This Week, Aug. 13-17, 2012

Academy Election News

• Thank you for voting in the 2012 election for three open Regular Director positions on the Academy Board of Directors. Participation exceeded the 2011 rate. Results will be announced in advance of the Academy’s annual meeting.

Member Alerts

• Life Insurance Issues: The National Association of Insurance Commissioners Life Insurance and Annuities (A) Committee voted today to adopt the Valuation Manual that sets forth minimum reserve and related requirements for jurisdictions where the enabling NAIC Standard Valuation Law is adopted. Log in [1] to read the full alert.
• Pension Issues: The Internal Revenue Service issued a notice announcing new 25-year average segment rates and adjusted 24-month average segment rates used for pension funding. Log in [1] to read the full alert.

Website: New Postings

• The Health Practice Council sent a letter [2] to Sen. John Thune and Rep. Charles Boustany to clarify the nature and intent of recent Academy-hosted roundtables focused on addressing the accessibility and affordability of long-term care services.
• The Solvency Committee sent comments [3] to the International Association of Insurance Supervisors on its Draft of Common Framework for Supervision of Internationally Active Insurance Groups concerning the relationship between Internationally Active Insurance Groups and supervisors, and the framework for supervisors to address group-wide activities and risks.
• The Flood Insurance Subcommittee presented [4] at the NAIC’s Center for Insurance Policy and Research summit on flood insurance reform. The presentation addressed key elements of the Biggert-Waters Flood Insurance Reform and Modernization Act of 2012, including the partial phase-out of subsidized premium rates and the gradual adjustment of premium rates to accurately reflect the risk being insured.

Upcoming Events

• Just Announced: Precept 13—How Do I Comply in a Self-Regulating Profession? [5] Don’t miss the Sept. 13 webinar to learn how you should consider applying Precept 13 when you become aware that another actuary may have violated the Code of Professional Conduct. Your understanding of Precept 13 is vital to ensuring that you are fulfilling the profession’s responsibilities to the public and your own responsibilities to your clients, your employer—and to the profession.
• Review the NAIC’s life and annuity activities—including those of the Life Actuarial Task Force—and receive an update on the Valuation Manual during the Aug. 30 Post-NAIC Update/PBA Webinar [6].
• Work hands-on with the pending reserving requirements in VM-20! Attendees will have the opportunity to apply them to real-life examples at the Sept. 11–12 Life PBR—Test Drive the New VM-20 [7] seminar.
• Join your colleagues at the Oct. 15 American Academy of Actuaries Annual Meeting and Awards Luncheon [8]! The Academy will transition presidential leadership from Dave Sandberg to Cecil Bykerk, announce winners of the annual awards, and hear from keynote speaker Stu Rothenberg. If you are attending the SOA meeting, the Academy luncheon is included; if not, you may purchase a ticket for $70.
• Get up to date on regulations and standards applicable in drafting loss reserve opinions at the Nov. 7–8 P/C Effective Loss Reserve Opinion Seminar: Tools for the Appointed Actuary [9]. New workshops and breakout sessions have been added this year.
• Meet the basic education requirements set forth in the U.S. Qualification Standards to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement by attending the Nov. 12–15 Life and Health Qualifications Seminar [10].

Academy in the News

• The Pension Practice Council’s recent issue brief [11] on pension funded ratios led an Investment News blog post, “Fiduciary Links: Is 80% healthy the same thing as ‘healthy’? [12],” which discussed a number of recently released pension studies.

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