This Week, January 7-11, 2013

Academy News

• The Academy wrote a letter [2] to The New York Times in response to an op-ed that questioned whether longevity risk was posing new problems for Social Security and if actuaries had taken this into account. In the letter, the Academy said Social Security actuaries regularly assess longevity rates along with other factors. The larger issue is Social Security’s long-term solvency, which the president and Congress need to address now. Log in [3] to read the full member alert.

Website: New Postings

• The Health Practice Council sent a letter [4] to President Obama and congressional leaders urging them to appoint an actuary to the new Commission on Long-Term Care that was enacted as part of the American Taxpayer Relief Act of 2012.
• The Life Practice Council sent a comment letter [5] to the NAIC Principles-Based Reserving (E) Working Group with suggested changes to its November 2012 Draft PBR Implementation Plan.
• The Health Care Receivables Factors Work Group submitted an updated letter [6] to the NAIC’s Health Risk-Based Capital Working Group with recommendations for receivables factors in the current RBC formula.
• New for 2012 P/C Loss Reserve Law Manual: 46 jurisdictions updated their entries; seven changed their laws on Actuarial Opinion Summaries; 19 made significant changes to their Statement of Actuarial Opinion requirements. Order [7] your copy today!

News from the Actuarial Standards Board

• The International Actuarial Association approved [8] its first International Standard of Actuarial Practice (ISAP), ISAP 1, General Actuarial Practice.
• January Boxscore: Read [9] about the recent adoption of ASOP No. 47, second exposure draft approval of ASOP No. 4, proposed modeling drafts, plus more!

Academy in the News

• January/February Contingencies’ article, “My Generation: Age Band Compression Under Health Care Reform [10],” was cited in numerous media outlets, including The Business Journal and Bloomberg BNA.

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