The Financial Regulatory Reform Task Force comments to the IAIS on its proposed method to identify insurers whose distress or disorderly failure would cause significant disruption to the global financial system and economic activity.( )
The Pension Practice Council sent a letter to Senator Orrin Hatch commenting on a January report entitled “State and Local Government Defined Benefit Pension Plans: The Pension Debt Crisis that Threatens America.” The letter references the Pension Practice Council’s newly published issue brief that debunks the myth that an 80% funded ratio is the proper basis for determining whether a pension plan is financially or “actuarially” sound.( )
The Solvency Committee submits comments to the NAIC and IAA on the IAIS Draft of Common Framework for Supervision of Internationally Active Insurance Groups (ComFrame) concerning the relationship between Internationally Active Insurance Groups (IAIGs) and supervisors and the framework for supervisors to address group-wide activities and risks.( )
Steve Schoonveld, a member of the Federal Long-Term Care Task Force, presented at the National Conference of Insurance Legislators (NCOIL) Summer Meeting in Burlington, VT on options to reform the long-term care system in the United States.( )
The Life Practice Council and Life Financial Soundness/Risk Management Committee submitted comment letters with suggested changes to the valuation manual and expressed the need for an updating and review process for the valuation manual going forward.( )
The Joint Committee on Retiree Health submitted comments to the Actuarial Standards Board on the exposure draft of ASOP 6, Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Plan Costs or Contributions.( )
Nancy Bennett, Senior Life Fellow and member of the Financial Regulatory Reform Task Force, presented to the National Conference of Insurance Legislators on modernizing insurance regulation as expressed by the Task Force to the Federal Insurance Office.
The Academy’s Health Practice Council hosted a webinar on July 11 to provide actuaries from all practice areas with an analysis of the Supreme Court’s June 28 decision on the Affordable Care Act (ACA). Speakers outlined the decision, discussed the next steps in the federal and state implementation process, and highlighted future Academy activities aimed at the challenge of addressing long-term health costs. Download the presentation slides and audio recording.( )
The P/C Risk-Based Capital Committee has issued a letter to the Solvency Modernization Initiative RBC Subgroup concerning CAS Working Party research on potential improvements to the NAIC's P/C RBC framework.( )
The Group Long-Term Disability Work Group submitted a report outline to the NAIC’s Health Actuarial Task Force (HATF) regarding a valuation proposal for a new group long-term disability table.
The Stop-Loss Work Group submitted comments to the Employee Benefits Security Administration on small employers' use of stop-loss insurance and how this affects the market for fully insured small health coverage under the Affordable Care Act (ACA).
The Pension Committee submitted comments to the SOA on a new set of mortality tables and projection scales for the valuation of uninsured pension plans.( )
The Academy’s Health Practice Council Communications Task Force updated its recent Campaign 2012 voters’ guide, Making Health Care Reform Work: Why Broad Participation is Necessary. The guide is intended to assist voters to understand why broad participation is necessary in the health insurance system to avoid higher premiums.( )
The Flood Insurance Subcommittee has issued a comment letter to Congressional leaders concerning H.R. 4348, a bill to reform the National Flood Insurance Program and reauthorize it for five years.
The Contingent Annuity Work Group gave a presentation at an interim meeting of the NAIC Contingent Deferred Annuity (A) Working Group regarding the solvency and risk management issues associated with contingent annuities.( )
The Academy's Life Invested Asset Work Group submitted a comment letter to the NAIC Valuation of Securities Task Force related to modification of the methodology for assigning classifications to investments and changing how classification decisions are implemented.( )
The Academy's Life Financial Soundness/Risk Management Committee submitted an amendment proposal form to the NAIC Life Actuarial Task Force outlining a simplified approach for determining a prudent estimate mortality assumption for VM-20.( )
The Academy’s Medicaid Work Group submitted comments to CMS on a proposed rule regarding payments for Medicaid primary care services. The letter addresses issues relating to actuarial soundness as they pertain to changes in the Medicaid program.( )