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Issue Brief Details Drivers of 2016 Health Insurance Premium Changes
The Individual and Small Group Markets Committee released an issue brief Wednesday that highlights the major drivers of premium rate changes from 2015 to 2016 in the individual and small-group markets. Click here to read the Academy’s news release.
The release of the issue brief was covered by a variety of media outlets, including the Washington Examiner, Fierce Health Payer, California Broker, Benefits Pro, AHIP Coverage, and Politico Pro (subscriber only).
Solvency Committee Webinar Looks at Insurance Capital Standards
More than 400 people from 176 registered sites attended Tuesday’s webinar, “International Insurance Regulation 201: IAIS Development of Insurer Capital Standards.” Three panelists and moderator Elizabeth Brill, chairperson of the Solvency Committee, looked at the International Association of Insurance Supervisors’ (IAIS) efforts to develop capital standards to prevent the insolvency of large multinational insurers.
The webinar looked at the IAIS’s development of insurer group capital standards, which have been divided into three parts: a finalized basic capital requirement, a proposed higher loss absorbency capacity requirement for global systemically important insurers (G-SIIs), and a proposed insurance capital standard for both G-SIIs and internationally active insurance groups. Slides and audio are available on the Academy’s website, and more information will be included in the August Actuarial Update.
Academy Election Update: Online Voting Opens This Month
Online voting for the open regular director positions on the Academy board will begin later this month. Within the next few weeks, Academy members will receive an email from Intelliscan, our election vendor, announcing that Academy election information will be sent to you soon. This will be sent from the email address electionadmin@intelliscaninc.net.
Volunteer Survey Draws Large Response
More than 700 members participated in the annual volunteer survey, which members use to indicate interest in the Academy’s various working groups. All participants who expressed an interest in volunteering will be contacted in the coming months. Volunteers are essential to the Academy’s work—thanks to all who completed the survey.
From the ASB
ASB Adopts Revision of ASOP No. 34: The Actuarial Standards Board (ASB) adopted a final revision of Actuarial Standard of Practice (ASOP) No. 34, Actuarial Practice Concerning Retirement Plan Benefits in Domestic Relations Actions. The revised ASOP applies to actuaries performing actuarial services in connection with the measurement, allocation, or division of retirement plan benefits in domestic relations actions. The ASOP is not applicable to actuarial services performed in connection with other post-employment benefits, such as medical benefits, that may also be considered as part of the domestic relations action.
Key changes from the 1999 version of ASOP No. 34 include modifications to the guidance that each assumption selected by the actuary should be individually reasonable and consistent with the other assumptions selected by the actuary, and to require inclusion of a brief description of the rationale for selection of assumptions and allocation methods.
The revised final ASOP, which will be effective for relevant assignments for which the actuary is first engaged on or after Dec. 1, 2015, can be viewed here. ASB Public Hearing Audio Posted: Also this week, audio from the ASB’s July 9 public hearing on public pension plans was posted on the Academy’s website. Click here for the audio, or click here to download it.
Public Policy Activities
Solvency Committee Submits Comments to IAIS on Higher Loss Absorbency Proposal: The Solvency Committee submitted comments to the IAIS on the Higher Loss Absorbency Capacity for Global Systemically Important Insurers (G-SIIs) public consultation document dated June 25, 2015. Solvency Committee Comments to NAIC on Group Capital Calculation: The Solvency Committee submitted comments to the NAIC on the Discussion Draft on Approaches to a Group Capital Calculation dated July 23, 2015.
Upcoming Events
Location Announced for December P/C Opinion Seminar: Actuaries who prepare or sign NAIC annual statement actuarial opinions on property/casualty loss reserves, or those who assist in preparing them, should plan to attend the Academy’s 2015 Seminar on P/C Effective Loss Reserve Opinions, Dec. 1-2 in Philadelphia. Click here for more information. Post-NAIC Webinar Set for Aug. 27: Join the Life Practice Council on Aug. 27 for a webinar reviewing the NAIC’s summer national meeting in mid-August. Presenters will include Mary Bahna-Nolan, the Academy’s vice president for life issues; Philip Barlow, associate commissioner of the District of Columbia Department of Insurance Securities & Banking’s Insurance Bureau; and Michael Boerner, director of the Actuarial Office at the Texas Department of Insurance. Dave Neve, chairperson, Life Reserves Work Group, will moderate. Click here for more information. VM-20 Seminar Coming Next Month: Learn all about VM-20 and PBR at “Vrmm, Vrmm, VM-20—Start Your Engines, The Race to the PBR Finish Line Is On!” This seminar will offer practical examples of how to implement new life principle-based reserve requirements. Sessions will outline the basics of performing a VM-20 calculation—ideal for those with little to no understanding of the VM-20 requirements—as well as complex VM-20 requirements and strategies to successfully implement VM-20. The seminar, to be held Sept. 2 in Boston, follows the 2015 Valuation Actuary Symposium, also in Boston. Register Now for Webinar on International Health Care Cost Drivers: Health care cost growth is a global issue. Exploring comparative experience with health care cost trends and the drivers of cost increases worldwide is the objective of a 2015 webinar series jointly sponsored by the American Academy of Actuaries’ Health Practice International Task Force and the International Actuarial Association Health Section. Join us Sept. 2 for the third webinar in this series, which will provide a unique opportunity to learn about the successes and challenges Australia and Singapore have experienced as they have worked to identify and address cost drivers. Casualty Loss Reserve Seminar Set for September: The 2015 Casualty Loss Reserve Seminar (CLRS) and Workshops, jointly sponsored by the Academy and the Casualty Actuarial Society, will be held Sept. 9-11 at the Omni Hotel at CNN Center in Atlanta. Attend the 2015 CLRS to learn from expert analysis of innovation in reserving. For more information on attendee registration, please email arc@casact.org or visit the CLRS website. The 2015 Life and Health Qualifications Seminar will be held Nov. 9-12 in Arlington, Va. (metropolitan Washington), just prior to the Academy’s Annual Meeting in Washington. Click here for registration information. -
Early Bird Still Available for the Academy’s 50th Anniversary Celebration: Sessions at the Academy’s Annual Meeting and Public Policy Forum Nov. 12-13 in Washington will offer highly topical public policy and professionalism content relevant to all actuarial areas of practice. New and unusual business ethics and business communication sessions with CE eligible content will also be offered. This will all take place in a festive and fascinating celebration of the Academy’s 50th anniversary this year. Discount registrations are available through Aug. 31; click here for a look at the preliminary meeting agenda.
In the News
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