The Life Capital Adequacy Subgroup submitted comments on the NAIC Operational Risk Subgroup’s March 20 exposure of a revised proposal that suggests a new “C-5” factor in the NAIC Life Risk-Based Capital formula to provide for operational risk.
On April 28, the Academy will host a forum, Retirement for the AGES: Measuring for Success, that will bring together retirement community leaders for a discussion of retirement plans and proposals, and an assessment of them using the Academy’s new framework for retirement-income systems. The all-day forum at the Ronald Reagan International Trade Center in Washington will include a review of the Academy’s AGES framework, presentations of policy proposals to increase retirement security, and panel discussions on how well these retirement plans and proposals adhere to the AGES framework. Click here to register.( )
The American Academy of Actuaries’ initiative, Examining the Health Care Equation – Actuarial Perspectives on Cost and Quality, examines health care cost growth and explores options to reduce long-term spending growth and promote high-quality care.
On April 7, 2014, the Academy launched this initiative with a Capitol Hill Briefing as part of its continuing effort to provide objective, unbiased information to serve the public and the United States actuarial profession. The first paper in the series, "New Models of Care Delivery," and the flyer "What Drives the Growing Cost of Health Care" were presented. If you were unable to attend the briefing, please click here to view the presentation.
Click Here for more information on the Academy's latest initiative.
The Life Financial Reporting Committee completed its draft of its Practice Note detailing practices on the purchase method of accounting on VOBA, goodwill and other intangible assets under Generally Accepted Accounting Principles commonly referred to as Purchase GAAP and is exposed for comment until June 2.
The C-1 Work Group gave a presentation at the NAIC Spring National Meeting to the Investment Risk-Based Capital Working Group on C-1 Factors for Corporate Bonds in the Life Risk-Based Capital Instructions.
The Actuarial Guideline 33 Non-elective Incidence Proposal Work Group presented the NAIC Life Actuarial Task Force with proposed language to AG 33 to address the non-elective incidence reserve issue.
The Nonforfeiture Modernization Work Group updated the NAIC Life Actuarial Task Force on the Gross Premium Nonforfeiture Method.
The Academy released two new Essential Elements papers on principle-based reserving (PBR) and the National Flood Insurance Program (NFIP) adding to its series designed to make actuarial analyses of public policy issues more accessible to widespread audiences. Visit the Essential Elements webpage to read these and other papers in the series.( )
The NAIC Life Actuarial Task Force adopted a Life Reserves Work Group amendment proposal to VM-20 regarding treatment of due premiums in reserve calculation.
The Life Experience Subcommittee presented an update to the NAIC Life Actuarial Task Force on mortality development of the 2014 Commissioners Standard Ordinary table, the 2014 Valuation Basic Table, and margins under VM-20 for determination of Prudent Estimate Mortality.
The Contingent Annuity Issues Work Group responded to questions from the NAIC regarding the reserving and capital requirements for contingent annuities
The Principle-Based Reserve Strategy Subgroup submitted comments on the exposed Feb. 17, 2014, Report of Rector & Associates, Inc. to the Principle-Based Reserving Implementation (EX) Task Force.
The Casualty Practice Council submitted comments to the NAIC's Casualty Actuarial and Statistical Task Force on objective actuarial education measurement criteria that could be used by regulators to make a recommendation regarding the ability of SOA Fellows in General Insurance to sign P&C Statements of Actuarial Opinion.( )
The AOM Discussion Group released a report on ideas to improve the communication of issues within the appointed actuary’s memorandum.
Senior Pension Fellow Donald Fuerst provided written testimony to U.S. Senate Committee on Banking, Housing and Urban Affairs Subcommittee on Economic Policy hearing on the state of U.S. retirement security.( )
The Health Solvency Work Group sent a letter to the NAIC Health Risk-Based Capital Working Group that offered ideas for alternatives to increasing riks-based capital factors to cover the 3Rs.( )