The Academy's Senior Pension Fellow Frank Todisco was quoted in a financial feature on annuities. Todisco said that immediate fixed annuities, like defined benefit pensions, protect against the risk of living so long that you run out of money.
The Academy's June 30 webcast on principle-based approach updates following the National Association of Insurance Commissioners (NAIC) summer meeting was summarized. Webcast speakers cheered the advancement of the revised Standard Valuation Law, which may soon be considered for adoption by the NAIC's Life & Annuities "A" Committee.
Treasury official: Economy improving; hiring still a challenge
Article discussed the Academy's letter to Congress that included an actuarial analysis of the Community Living Assistance Services and Supports Act (CLASS Act) along with recommendations on improving this long-term care program provision.
Several NAIC panels vote to advance Standard Valuation Law
Tom Campbell, the vice president of the Academy's Life Practice Council, was quoted after proposed revisions to the Standard Valuation Law were approved by two bodies of the National Association of Insurance Commissioners (NAIC). Campbell encouraged "the NAIC to adopt the proposed revisions without delay to establish greater uniformity of life insurance reserve requirements across states."
An analysis of the Community Living Assistance Services and Supports Act (CLASS Act) performed by a joint work group of the Academy's Federal Long-Term Care Task Force and the SOA's Long-Term Care Insurance Section Council was cited. The actuaries said the CLASS Act would require premiums that may exceed affordable levels for many people.