The Academy hosted a Capitol Hill briefing to alert policymakers to the vital importance of lifetime income in retirement. The briefing, “Risky Business: Living Longer Without Income for Life,” coincides with the June 19 release of the Lifetime Income Risk Joint Task Force’s discussion paper. The Academy briefed policymakers on how improved life expectancy affects planning for retirement; the challenges to ensuring lifetime income; and potential solutions to the risk of outliving one’s income, including emphasizing financial literacy and education, refocusing retirement plan design, and developing policies that support lifetime income needs.
Council on Professionalism Hosts Unique Forum for Dialogue with Regulators
Nearly 100 regulators participated in a special web meeting with representatives from the Academy’s professionalism entities (ASB, ABCD, COQ, COP) to continue the dialogue from the April NAIC meeting on issues that reflect regulator concerns on actuarial professionalism and suggestions on how to improve actuarial work. Many regulators raised thoughtful questions and provided comments and feedback to the Academy professionalism entities, which plan to review these concerns and report back to the regulators at the August NAIC meeting.
New Public Policy Activities
The Health Practice Financial Reporting Committee released a new white paper providing an overview of provisions in the Affordable Care Act—the premium-stabilization programs, new taxes and fees, advanced payments, and existing actuarial liabilities—that may create a certain amount of volatility on future financial statements.
The Extreme Events Committee submitted comments to the Federal Insurance Office on the current state of the market for natural catastrophe insurance.
Academy Natural Catastrophe Subcommittee member Stuart Mathewson observed in a Property Casualty 360article that, if the conclusions of a new Federal Emergency Management Agency report predicting climate change materialize, there would be an “80 to 100 percent increase in the number of homes that go from a B, C or X zone for purposes of flood insurance premium rates to be paid through the National Flood Insurance Program” by 2100.
Senior Pension Fellow Donald Fuerst’s testimony urging the Pension Benefit Guaranty Corp. (PBGC) to modify the funding safe harbor in the agency’s reproposed reportable events rule was cited in a subscriber-only Bloomberg BNA story.
Health Insurance Issues: The Department of Health and Human Services released a final rule on determining eligibility for exemption from the individual shared responsibility payment; and other minimum essential coverage provisions, including the requirements that other types of individual coverage must fulfill in order to be certified as minimum essential coverage. Log in to read the full alert.
Recently Released Publications
Summer Enrolled Actuaries Report: Read about Enrolled Actuaries Meeting sessions; the lifetime income risk discussion paper; testimony before the PBGC on a rule reducing reporting requirements; and more stories about the Academy’s pension activities.
Opportunities to Learn
Do you meet specific qualifications to issue actuarial opinions for life or health NAIC annual statements? The Nov. 11-14 Life and Health Qualifications Seminar will help you expedite the basic education you will need to obtain health and life qualifications under Section 3 of the U.S. Qualification Standards. This seminar is the primary source of instruction to become qualified. Seats are limited so register today!
Your Chance To Nominate Exceptional Academy Members Is Closing Soon!
July 8 is the due date to get your nominations in for the Jarvis Farley Service Award, Robert J. Myers Public Service Award, and the Award for Outstanding Volunteerism. Click here to learn more about these annual awards and to nominate a deserving member.
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