The C-3 Work Group presented its recommendation of potential alternatives to C-3 Phase 1 to the NAIC Life Risk-Based Capital (E) Working Group.
The Terrorism Risk Insurance Subcommittee submitted comments to the Federal Insurance Office on the long-term availability and affordability of insurance for terrorism risk.
(September 16, 2013)The Joint Economic Scenario Generator Project Oversight Group of the American Academy of Actuaries and the Society of Actuaries updated a list of Frequently Asked Questions for Version 7 of the interest rate generator for life insurance products.
Intersector Group reported to the Pension Practice Council its notes from a meeting with the Pension Benefit Guaranty Corporation. (September 11, 2013)
Learn what’s new and find out what has been updated in the Academy’s practice note, “Large Group Medical Insurance Reserves, Liabilities, and Actuarial Assets,” which provides information for valuation actuaries regarding their responsibilities relating to the determination of reserve levels and other actuarial assets and liabilities for large group medical insurance coverage. The Sept. 27 webinar topics will include the definition of large group medical business; funding arrangements that are currently being used; pertinent regulatory and legislative issues; and asset adequacy analysis.
(September 09, 2013)The Medical Loss Ratio (MLR) Work Group submitted additional comments to CMS on the proposed rule implementing MLR requirements for Medicare Advantage (MA) and Medicare prescription drug (Part D) programs.
(September 06, 2013)Health actuaries: Do you calculate minimum or actuarial values under the Affordable Care Act? Register now to learn about the new minimum value and actuarial value requirements under the ACA and some of the technical issues associated with these calculations.
(September 06, 2013)Health and Pension Practice Council sent a letter to the Actuarial Standards Board on coordinating Actuarial Standards of Practice (ASOP) affecting pension and retiree group benefits.
(August 30, 2013)Joint Committee on Retiree Health submits comments to the Actuarial Standards Board on revisions to a second exposure draft of ASOP No. 6, Measuring Retiree Group Benefits Obligations and Determining Retiree Group Benefits Program Periodic Costs or Prefunding Contributions.
(August 30, 2013)The Life Illustration Work Group updated the practice note for Actuarial Standard of Practice No. 24, which outlines compliance with the NAIC Life Insurance Illustrations Model Regulation.
(August 28, 2013)Want to learn what you missed at the NAIC Summer Meeting? Register now for the Life Practice Council’s Sept. 19 webinar to learn about the Academy’s activities at the meeting and progress on principle-based reserving (PBR), which is now being adopted by the states. Speakers will lead an in-depth discussion of reserving developments for non-variable annuities (VM-22) and also provide updates on Life Actuarial Task Force activity and the Academy’s professionalism initiatives.
Two Academy practice councils made presentations at the NAIC’s Center for Insurance Policy and Research Summit. Dave Neve, chairperson of the Life Financial Soundness Risk Management Committee, made a presentation on issues related to internal modeling for PBR at the summit on behalf of the Life Practice Council. Academy Vice President Mike Angelina, representing the Casualty Practice Council, presented actuarial perspectives on both property/casualty insurance issues and the effects of current liability reporting.
(August 27, 2013)Senior Life Fellow Nancy Bennett presented the Academy’s paper on lifetime income to the NAIC ERISA Retirement Income Working Group at the NAIC Summer National Meeting. Her presentation examining the financial risks of increased lifespans and the needs for retirees to secure lifetime income was based upon the Lifetime Income Risk Joint Task Force’s “Risky Business: Living Longer Without Income for Life.”
Casualty VP Mike Angelina presented the NAIC’s Casualty Actuarial & Statistical Task Force at the NAIC’s National Summer Meeting with a summary of the Casualty Practice Council’s application process for non-CAS members to sign NAIC P/C Opinions.
(August 24, 2013)The C1 Work Group made a presentation to the NAIC Investment Risk-Based Capital Working Group on the benefits and uses of a representative portfolio for C1 factors in the Risk-Based Capital formula.
The Life Practice Council and its subgroups delivered several presentations, reports and amendment proposals to the Life Actuarial Task Force on various topics at the August 22 and 23 meeting. They included:
· Amendment proposals on letters of credit, due premiums, and VM-20 scope
· Report and presentation proposing an aggregate margin approach for VM-20
· Report and presentation on a potential reserve methodology for non-variable annuities in VM-22
· Report on nonforfeiture treatment of certain fixed deferred annuities
· Presentation of a recent survey conducted on modeling efficiency
· Presentation updating the task force on progress made by the AOMR Communication Group
(August 23, 2013)The Pension Committee published an issue brief addressing the Pension Benefit Guaranty Corporation’s deficit in its single-employer program. The issue brief concludes that the agency’s methods and assumptions have produced a reasonable representation of the PBGC single-employer program’s current obligation and deficit. The issue brief explains that while policymakers should explore new sources of income to address the deficit, immediate premium increases on plan sponsors are unnecessary and potentially counterproductive. Read the news release.
(August 22, 2013)The Life Practice Council sent its Legislation-In-Brief to the NAIC Principle-Based Reserving Implementation Task Force that outlines details of and support for the NAIC model Standard Valuation Law and PBR methodology. The LPC plans to distribute the brief to state insurance regulators and legislators.
The Minimum Value Practice Note Work Group released a practice note exposure draft related to determinations of minimum value (MV) and actuarial value (AV) under the Affordable Care Act for a 45-day exposure period. Comments on Minimum Value and Actuarial Value Determinations Under the Affordable Care Act should be submitted by September 30.
(August 12, 2013)The Social Security Committee updated its annual issue brief on the 2013 Social Security Trustees Report that outlined the trust fund’s current financial status, long-range estimates of the program’s solvency, and the need to reform the program to ensure sustainable solvency.
(August 12, 2013)
