Opportunities to Learn

• Save the date, March 20, for a webinar on the final rule for the 3Rs: reinsurance, risk corridors, and risk adjustment. Representatives from the Center for Consumer Information and Insurance Oversight (CCIIO) will walk actuaries through the final rules, specifically the alternative methodology to reconcile cost reduction payments. Stay tuned for more information.
• Join us for the free two-part webinar series (March 13 and 14) on several recently released final rules related to the Affordable Care Act implementation. The Academy will hold this webinar with representatives from the CCIIO, who will be on hand to answer your questions, specifically regarding actuarial value determinations, cost-sharing reductions, essential health benefits, and the final market reform rules.
• Don’t miss the upcoming professionalism webinar (March 28) on risk evaluation and risk treatment in enterprise risk management (ERM). It is essential for actuaries to understand how ERM plays a role in professional responsibilities and what standards they should follow. Find out what you need to know as presenters review two newly adopted actuarial standards of practices (ASOP Nos. 46 and 47) relating to ERM. The effective date for both ASOPs is May 1.

New Public Policy Activities

• Senior Life Fellow Nancy Bennett presented to state legislators at the National Conference of Insurance Legislators Spring Meeting regarding the implementation and review process for Principle-based Reserves. 
• The Pension Committee released an issue brief recommending changes that will allow private sector defined benefit plans to raise their normal retirement age above 65 to better align with Social Security. Read the news release.
• The Enterprise Risk Management Committee exposed its practice note, Insurance Enterprise Risk Management Practices, for public comment. The practice note discusses ERM practices within the insurance industry and concepts such as risk culture, risk organization, and risk governance. Comments are due by April 8. Log in to read the full alert.
• The International Accounting Standards Task Force sent two discussion papers to the Financial Accounting Standards Board on issues relating to the Insurance Contracts project discussed at a November 2012 meeting with FASB staff.
• The Committee on Property & Liability Financial Reporting sent a comment letter to the NAIC’s Blanks Working Group on its proposed changes to move all force-placed or lender-placed business from the current line to the write-in line of Schedule P.

Member Alerts

• Health Insurance Issues: The NAIC approved two model laws relating to health insurance coverage, Individual Market Health Insurance Coverage Model Act and Small Group Health Insurance Coverage Model Act, which set out the requirements for guaranteed availability, guaranteed renewability, and premium rating in the individual and small group markets. Log in to read the full alert.

Note: Some links in this email go to external websites and may require registration. The Academy is not responsible for the content of these websites. Links may expire.