Annual Meeting and Awards Luncheon [13]. This year’s event is being held in conjunction with the Society of Actuaries annual meeting. If you are attending the SOA meeting, the Academy luncheon is included. Academy members who are not attending the SOA meeting may purchase a ticket for $70.
• Do you write P/C loss reserve opinions? Do you want to stay up to date on relevant regulations and standards? Make plans to attend the Nov. 7–8 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary [14] to learn more!
• Seats are limited for the Nov. 12–15 Life and Health Qualifications Seminar [15]. Register today to guarantee your place at 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.

Academy in the News

• The 80% Pension Funding Myth Issue Brief was covered in six stories:
  • “Funded Ratio Not a Sufficient Measure of DB Health [16]” (PlanSponsor)
  • “Actuary Group Takes Aim at 80% Funding Benchmark [17]” (Pensions & Investments)
  • “Public Pension Funds Need to Set More Realistic Goals [18]” (BenefitsPro)
  • “Actuaries Call 80% Rule on Defined-Benefit Pension Plans ‘Myth’ [19]” (Insurance & Financial Advisor)
  • “When Pension Myths Confront Reality [20]” (Pension Pulse Blog)
  • “80% Funded Ratio of Pension Plans a Myth? [21]” (BenefitsPro)

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