The Academy updated the Essential Elements report, "Plugging Holes in U.S. Flood Insurance," which looks at challenges related to the National Flood Insurance Program, which is scheduled to expire on Sept. 30 unless Congress extends or reauthorizes it. (June 01, 2020)
The spring issue of The Retirement Report covers the Academy’s recently concluded three-part webinar series on retirement in America. Also in the issue, pension aspects from the cross-practice COVID-19 webinar; comments from the Pension Practice Council on the House-passed HEROES Act; three issue briefs from pension committees; Past Pension VP Josh Shapiro spoke at an ERISA multiemployer forum; and recent state and federal legislative and regulatory activity. (June 01, 2020)
Because clients, employers, and the public rely on the work of actuaries, actuaries must hold themselves to high standards of conduct. (Actuarial Update, May 2020) (May 29, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (May 29, 2020)
The May Actuarial Update covers the Nominating Committee’s selection of Maryellen Coggins as the Academy’s next president-elect. Coggins’ extensive Academy volunteer service has included six years on the Actuarial Standards Board (including two as chairperson), and vice president, risk management and financial reporting. Also in the issue: nominations are open—with a June 26 deadline—for the Academy’s annual service and volunteerism awards; practice-area breakout sessions are set for the Annual Meeting and Public Policy Forum in November; Academy leadership commented to the NAIC on P/C Statements of Actuarial Opinion; the “Member Spotlight” features an interview with Audrey Halvorson, the Academy’s vice president, health; and the “Professionalism Counts” column looks at Precept 1 of the Code of Professional Conduct—honesty, integrity, and competence. (May 29, 2020)
The C-2 Longevity Risk Work Group sent a comment letter and supplemental materials to the NAIC Life Risk-Based Capital (E) Working Group on suggested edits to the RBC forms and instructions for C-2b longevity risk. (May 29, 2020)
The Tax Work Group submitted a comment letter to the Internal Revenue Service regarding a proposed regulation that provides guidance on the computation of life insurance reserves for income tax reporting. (May 28, 2020)
The Life Illustrations Work Group sent a comment letter to the NAIC Life Actuarial (A) Task Force on the "Independent Proposal" regarding IUL product illustrations under AG 49. (May 27, 2020)
The American Academy of Actuaries submitted a letter to members of the Blanks Working Group regarding their proposal on the certification of continuing education (“CE”) compliance by “Appointed Actuaries” who sign statements of actuarial opinion for property and casualty insurers. (May 05, 2020)
The Actuaries Climate Index has been updated with new quarterly data, revisions to initial data for previous periods, and annually updated values for the index’s drought and sea level components. Read the news release. (May 27, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (May 22, 2020)
The Social Security Committee released an issue brief on the 2020 Social Security Trustees Report that examines the social insurance program’s long-term solvency issues and points out that Congress should act soon to improve the long-term financial outlook of the program. (May 21, 2020)
The Annuity Reserves Work Group provided an update to the NAIC VM-22 (A) Subgroup on the preliminary framework elements for fixed annuity PBR. (May 20, 2020)
The Spring StateScan Quarterly recaps the latest quarter’s state legislation and regulation, with 15 of 33 scheduled state and D.C. legislatures temporarily adjourned due to the ongoing coronavirus pandemic, and the other 18 legislatures actively convened in session. Six states are convening temporarily to consider COVID-19-related legislation; lawmakers have largely shifted focus on introducing and considering legislation responding to the social and economic effects of the COVID-19 pandemic. For a more comprehensive look at state legislative and regulatory activity, log in to the StateScan portal, free for Academy members. (May 13, 2020)
The Health Practice Council has released an issue brief that examines the different types of risks that insurers can face and the various risk mitigation mechanisms that can be used to address them, Health Insurance Risk Mitigation Mechanisms and COVID-19. (May 15, 2020)
