Professionalism Activities

• Academy leaders updated the nation’s life insurance regulators during the National Association of Insurance Commissioners’ (NAIC) Fall 2013 National Meeting, taking place in Washington over the next several days. At the NAIC Life Actuarial Task Force meeting, Past President Cecil Bykerk described the Academy’s professionalism mission and invited regulators to participate in a breakfast that the Council on Professionalism (COP) will have for them this weekend to provide a specific forum in which they can discuss their issues and concerns. Seasoned Academy volunteer Cande Olson also delivered an update on actuarial standards of practice, and urged regulators to submit comments on any proposed ASOPs and particularly the exposure draft, Principle-Based Reserves for Life Products. The deadline for submitting comments is Dec. 16.

Public Policy Activities

• The Academy’s public policy work on life insurance issues was in the spotlight during the NAIC Life Actuarial Task Force meeting today. Academy representatives delivered presentations on:

  • VM-22 methodology;
  • Treatment of GLWBs in fixed deferred annuities under the proposed GPNM nonforfeiture approach;
  • VM-20 deterministic reserve comparison;
  • New York Insurance Department questions on due premiums.

Actuaries in the News

• A new Academy Health Practice Council (HPC) fact sheet examining the three risk-sharing mechanisms included in the Affordable Care Act (ACA) was featured in the BenefitsLink Health & Welfare Plans Newsletter.
• Past President Cecil Bykerk told the Washington Post about trends in high-risk pool enrollees’ transition to new coverage.
• Sen. Mike Johanns, R-Neb., in a Dec. 11 floor speech printed in the Congressional Record and reported on C-SPAN2, noted that the Academy “weighed in” on the issue of insurance cancellations and cited language directly from the HPC’s letter regarding proposals to “fix” the cancellations. The letter also was mentioned in a column that appeared in Tulsa World.
• The Individual Disability Table Work Group’s draft of a new individual disability insurance valuation table was the subject of a story in LifeHealthPro.
• The Rate Review Practice Note Work Group’s technical comments on the Unified Rate Review Template and the actuarial memorandum instructions were featured in BenefitsLink Health & Welfare Plans Newsletter.

Member Alerts

• General Insurance Issues: On Dec. 12, the Federal Insurance Office released its long-awaited report on the modernization of insurance regulation in the United States. The report, required by the Dodd-Frank Act, makes a number of recommendations addressing solvency and marketplace regulation. Log in to read the full alert.
• General Insurance Issues: Senate Budget Committee Chairperson Patty Murray, D-Wash., and House Budget Committee Chairperson Paul Ryan, R-Wis., announced on Dec. 10 that they had reached a two-year budget agreement that includes increasing Pension Benefit Guaranty Corporation premiums to reduce the agency’s $36 billion deficit and extending sequestration cuts to Medicare for two additional years. Log in to read the full alert.

Recently Released Publications

• December HealthCheck: Read about Academy activities and outreach to members of Congress on the ACA and related news coverage on the Academy’s input; Academy presentations at the National Conference of Insurance Legislators; a webinar on a Medicaid case study in Oregon; the new HPC fact sheet on the three risk-sharing mechanisms in the ACA; proposed rules relating to the ACA; and other health-related news.

New Publications

• Pre-ordering of the 2013 Property/Casualty Loss Reserve Law Manual and the 2014 Life and Health Law Manual is now available. Updated annually, the Property/Casualty Loss Reserve Law Manual is scheduled to be released before year’s end. It can be ordered online or by mail/fax. The Life and Health Valuation Law Manual, also updated annually,is scheduled to be released in early 2014. It also can be ordered online or by mail/fax.

Opportunities to Learn

• Save the date! Jan. 16, 2014: Plan to attend the monthly “Academy Capitol Forum: Meet the Experts” webinar, which will examine the current state of the National Flood Insurance Program (NFIP) following the passage of the Biggert-Waters Flood Insurance Reform Act of 2012. Experts will discuss how the NFIP’s financial stability was affected by Hurricane Katrina and Superstorm Sandy, as well as the implementation of the Biggert-Waters Act and legislation that Congress is considering to further modify the program.
• Jan. 2, 2014, IFRS Update: Where in the World Are We Going With Insurance Contracts? Are you wondering how key global and domestic stakeholders responded to the insurance contracts accounting exposure drafts and where international accounting is headed? Find out Jan. 2 as the Academy hosts a webinar during which presenters will provide a discussion of the Academy’s comments on key issues in the International Accounting Standards Board and Financial Accounting Standard Board exposure drafts on insurance contracts; an overview of concepts and concerns from globally influential bodies on those exposure drafts; and a look at the direction of global convergence.

No Membership Dues Increase in 2014

• Renew your membership by clicking here, without logging in, to conveniently pay your dues. If you prefer, you may also log in to pay and make changes to your account. Remember to renew your membership by Jan. 1 to avoid late fees.

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