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New Officer Candidates for Academy Board Announced
Bob Beuerlein leads the slate submitted to the Academy Board to be the Academy’s next president-elect. Read about all the officer nominees on the Nominating Committee slate on the Election Center webpage. All new board terms begin at the close of the Annual Meeting of members on Nov. 12.
50th Anniversary Celebration: Registration Is Now Open
Registration is now open for the Academy’s Annual Meeting and Public Policy Forum, to be held Nov. 12-13 in Washington, D.C., marking the Academy’s 50th anniversary. The event offers an unparalleled opportunity to celebrate the actuarial profession in the U.S. and to help you stay current in your practice area with cross-practice and practice-specific sessions on professionalism and public policy topics that offer continuing education (CE) credit—and a discounted extra-early registration rate is available through July 17.
We will celebrate the contributions of past presidents, recognize charter members, and look forward to the Academy’s future. A 50th Anniversary Gala Dinner, to be held the evening of Nov. 12 at the National Museum of Women in the Arts, is included in both the two-day and the Nov. 12 registration fee. Dinner tickets may be purchased separately as well.
Make plans now to attend.
Academy Responds to King v. Burwell Decision
The Academy issued a statement this week following the ruling in King v. Burwell, saying that the Supreme Court’s ruling upholding federal premium subsidies in states participating in the federally facilitated marketplace (FFM) preserved an integral component of the Affordable Care Act (ACA) and averted significant disruptions to the individual health insurance market.
“The ACA’s premium subsidies work together with the individual mandate as incentives for even individuals in good health to obtain coverage,” said Senior Health Fellow Cori Uccello. “Had the court’s majority decided differently, the federal-marketplace states would be facing significant disenrollment of those who cannot afford insurance without the subsidies, and the consequences of that could have threatened the viability of those markets. In the loss-of-subsidy scenario, adverse selection would have been a serious concern, as relatively higher-cost individuals would have retained coverage, increasing average costs and premiums.
“While the legal challenge to subsidies has been decided, the Academy urges policymakers to assess any proposals that may be offered to modify or replace the ACA against [the] important market reform principles” outlined in the Health Practice Council’s issue brief, Implications of Proposed Changes to the ACA in Response to King v. Burwell, said Uccello.
Aging Issues Take Center Stage
The Academy’s Public Interest Committee released a public policy white paper this week providing a common framework for discussing the sustainability of U.S. financial security programs, including Social Security, Medicare, and other market-based insurance products and services. Sustainability in American Financial Security Programs describes sustainability and related concepts for policymakers, actuaries, and others for use when analyzing proposed reforms of these programs.
The PIC paper is among the resources that the Academy is offering to the national policy discussion on aging-related issues. The Academy this week announced the formation of its Task Force on Aging, which brings together actuaries from different practice areas for the common purpose of analyzing reform initiatives and generating new approaches to address the issues related to aging. It will develop and share actuarial analysis gained from their work across the disciplines in which they practice—most notably those areas involving public and consumer systems supporting aging populations—with federal and state policymakers and other interested parties. The White House will hold its decennial Conference on Aging on July 13.
The Academy will also publish a series of papers examining Medicare at 50, a milestone that coincides with the Academy’s own 50th anniversary this year.
Senior Health Fellow Discusses ACA Premiums on Capitol Hill
Announcement
The Pension Benefit Guaranty Corp. (PBGC) is seeking a supervisory actuary to work from its Washington office as the PBGC and other agencies implement provisions of the Multiemployer Pension Plan Reform Act of 2014. For more information about duties and qualifications, and to apply for this position, please click here.
Public Policy Activities
Alerts
- The NAIC Health Actuarial (B) Task Force has exposed a draft of proposed additions to VM-25 (Health Insurance Reserves Minimum Reserve Requirements) to incorporate the 2012 Group Long-Term Disability Valuation Table into the Valuation Manual. Read the full alert here or in the member section of the Academy website under “Health Insurance Issues.”
From the Actuarial Standards Board (ASB)
Reminder: ASB to Hold Hearing on Public Pension Plans: The ASB will hold a public hearing on the need for new or revised ASOPs applicable to actuarial work regarding public pension plans on July 9 at the Ronald Reagan Building and International Trade Center in Washington. Read more here. Capital Adequacy Assessment for Insurers, a discussion draft developed by the Enterprise Risk Management (ERM) Committee of the ASB, is available for comment. The ERM Committee seeks input on a proposed actuarial standard of practice (ASOP) that will provide guidance to actuaries involved in the preparation or review of capital adequacy assessment work for life or health insurers, property and casualty insurers, and similar entities, including the preparation or review of an Own Risk and Solvency Assessment (ORSA) report. Please send comments by July 15.
New Opportunity for Engagement and Learning
Register Now for Professionalism Webinar on Modeling: The next Council on Professionalism sponsored webinar focuses on a topic many members should know more about. Almost all actuarial work involves modeling of some type. Recognizing that the number and importance of modeling applications in actuarial science is increasing, the Actuarial Standards Board has developed two exposure drafts of an ASOP intended to address modeling applications in all practice areas. The many thoughtful comments on these exposure drafts have made it clear that actuaries have a wide range of opinions on the standards that should apply to modeling.
Join the Academy on July 22 when expert presenters will engage in a mock debate to provide different perspectives on issues raised in the comments on the draft modeling standard. Presenters include ASB Chairperson Patricia Matson; Shawna Ackerman, vice president for casualty and chairperson of the ASB Catastrophe Modeling Task Force; and Mary Simmons, member of the ASB General Committee and member of the ASB Data Quality Task Force. Academy Director of Professionalism Keith Jones will moderate.
Upcoming Events
Register now for the Profits Followed By Losses Webinar: The Profits Followed by Losses Subgroup will hold a webinar on July 1 to discuss its new practice note. Chairperson Robert Frasca of the subgroup and member Charles Chacosky will provide background on the Accounting Standards Codification (ASC) 944-60 Premium Deficiency and Loss Recognition guidance, which provides the accounting foundation for situations of profits followed by losses; the identification of profits followed by losses and common situations in which they are encountered; and actuarial approaches that may be considered to address situations of profits followed by losses in GAAP-basis financial statements. Learn more and register for the webinar here.
Deadline Approaches for Academy’s Highest Awards
In the News
Media outlets across the country turned to the Academy following the Supreme Court’s 6-3 decision in King v. Burwell that upheld ACA premium subsidies in states participating in the federally facilitated marketplace.
Senior Health Fellow Cori Uccello was quoted in Modern Healthcare, saying, “This avoids the likely kind of chaos that would've resulted in a ruling for King.” Uccello also weighed in on what the decision means for premiums. “Everyone's adjusting to the new program and the shifting dynamics, and we're still not at the steady equilibrium of enrollment and premiums. … There's still some uncertainty in the rate development process.”
Other reports that cite the Academy in the wake of King v. Burwell include: America's Health Insurance Plans Coverage reported on the Capitol Hill panel discussion, “ACA Premiums For 2016: What’s the Deal?” hosted by Third Way, at which Senior Health Fellow Cori Uccello represented the Academy in discussing factors influencing insurance premiums for next year. The Los Angeles Times cited the Academy issue brief, The 80% Pension Funding Standard Myth, in a story reporting that the California Public Employees’ Retirement System—the nation's biggest public pension fund—is only 77 percent funded and currently falling far short of its annual investment goals. The story points to the Academy’s analysis that pensions should set long-term goals of 100 percent funding or greater.
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