The Committee on Property and Liability Financial Reporting (COPLFR) released the Statements of Actuarial Opinion on P/C Loss Reserves practice note. (December 27, 2016)

The Property and Casualty Risk-Based Capital Committee and the Health Solvency Subcommittee jointly submitted to the NAIC's Operational Risk Subgroup a comment letter on proposed changes to the operational risk factor in risk-based capital formulas for property/casualty and health.  (December 19, 2016)

The Life Operational Risk Work Group submitted comments to the NAIC's Operational Risk (E) Subgroup on proposed operational risk factors and growth charge for the life risk-based capital (RBC) formula. Appendix attached. (December 19, 2016)

The GASB 74 Implementation Work Group of the Retiree Benefits Subcommittee submitted comments on the GASB 74 implementation guide exposure draft that addresses financial reporting for postemployment benefit plans other than pension plans. (December 19, 2016)

The Financial Reporting Committee (FRC) submitted comments to the Financial Accounting Standards Board (FASB) on its proposed accounting standards update, Targeted Improvements to the Accounting for Long-Duration Contracts (Topic 944). (December 14, 2016)

The December issue of HealthCheck covers the Health Practice Council’s letters to Congress on the potential consequences of repealing Affordable Care Act provisions without having a replacement approach in place, and the widespread media coverage they received; the Academy’s testimony on long-term care insurance before a U.S. House subcommittee; President Obama’s signing this week of the 21st Century CURES Act into law; and more. (December 14, 2016)

The latest issue of Enrolled Actuaries Report includes two bylined pieces by Senior Pension Fellow Ted Goldman on proposals for both saving for a healthy retirement and an effective drawdown strategy during retirement; stories on the pension plenary and breakout sessions from the Academy’s recent Annual Meeting and Public Policy Forum; the Pension Practice Council’s issue brief on challenges facing the Pension Benefit Guaranty Corp.’s multiemployer program; and the November webinar on alternative pension costs. (December 12, 2016)

The Financial Reporting Committee released a new white paper on considerations for actuaries in implementing the FASB Short-Duration Contract Disclosures. (December 09, 2016)

Mary Bahna-Nolan, chairperson of the Joint Academy Actuaries Life Experience Committee and SOA Preferred Mortality Oversight Group, presented an update on the new joint initiative of the Academy and the SOA in formulating a work group to address a LATF request for information on accelerated underwriting mortality under VM-20. She also presented an update on guaranteed and simplified issue and preneed mortality tables. (December 09, 2016)

Nancy Bennett, Senior Life Practice Council Fellow, and Rich Owens, member of the Academy C1 Work Group, presented an update on portfolio adjustments to the C1 factors for corporate bonds to the NAIC Investment Risk-based Capital Working Group. (December 11, 2016)

Tricia Matson, chair of the Longevity Risk Task Force, gave an update to LATF on the task force’s work, including creating a methodology for recognizing longevity risk in statutory reserves and risk-based capital (RBC), and reviewing regulatory and company approaches to longevity risk. (December 08, 2016)

John Miller and Chris Olechowski, co-chairs of the Annuity Reserves Work Group, provided a non-variable annuity PBR update to LATF’s VM-22 Subgroup. (December 08, 2016)

The Academy released Managing the Risks in Cyberspace, an Essential Elements report that explores insurance issues surrounding cyberattacks, including risks from data theft or malicious software. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences. (December 09, 2016)