Solvency Committee comments to the NAIC on its revised version of a draft white paper, The U.S. National State-Based System of Insurance Financial Regulation and the Solvency Modernization Initiative.( )
The Pension Committee submitted comments to the Pension Benefit Guaranty Corporation (PBGC) regarding its proposed rule on reportable events under ERISA Section 4043.( )
The Pension Committee submitted comments to the Actuarial Standards Board on revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions.( )
The Pension Finance Task Force submitted comments to the Actuarial Standards Board on revisions to ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions.( )
Senior Pension Fellow Donald Fuerst testified at a House Committee on Ways and Means Subcommittee hearing on Social Security that examined bipartisan proposals to adjust Social Security benefits and their impacts on the program’s solvency, beneficiaries, workers, and the economy. Fuerst said that raising the full retirement age could help mitigate Social Security’s long-range financial problems and that addressing Social Security’s solvency now would permit more modest changes to be phased in gradually.( )
The Health Practice Financial Reporting Committee submitted comments to the NAIC on its proposed modifications to the Maintenance Submission Form that addresses an Accounting Standards Update surrounding fees paid to the federal government by health insurers.( )
The American Academy of Actuaries will host a May 17 Hill briefing on how changes to health insurance premiums stemming from the Affordable Care Act (ACA) could vary considerably. Experts will present basic premium concepts; provisions in the ACA that affect premiums; and, how the provisions in ACA may change premiums.( )
The Academy's Senior Health Fellow has written an issue brief that provides an overview of the basic concepts underlying premium calculations, and highlights and examines several Affordable Care Act-related provisions that could affect premiums.( )
The PBR Strategy Subgroup submitted an additional comment letter to the NAIC Principle-Based Reserving Implementation (EX) Task Force regarding the potential impact of PBR in its draft legislative brief.
The Casualty Practice Council sent a comment letter to the Bank for International Settlements on its consultative document on mortgage insurance.( )
The Risk Sharing Work Group submitted comments to HHS on the interim final rule implementing amendments to the Notice of Benefit and Payment Parameters final rule.( )
The Rate Review Practice Note Work Group released for comment an addendum to the October 2012 practice note, Actuarial Practices Relating to Preparing, Reviewing, and Commenting on Rate Filings Prepared in Accordance with the Affordable Care Act. Comments on the addendum, which highlights changes to the rate review and disclosure requirements since the initial practice note was finalized, are due by June 3.( )
The Medical Loss Ratio (MLR) Work Group submitted comments to CMS on the proposed rule implementing MLR requirements for Medicare Advantage (MA) and Medicare prescription drug (Part D) programs.( )
The Life Practice Council presented a webinar reviewing the NAIC Spring 2013 National Meeting and progress on the principle-based approach (PBA) to life reserves. The December 23 webinar included updates on the activities of the NAIC’s Life Actuarial Task Force, PBR Implementation (EX) Task Force, Joint Qualified Actuary (A/B/C) Subgroup, and the Emerging Actuarial Issues (E) Working Group. In addition the webinar covered Academy PBR efforts as well as a information on current professionalism issues.
The Academy sent a letter to the president and Congressional leaders today regarding the Military Compensation and Retirement Modernization Commission. The letter encourages them to appoint at least one qualified actuary to the newly-established commission. Appointing a qualified actuary would ensure that the commission has among its members an individual who can provide actuarial expertise on policy proposals, especially related to retirement programs.( )
The PBR Strategy Subgroup submitted a comment letter to the NAIC Principle-Based Reserves (EX) Task Force on legislative brief outlining the ramifications of the Standard Valuation Law for state legislatures.