William Hines, vice-president of the Risk Management and Financial Reporting Council, submitted written testimony to the U.S. Senate Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection for its hearing on capital regulation for insurers.( )
Academy members made well-received presentations at the National Conference of Insurance Legislators’ Spring Meeting in Savannah March 7-9. Ellen Kleinstuber, vice-chairperson of the Academy’s Pension Committee, presented on a March 7 panel, “Longevity Risk & Insurance.” She also offered comments at a special point-counterpoint discussion on a proposed pension de-risking model act. Joyce Bohl, a member of the Federal Health Committee, presented on March 8 as part of a panel on the Affordable Care Act and underwriting.( )
The ORSA Subgroup submitted comments to the NAIC on its Guidance Manual for the Own Risk and Solvency Assessment (ORSA), noting that revisions made in the March 2014 draft provide clarity for those developing ORSA reports.( )
The Pension Committee sent comments to the Internal Revenue Service regarding Notice 2014-5, Temporary Nondiscrimination Relief for Closed Defined Benefit Plans and Request for Comments.( )
The Academy has launched a new series of public policy papers designed to make its actuarial analysis of public policy issues more accessible. Each paper in the Essential Elements series will provide a succinct analysis, supplemented by infographics, that allows the reader to quickly grasp an issue and its significance in the public debate. Visit the Essential Elements webpage now. Click here to read the news release.( )
The Natural Catastrophe Subcommittee submitted comments to U.S. House members on repealing some premium increases mandated by the Biggert-Waters Flood Insurance Reform Act of 2012.( )
The Life Principle-Based Approach Practice Note Work Group completed its draft Practice Note for Principle-Based Reserves of Life Insurance, which is exposed for comment until April 25.
The Public Plans Subcommittee published an issue brief introducing the objectives and principles for funding pension plans for state and local government. The brief states that policies used to establish funding for these plans should be formulated to maintain an appropriate balance among the competing objectives of benefit security, generational equity, and contribution stability. Read the news release.( )
The Joint Academy/SOA Long-Term Care Valuation Work Group released a final report to the NAIC’s Long-Term Care Actuarial Working Group that highlights the work group's process in considering the development of an LTC valuation table.( )
The Financial Reporting Committee sent a letter to the Financial Accounting Standards Board on proposed wording to clarify the methodology used in determining the "top down" discount rate.( )
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 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.
The ERM Committee submitted comments to the Financial Stability Board on its proposal, Guidance on Supervisory Interaction with Financial Institutions on Risk Culture.