This Week, October 15-19, 2012

Recent Events

• Cecil D. Bykerk was installed as the Academy’s 48th President at the Annual Meeting and Awards Luncheon [1] on Oct. 15. The focus of his presidency will be to bring an actuarial perspective to bear on ever-increasing health care costs in the United States. Outgoing President David Sandberg honored winners of the annual awards, and welcomed new regular directors and officers to the Academy Board of Directors.

News Releases

• American Academy of Actuaries Announces Tom Terry as Next President-elect [2]
• American Academy of Actuaries Announces Elections of Regular Directors [3]
• American Academy of Actuaries Honors Curtis Huntington with Farley Award [4]
• American Academy of Actuaries Honors Julia Philips with Myers Award [5]
• American Academy of Actuaries Recognizes Volunteers’ Efforts [6]

News from the Actuarial Standards Board

• ASB adopted final revisions to ASOP No. 22, Statements of Opinion Based on Asset Adequacy Analysis by Actuaries for Life and Health Insurers, and ASOP No. 28, Statements of Actuarial Opinion Regarding Health Insurance Liabilities and Assets [7].
• ASB approved a revision of ASOP No. 25, Credibility Procedures [8].
• ASB adopted ASOP No. 46, Risk Evaluation in Enterprise Risk Management [9].
• October Boxscore: Read about [10] the recent revision, adoption, and approval of several ASOPs, plus more!

Upcoming Events

• Registration is now open for the Nov. 1 IFRS Update: IASB/FASB Insurance Contracts Project Webinar [11]. Learn about IASB’s work on Phase 2 changes to the International Financial Reporting Standard (IFRS) on insurance contracts, and potential changes to U.S. GAAP.
• Registration is now open for the Nov. 27 Social Security: Actuarial Status and Assumptions Webinar [12], which will offer an actuarial perspective on the 2012 Social Security Trustees Report and the assumptions used in determining Social Security projections. Social Security Administration Chief Actuary Steve Goss will provide additional comments and answer questions.
• Actuaries who complete actuarial certifications for LTCI policy forms: Don’t miss the Oct. 31 webinar, Understanding LTC Rate Stability [13], for important information pricing actuaries can use to complete an actuarial certification related to pricing long-term care insurance policy forms under the rate stability provisions of the NAIC’s Long-Term Care Model Regulation.
• Actuaries who write P/C loss reserve opinions: Register now for the P/C Effective Loss Reserve Opinion Seminar—Tools for the Appointed Actuary [14] (Nov. 7–8): This seminar is essential for actuaries who want to stay current on regulations and standards applicable in drafting loss reserve opinions.
• Oct. 26 is the deadline to register for the Life and Health Qualifications Seminar [15] (Nov. 12–15). This 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.

Academy in the News

• A Forbes commentary, “Benefits and Challenges of Medicaid Managed Care [16],” mentions the Academy and Actuarial Standards Board in a description of the process that actuaries use to determine actuarial soundness in the private health plans.

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