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Recent Academy Activity, Nov.11–15, 2013

HPC Warns of Consequences of Modifying ACA Provisions on Plan Cancellations

  • The Health Practice Council responded quickly on Nov. 14 to an announcement by President Obama and a prospective congressional vote regarding disallowance of plan cancellations in the individual and small group health insurance markets. The response included a letter and media statement outlining the potential consequences of such proposals to modify Affordable Care Act (ACA) provisions.

Academy in the News

  • The HPC’s comments received extensive national media coverage after President Obama announced plans to address health insurance policy cancellations, including stories by The New York Times, The Washington Post, NBC News, CBS News, National Journal, Modern Healthcare, and numerous other outlets.
  • A prior letter by the HPC (11/5) warning of the consequences of delaying the ACA’s individual mandate or open enrollment period continued to receive attention, including stories in U.S. News & World Report, The Hill, “On the Money” with Maria Bartiroma (CNBC), and Bloomberg BNA (subscriber only).
  • BenefitsPro ran a story on the Joint Committee on Retiree Health, Pension Committee, and Pension Finance Task Force’s letter to the Actuarial Standards Board on coordinating ASOPs involving retirement benefits.
  • A BenefitsPro story examining mental health parity requirements noted that qualification for the employer exemption requires “a note certifying benefits cost increases ‘certified by a qualified and licensed actuary who is a member in good standing of the American Academy of Actuaries.’”

Professionalism Activities

  • A record number of actuaries—108—attended the Academy’s annual Life and Health Qualifications Seminar on Nov. 11–14 to learn about issuing the NAIC life and health annual statement opinions and to help them achieve part of the qualifications needed under the U.S. Qualification Standards to sign these SAOs. Sixty-four attendees took the final exam. Immediate Past President Cecil Bykerk said that for 13 years this seminar has assisted actuaries in meeting their basic and continuing education requirements and is a shining example of the Academy’s professionalism mission.

Recent Events

  • Casualty actuaries from around the country met in St. Louis this week for the Academy’s Seminar on P/C Effective Loss Reserve Opinions. Designed to deepen actuaries’ expertise in writing P/C loss reserve opinions, this hands-on seminar brought attendees up to date on relevant regulations and standards and offered them a better understanding of regulatory perspectives and expectations. The already-robust prepared curriculum was enhanced by several extemporaneous discussions among faculty members and attendees about the value, use, and potential pitfalls associated with subjecting actuarial opinions and reports to a peer review process.
  • Speakers from the NAIC and the Academy’s Financial Regulatory Reform Task Force presented at an Academy webinar on how actuaries can navigate the changing regulatory environment and highlighted insurance regulatory developments that are occurring at the state, federal, and international levels. The webinar, part of the Academy Capitol Forum: Meet the Experts series, presented attendees with information on ComFrame, global systemically important financial institutions, the Solvency Modernization Initiative, Own Risk Solvency Assessment, and other related developments. Presenters answered attendee questions ranging from what constitutes an IAIG to the impact of the recent European Union approval of Solvency II. An overview of many of the key regulatory organizations involved with implementing these regulatory changes was also covered. If you missed the webinar, download the slide presentation now.

Opportunities to Learn and Earn CE

  • New Academy Capitol Forum: Meet the Experts Webinar! Dec. 4, Winning the Oregon Medicaid Lottery: A Case Study on Medicaid’s Effect on Utilization, Finances, and Health Outcomes: Find out what researchers learned from Oregon’s efforts to expand its Medicaid program and get an inside look at the utilization, finances, and health outcomes of those who were selected in the lottery compared to those who were not. Co-author of the study, Katherine Baicker, PhD, Professor of Health Economics in the Department of Health Policy and Management at Harvard School of Public Health, will lead the discussion in providing an overview of the study, including methods, assumptions, and data received. The study led to some interesting conclusions—register to learn more!
  • Nov. 19, The Practice of ERM in the Insurance Industry: Learn about ERM practices and how they are used day-to-day. The Academy’s Enterprise Risk Management Committee will outline an iterative framework to implement or enhance the ERM discipline within insurance companies. Presenters will elaborate on the definition, standards, regulations, and common aspects of ERM that are discussed in the July ERM practice note, “Insurance Enterprise Risk Management Practices.”
  • Dec. 3, Up to Code: Are You Keeping Up to Code? Join us at this professionalism webinar to hear Nancy Behrens and Janet Fagan, vice chairpersons of the Actuarial Board for Counseling and Discipline, discuss important professionalism topics such as the importance of documenting your work, meeting CE requirements, avoiding strained interpretations of the Code of Professional Conduct and ASOPs, and other issues covered in recent “Up to Code” articles in Contingencies magazine. With more than two dozen archived articles, actuaries in all practice areas can benefit from an in-depth review of the best of “Up to Code” in this webinar.

Public Policy Activities

  • The Life Practice Council submitted comments on the Initial Report of Rector & Associates to the NAIC Principle-Based Reserving Implementation (EX) Task Force regarding assets for captive reinsurance.
  • The NAIC’s Group Long-Term Disability Valuation Table Implementation (B) Subgroup voted to re-expose the Academy’s proposed Group Long-Term Disability Work Group Actuarial Guideline until Dec. 3.

Recently Released Publications

  • November HealthCheck: Read about a Health Practice Council letter to members of Congress on possible negative consequences of delaying the ACA individual mandate implementation and news coverage on the Academy’s stance, a new issue brief on the ACA and financial statements, a webinar on health care receivables and NAIC Health Annual Statements, proposed ACA legislation and rules, and Academy experts in the news.

Membership Dues Reminder

  • Dues for 2014 remain the same for a third year in a row. Click 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 January 1 to avoid late fees. And, to learn about the Academy’s mission at work, read The Record, which highlights the 2013 mission-critical achievements.

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