The Committee on Professional Responsibility (COPR) of the Academy’s Council on Professionalism has released a new discussion paper, Considerations of Professional Standards in International Practice. As actuarial work crosses national borders, actuaries are becoming exposed to a variety of laws and professional standards from different jurisdictions. Consequently, questions frequently arise about the professional requirements that apply in international situations. This discussion paper identifies and explores some of these issues. (July 08, 2016)

The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the NAIC noting certain inconsistencies in the instructions for certification of loss reserves for international insurers. (July 07, 2016)

The Council on Professionalism updated two sections of the 2004 discussion paper, Structural Framework of U.S. Actuarial Professionalism—Concepts on Professionalism. The two sections, “U.S. Actuarial Standards of Qualification” and “U.S. Actuarial Standards of Practice” were updated to reflect developments that have occurred in those areas since the original date of publication. (July 01, 2016)

The Life Reserves Work Group (LRWG) submitted comments to the NAIC's Life Actuarial Task Force (LATF) on the exposed NAIC staff Amendment Proposal Form (APF) on VM-20 product aggregation. (July 05, 2016)

The Academy released its second issue of StateScan Quarterly, which now offers highlights of both state regulatory and legislative activities. This issue’s topics include principle-based reserving, Medicaid expansion, and insurance for ride-sharing operations that can be found through StateScan, the legislative/regulatory portal that is provided to Academy members. (June 30, 2016)

In the latest issue of Actuarial Update, former Sen. Chris Dodd, principal sponsor of the Dodd-Frank financial reform law, will give the keynote address at the Academy’s Annual Meeting and Public Policy Forum. Also, the Actuarial Standards Board released its Pension Task Force report, the Academy released issue briefs analyzing the findings of the annual Medicare and Social Security trustees’ reports, a webinar looked at actuarial professionalism and Big Data, and a July webinar will cover the insurance implications for driverless cars. (June 30, 2016)

The Social Security Committee released an issue brief that explores possible design changes to Social Security addressing issues faced by a growing part of the U.S. population who may attain advanced ages and lack adequate resources. (June 30, 2016)

The Life Practice Council submitted comments to the NAIC's Life Actuarial Task Force (LATF) on the qualified actuaries’ responsibilities to the interests of the company versus the commissioner. (June 30, 2016)

The Social Security Committee released an issue brief on the 2016 Social Security Trustees Report that examines the social insurance program’s long-term solvency issues and recommends that Congress should act soon to improve the long-term financial outlook of the program. (June 27, 2016)

The ERM/ORSA Committee's Risk Exposures Subgroup released a practice note on quantifying risk exposures for Own Risk and Solvency Assessment (ORSA) reports. (June 27, 2016)

The Role of the Actuary Subgroup submitted comments to the NAIC's Life Actuarial Task Force (LATF) on the Consolidated ACLI and Academy Amendment Proposal Form. (June 22, 2016)