Senior Pension Fellow Don Fuerst sent a letter to members of the U.S. House of Representatives regarding their request to make Generally Accepted Accounting Principles (GAAP) consistent with the pension funding rules in the Moving Ahead for Progress in the 21st Century Act (MAP-21). Read the news release.

The Rate Review Practice Note Work Group submitted technical comments to the Center for Consumer Information and Insurance Oversight (CCIIO) on a new proposed list of changes to the Unified Rate Review Template (URRT) for quarterly 2014 and annual 2015 filings. The letter also reiterates several other technical comments on the URRT and actuarial memorandum instructions.

In the Academy’s Jan. 2 webinar, “IFRS Update: Where In The World Are We Going With Insurance Contracts?” members of the Academy’s Risk Management and Financial Reporting Council discussed the Academy’s and other key stakeholders’ responses to the 2013 International Accounting Standards Board and Financial Accounting Standards Board exposure drafts on insurance contracts. Presenters offered their opinions on the timing and likelihood of passage of any new standards, as well as the effect they would have on insurers, regulators, and actuaries. Click here to listen to the recorded webinar.

The Committee on Property and Liability Financial Reporting released its 2013 practice note on statements of actuarial opinion on P&C loss reserves.

The Health Practice Council submitted a comment letter to the U.S. Department of Health and Human Services in response to the proposed rule regarding benefit and payment parameters for 2015. The letter represents input from three Academy work groups on issues associated with composite rating, proposed changes to the actuarial value calculator and methodology, and the three risk-sharing mechanisms.

The National Association of Insurance Commissioners Health Insurance and Managed Care (B) Committee adopted the Academy/SOA's group long-term disability valuation table and actuarial guideline at its fall national meeting.

The Individual Dsiability Table Work Group gave a presentation on an updated table to the NAIC's Health Actuarial Task Force.

The Pension Committee submitted comments to the Internal Revenue Service on Notice 2013-49: Updated Static Mortality Tables for the Years 2014 and 2015.

The Long-Term Care Principle-Based Work Group presented an update to the NAIC's Long-Term Care Actuarial Working Group on work to complete the LTC principle-based approach model.

The Academy/SOA's Individual Disability Table Work Group provided a final report and actuarial guideline on a new individual disability table to the NAIC's Health Actuarial Task Force at its fall national meeting.

The Casualty Practice Council presented background and introductory material before the NAIC’s P/C Risk-Based Capital Working Group in conjunction with presentation by Casualty Actuarial Society updating its research on underwriting risk charges in NAIC P/C risk-based capital.

Life Financial Soundness / Risk Management Committee provided a response to the NAIC’s Life Actuarial Task Force regarding questions from the New York Insurance Department on Academy’s proposal for treatment of due premiums.

Life Reserves Work Group provides memo to the NAIC’s Life Actuarial Task Force of VM-20 on current and long-term spread tables.

Nonforfeiture Modernization Work Group updated the NAIC’s Life Actuarial Task Force on the treatment of GLWBs in fixed deferred annuities under the proposed GPNM nonforfeiture approach.

The Separate Account Products Work Group submitted comments to the NAIC’s Separate Accounts Risk Working Group on suggested principles for insulating separate account assets for non-variable products.

Life Financial Soundness/Risk Management Committee made a proposed amendment to NAIC’s Life Actuarial Task Force on whether the direct iteration approach for the deterministic reserve results in the same amount as the gross premium valuation approach currently required by VM-20.

Annuity Reserves Work Group provided an update to NAIC’s Life Actuaries Nonforfeiture Group’s VM-22 Subgroup on efforts towards development of appropriate utilization assumptions for Guaranteed Lifetime Income Benefits (GLIBs) in the floor reserve calculation.

The Health Practice Council published a new fact sheet that provides an overview of the three risk-sharing mechanisms included in the Affordable Care Act (ACA) - the permanent risk adjustment program, temporary risk corridors, and the transitional reinsurance program.

Are you wondering how key global and domestic stakeholders responded to the insurance contracts accounting exposure drafts and where international accounting is headed? Find out Jan. 2 as the Academy hosts a webinar during which presenters will provide a discussion of the Academy’s comments on key issues in the IASB and FASB exposure drafts on insurance contracts; an overview of concepts and concerns from globally influential bodies on those exposure drafts; and, a look at the direction of global convergence.

The Solvency Committee submitted comments to the National Association of Insurance Commissioners on the International Association of Insurance Supervisors’ paper, Common Framework for the Supervision of Internationally Active Insurance Groups.