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Recent Academy Activity, Sept. 30– Oct. 4, 2013

Recent Events: PBGC Head Addresses Academy Board

  • Josh Gotbaum, Director (CEO) of the Pension Benefit Guaranty Corporation (PBGC) addressed the Academy board on Tuesday. He applauded the Academy’s discussion paper, “Risky Business: Living Longer Without Income for Life,” and encouraged the Academy to continue its lifetime income initiative. Gotbaum also discussed the PBGC’s efforts promoting sound retirement systems, and provided several ideas for how Congress, the public, and employers could each do their part to make sufficient lifetime income a reality.

New Webinar Series—The Academy Capitol Forum: Meet the Experts

  • Check out the Academy’s new lunchtime webinar series—the Academy Capitol Forum—starting this month. This webinar series is an opportunity for you to learn about a wide variety of public policy topics from the policy experts themselves. Webinars will feature topics in health care, risk management, financial reporting, pensions and retirement income, property/casualty, and life insurance. The first webinar in this series will feature Gregory Martin, the Deputy Director of Stakeholder Engagement at the Patient Centered Outcomes Research Institute (PCORI). Join us on Oct. 16 to explore what PCORI is and does—and how you can be involved!

Public Policy Activities

  • Academy Senior Life Fellow Nancy Bennett gave a presentation at the Southeastern Regulators Association Conference on principle-based reserving for life insurance products.
  • The Long-Term Care Committee made a presentation at the Southeastern Regulators Association Conference on actuarial implications for long-term care insurance.
  • The Enterprise Risk Management Committee submitted comments to the Financial Stability Board on its paper, “Principles for an Effective Appetite Framework.”
  • The Pension Committee submitted comments to the Employee Benefits Security Administration regarding the disclosure of material events on the Annual Funding Notice for defined benefit plans.
  • The Pension Committee sent a letter to the Pension Benefit Guaranty Corporation that supports the proposed regulations on premium rates, payment of premiums, and reducing regulatory burdens.
  • The AG 43/C-3 Phase II Work Group sent a comment letter to the NAIC C-3 Phase II/AG 43 (E/A) Subgroup regarding a recent proposed amendment with modifications to current total return gross wealth ratios for Actuarial Guideline 43.

Academy in the News

  • The Academy Flood Insurance Subcommittee’s work was cited as a source of information about the National Flood Insurance Program in a Sept. 30 Tampa Bay Times story.
  • The Academy Pension Finance Task Force’s public comments were highlighted in two recent editions of the BenefitsLink Retirement Plans Newsletter. One edition highlighted the task force’s letter to the Financial Accounting Standards Board providing suggestions, based on financial economics, to improve accounting for single employer pension plans; the other highlighted its comments to the Actuarial Standards Board on the exposure draft of the proposed ASOP on modeling.
  • The Academy Actuarial Opinion and Memorandum Regulation (AOMR) Communication Discussion Group was mentioned in an Oct. 3 LifeHealthPro story regarding PBR implementation.

Newly Released Publications

  • September Actuarial Update: Read about the Academy’s letter to the NAIC on commonalities in their mission and goals; regular director election results; Freakonomics at the Annual Meeting; Actuarial Standards of Practice and their development process; Academy perspectives on TRIA; coverage of Casualty Loss Reserve and Life PBR seminars, and multiple webinars.

Opportunities to Learn and Earn CE

  • Oct. 18, Deep Dive into NAIC Health Annual Statement’s New Exhibit 3A on Health Care Receivables Webinar: Join us for a discussion of the Exhibit 3A instructions, which are new for the 2013 NAIC Health Annual Statement. Presenters will provide an overview of the health care receivables, discuss the purpose of the new exhibit, and share examples with cross references to Exhibit 3 and Underwriting & Investment Exhibit Part 2B.
  • Oct. 31, Professionalism Webinar—Where the Rubber Meets the Road: Applying the Code of Professional Conduct and ASOPs in Your Daily Work: Take a fresh look at how the Code of Professional Conduct and ASOPs affect everything you do as an actuary. Webinar topics including Precept 3 and ASOP No. 41 will be brought to life through a series of vignettes demonstrating the skill and care you need in your work every day. Then, the panel of experts will discuss key takeaways and identify steps you can use to heighten the level of professionalism in your daily work, including documentation and communication.
  • Nov. 11–14, Life and Health Qualifications Seminar: Just a few seats left! Reserve your seat today for the instructional seminar—a primary source of education for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement but may not have met the specific knowledge requirements set forth in the U.S. Qualification Standards.
  • Nov. 13–14, P/C Effective Loss Reserve Opinions Seminar: Don’t miss your chance to influence seminar content! Whether you’re an actuary who signs P/C loss reserve opinions or one who assists in preparing them, this hands-on seminar will offer you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Don’t miss this highly interactive and customized seminar!

Nov. 4, Academy Annual Meeting and Awards Luncheon

  • Join award-winning author, journalist, and radio and TV personality Stephen J. Dubner, co-author of the international bestsellers Freakonomics and Superfreakonomics, as he shares his wit and insight at this year’s event. The luncheon is being held in conjunction with the CAS Annual Meeting in Minneapolis. The Academy will hold its presidential transition and present the Academy member awards.

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