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Recent Academy Activity, April 29–May 3, 2013

ASOP No. 1 Revision Adopted and Released

  • ASOP No. 1, Introductory Actuarial Standard of Practice, is a complete revision of the previous Introduction. It includes new content as well as clarification of prior language, and sets the ground rules for all ASOPs. The ASOP is effective June 1, 2013. Read ASOP No. 1 now and stay tuned for more opportunities to learn about its guidance.

ABCD Proposes Revisions to Its Rules of Procedure

  • The Actuarial Board for Counseling and Discipline is seeking comments and suggestions regarding its proposed revisions to the ABCD Rules of Procedure. An exposure draft of the proposed revisions can be found on the ABCD website. Deadline to submit your comments to the ABCD is June 30, 2013.

Do You Know An Exceptional Academy Member?

  • We want to know! The Jarvis Farley Service Award is given to Academy members whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession. The Robert J. Myers Public Service Award recognizes actuaries who have made an exceptional contribution to the common good. And, the Awards for Outstanding Volunteerism honors Academy volunteers who have made a single, noteworthy contribution above and beyond what is reasonably expected. The nominations are due July 8.

New Public Policy Activities

  • The Risk Sharing Work Group submitted comments to the U.S. Department of Health and Human Services on the interim final rule implementing amendments to the HHS Benefit and Payment Parameters final rule.
  • The Casualty Practice Council sent a comment letter to the Bank for International Settlements on its consultative document on mortgage insurance.

Opportunities to Learn

  • June 4, Regulatory Issues for Small Insurance Companies Webinar: Join the Academy and the Society of Actuaries to gain a better understanding of regulators’ perspectives on a variety of topics, including how actuaries can adapt to the new risk-focused exams, whether PBR makes sense for most small companies, how ORSA will help small insurance companies, and more!
  • Nov. 11-14, Life and Health Qualifications Seminar: 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!

Newly Released

  • May/June Contingencies: Read about policy initiatives to shore up retirement security in the United States, what it takes to be a successful entrepreneur, a fresh look at actuarial reserving methods, one man’s path to patenting the modeling algorithm he developed, and much more.
  • April Actuarial Update: Read about the Academy’s activities at the Enrolled Actuaries Meeting and the NAIC’s spring national meeting, as well as the Health Practice Council’s Capitol Hill visits and the Academy’s response to a Wall Street Journal op-ed on actuaries and pension funding.



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