This webinar discussed the most recent findings on National Health Spending from the Centers for Medicare & Medicaid Services (CMS). Since 2009, health care spending has experienced its lowest growth rates in decades. According to a new analysis from the CMS Office of the Actuary, that was published in the January edition of Health Affairs, this trend continued into 2012 with an increase in spending of only 3.7 percent to $2.8 trillion.( )
The Life Reserves Work Group submitted a revised amendment proposal regarding treatment of due premiums in the VM-20 reserve calculation.
The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.( )
The Pension Committee submitted comments to the Actuarial Standards Board on revisions to ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations.( )
The ERM Committee submitted comments to the Financial Stability Board on its proposal, Guidance on Supervisory Interaction with Financial Institutions on Risk Culture.
Academy RBC work groups sent a letter to the NAIC SMI RBC Subgroup outlining concerns with a Dec. 9, 2013, Capital Adequacy Task Force Operational Risk Proposal.( )
The Nonforfeiture Modernization Work Group developed a spreadsheet for the NAIC Life Actuarial Task Force that illustrates potential nonforfeiture benefits for guaranteed lifetime withdrawal benefits contained in fixed deferred annuities based on the work group’s December proposal.
Academy President Tom Terry urged the Federal Insurance Office to include actuaries on the expanded Federal Advisory Committee on Insurance.( )
The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ proposal, Basic Capital Requirements for Global Systemically Important Insurers (G-SIIs).( )
The Natural Catastrophe Subcommittee submitted comments to U.S. Senators on modifying the Biggert-Waters Flood Insurance Reform Act of 2012 to delay implementation of some premium increases mandated by the law.( )
Rate Review Practice Note Work Group letter to the Center for Consumer Information and Insurance Oversight (CCIIO) with comments on a second draft of revisions to the Unified Rate Review Template (URRT) and actuarial memorandum instructions.( )
The Life Practice Council presented a webinar reviewing the NAIC Fall 2013 National Meeting and activities including a rundown of the most recent Life Actuarial (A) Task Force meeting, a discussion of activities at the Life Risk-Based Capital (E) Working Group meeting, an update on VM-22 development, and a review of activity on captives and special purpose vehicles as they relate to NAIC model regulations XXX and AXXX.( )
The Pension Practice Council’s Forward Thinking Task Force released a public policy monograph that introduces a framework to examine retirement plans and policy proposals designed to provide a secure and sufficient retirement as part of its Retirement for the AGES initiative. In conjunction with the release of the monograph, the Academy hosted a Capitol Hill briefing on the initiative. Read the news release here.( )
The Individual Disability Table Work Group released detailed instructions on how to use the newly revised individual disability valuation table.( )
The Financial Reporting Committee sent comments to the Financial Accounting Standards Board and International Accounting Standards Board regarding their joint project on classification and measurement of financial instruments.
On Jan. 16, 2014 Federal Emergency Management Agency (FEMA) experts Thomas L. Hayes, D. Andrew Neal, and moderator Stuart B. Mathewson discussed the current state of the NFIP, how the passage of the Biggert-Waters Act has affected the NFIP and its policyholders thus far, and the options available to Congress to revise Biggert-Waters to reduce its immediate effect on premiums. This webinar is part of the Academy Capitol Forum Lunchtime Guest Webinar Series.( )