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Lawsuit Against Academy Dismissed
On Feb. 24, 2015, Judge Peter Flynn of the Circuit Court of Cook County, Illinois, dismissed without prejudice all claims against the Academy, including any claims for injunctive or declaratory relief, that were filed in December by Mark Freedman, the former president of the Society of Actuaries, seeking to stop the Actuarial Board for Counseling and Discipline (ABCD) from considering two complaints alleging that he violated the Code of Professional Conduct. The judge’s decision strongly upheld the validity of the ABCD process and endorsed it, rather than the courts, as the proper venue for considering the matters raised. The Academy leadership views this ruling as a vindication of the profession’s self-discipline process.
The Academy issued a news release announcing the court’s decision. The transcript of the hearing in which the judge’s opinion was rendered will be posted on the Litigation Update page of our website as soon as it is available.
Health Practice Council Comments on Premium Rate Filing Implications of King v. Burwell
In a Feb. 24 letter to Health and Human Services Secretary Sylvia Mathews Burwell, the Health Practice Council outlined the implications for health insurance premium rate filings for affected states if the Supreme Court were to rule for the petitioners in King v. Burwell. The letter received widespread media coverage (see Academy in the News, below). Read the news release in the Newsroom.
Public Policy Activities
- Members of the Risk Management and Financial Reporting Council visited Capitol Hill on Feb. 23 and 24 to discuss ongoing developments in group solvency and capital standards, and other important regulatory priorities, with policymakers. Council volunteers met with Federal Insurance Office Director Mike McRaith; Tom Sullivan, senior adviser for insurance at the Federal Reserve Board; and Republican and Democratic staff on House Financial Services and Senate Banking committees. Academy Vice President for Risk Management and Financial Reporting William Hines said of the visits, “We heard that our input is valued by many we met with, and they look forward to our ongoing support; in particular with the Federal Reserve and the Federal Insurance Office.” McRaith, he said, “noted that actuaries are clearly viewed as experts, and our advice is highly valued.”
- The PBR Strategy Subgroup and Life Reinsurance Work Group sent a comment letter to the NAIC’s PBR Implementation Task Force regarding the XXX/AXXX reinsurance supplemental proposal.
Save the Date
- The Academy Capitol Forum: Meet the Experts webinar series returns March 25 with “How Did State & Local Pension Plans Become Underfunded?” Jean-Pierre Aubry, assistant director of state and local research at the Center for Retirement Research at Boston College, will speak. Academy Senior Pension Fellow Don Fuerst will moderate the session. Additional details on the webinar and registration will be available soon.
Newly Released
- February Actuarial Update: Read about February activities and upcoming events of interest, including the Health Practice Council’s newsworthy letter to the Department of Health and Human Services about likely consequences if ACA subsidies are eliminated, and a new Academy webinar series on global drivers of health care costs.
- February ASB Boxscore: Read the Actuarial Standards Board publication describing two proposed standards of practice now available for comment—one regarding calculating minimum value and actuarial value under the ACA, and one regarding measuring obligations under a pension plan and assessing and disclosing related risks—and also the calendar for other ASB projects.
Alerts
- The Centers for Medicare & Medicaid Services issued the final rule for Health and Human Services’ Notice of Benefit and Payment Parameters for 2016 on Feb. 20. Read the alert here or in the member section under “Health Alerts.”
- The Government Accountability Office yesterday issued a report, Participants Need Better Information When Offered Lump Sums That Replace Their Lifetime Benefits. Read the alert here or in the member section under “Pension Alerts.”
Volunteer Action Required
- Committing on an annual basis to professional objectivity is required to perform volunteer work for the Academy. That’s why the Academy emailed each volunteer a second notice yesterday requesting that those who missed the first notice submit a conflict of interest (COI) acknowledgement and continuing education (CE) attestation. To comply, follow the instructions in the email or on the membership page under “COI and CE Acknowledgement.” Failure to comply will result in the volunteer being dropped from his or her committee(s).
From the ASB
- Last chance: The deadline to comment on the ASB’s second exposure draft of a proposed ASOP on Modeling is March 1.
Academy in the News
The Health Practice Council’s letter to Secretary Burwell this week made headlines in national media outlets and local newspapers across the country.
The McClatchyDC story “Burwell: No backup plan for uninsured if health care tax credit case loses” quotes Senior Health Fellow Cori Uccello, who shed light on the importance of rate setting flexibility in the event that ACA premium subsidies are eliminated by the Supreme Court’s upcoming decision in King v. Burwell. “Insurers can’t just flick a switch to increase premiums to take into account lower enrollment and higher costs,” said Uccello. The story ran in the Chicago Tribune, Miami Herald, and over two dozen local newspapers coast-to-coast.
Click the links below to read how other major outlets covered the story:
Reminder
- Membership dues are due Jan. 1 every year. Click here to pay online, or log in now to pay your dues or print your invoice.
A Note on Our Publications
- Academy publications are designed to serve you. With that in mind, we’re gauging interest in making available printed copies of our publications. If you would find such an offering valuable, please email editor@actuary.org with your thoughts. And thank you for reading.
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.
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