This is the latest tranche of issue-focused guides that the Academy launched in February to help voters become better informed in the run-up to the November elections. All the current guides are available online at http://election2016.actuary.org.
Registration Now Open for the 2016 LHQ Seminar
Registration is now open for the Academy’s annual Life and Health Qualifications Seminar. This seminar is the most efficient way to acquire the basic and continuing education (CE) required to sign the NAIC life and health annual statement actuarial opinions.
The Academy believes in good faith that this event constitutes an organized activity as defined by the current U.S. Qualification Standards and that seminar attendees may earn the following minimum CE credits for attending the first three days of the seminar, using a 50-minute credit hour formula:
6.6 (general, applicable to life or health specialty).
8.7 (additional life specialty).
9.0 (additional health specialty).
2.7 (or more professionalism).
Register early for this must-attend seminar; seating is limited to the first 100 registrants. The seminar will be held Nov. 13-17 in Arlington, Va., outside of Washington, D.C.
Recently Released
This week saw three annual reports released, as well as the monthly Actuarial Update.
The Actuarial Standards Board’s2015 Annual Reportdetails the ASB’s accomplishments last year, which include adoption of two new actuarial standards of practice (ASOPs) and one revised ASOP; approval of four exposure drafts for comment; and approval of four proposals for new or revised ASOPs.
The Actuarial Board for Counseling and Discipline’s2015 Annual Reporthighlights the board’s busy year in 2015, in which the board handled 125 matters, comprised of a record 96 requests for guidance (RFGs) and 29 inquiries, provided guidance in response to the 96 RFGs, and closed 15 inquiry cases.
The Record, the Academy’s annual report of activities, was updated to reflect activities through year’s end. Included in this final edition are highlights of the many achievements of the practice councils and professionalism committees and boards in 2015, as well as a detailed synopsis of the Annual Meeting and Public Policy Forum, which celebrated the Academy’s 50th anniversary.
And in Actuarial Update, read about the new “Addressing Ethical Concerns” course available on the Academy’s eLearning Center. Also in this issue, Health Practice Council volunteers made their annual visit to Capitol Hill; the new StateScan legislative portal kicked off in March; and the “Professionalism Counts” column focuses on objectivity and independence.
Upcoming Events
Enrolled Actuaries (EA) Meeting This Month: The Academy and the Conference of Consulting Actuaries will again jointly host the annual Enrolled Actuaries Meeting, April 10-13, in Washington, D.C. The meeting will offer a variety of panels and workshops covering a wide range of topics and issues relevant to EAs and other pension professionals, and include an exhibition of products and services. Click here for more information and to register.
Post-NAIC Update: Join us on April 19 as we provide an overview of the NAIC Spring 2016 National Meeting. This webinar will include an account of the Life Actuarial (A) Task Force meeting, activity in other groups regarding principle-based reserving and related considerations for reinsurance, updates on variable annuity and life risk-based capital issues, and other major topics. If you are not able to attend the spring meeting in person, this webinar will provide a helpful overview of some of the top life issues discussed at the meeting. Click here for more information and to register.
PBR Boot Camp at Capacity: The Academy’s inaugural “PBR Boot Camp: Basic Training and Beyond for Principle-Based Reserving Implementation,” to be held June 6-8 in Chicago and focusing on principle-based reserving (PBR), is at capacity, but a wait list is available for prospective attendees. Click here for more information. A reprise of the June seminar will be scheduled for September. We will release more information as it becomes available, and those on the wait list will receive advance, priority notification of the September program.
Public Policy
Many Academy representatives will be speaking and presenting at the NAIC Spring 2016 National Meeting in New Orleans beginning today on subjects including price optimization, principle-based reserving for life insurance, long-term care, and the risk adjustment program under the Affordable Care Act; the meeting concludes next week. Look for complete coverage in a special post-NAIC Academy alert next week, and make plans to attend the Post-NAIC Update Webinar, which will detail life issues covered at the meeting, as described above under “Upcoming Events.”
The Health Solvency Subcommittee sent a letter to the NAIC’s Health Risk-Based Capital (E) Working Group with comments on a proposal to add a footnote for individual premiums and claims reporting.
The Premium Review Work Group sent a letter to the Center for Consumer Information and Insurance Oversight (CCIIO) with comments on the 2017 unified rate review template (URRT) and instructions.
Recent Events
CCIIO Officials Led Members in a First-of-Its-Kind Webinar on URRT Instructions: Officials from CCIIO led an engaging demonstration on Wednesday on the development of 2017 rate filings and the URRT instructions. This no-cost webinar gave attendees from about 570 registered sites the opportunity to see a very useful live demonstration of the recent changes as Brent Plemons, a health insurance specialist with CCIIO, filled out a template and provided instructions related to the expected entry for each cell. Audio from the webinar is available on the event page.
Nominate a Colleague for an Academy Service Award
Do you know a remarkable actuary who has made a difference for the profession or the public by devoting his or her time and efforts to serving others? Nominate a deserving colleague or respected mentor for an Academy award that best suits his or her public service or service to the actuarial profession and the Academy. The deadline for nominations is July 8.
The Pension Benefit Guaranty Corporation’s (PBGC) multiemployer program will become insolvent under current premiums, although the timing is unclear because of uncertainties created by the Multiemployer Pension Reform Act (MPRA) of 2014, according to the PBGC's five-year report released Thursday. Read the complete Academy alert here.
Alert subscriptions: Alerts subscribers are notified by email when a new alert is posted in their area(s) of interest. The alerts focus on five areas: casualty, health, life, pension, and cross-practice issues. Academy members may subscribe to any or all of them after signing in to the member section of the website.
Lack of COI Policy Acknowledgments: Volunteers Dropped
In accordance with the Academy’s policy, 57 volunteers and interested parties have been removed from their Academy committee positions because they failed to comply with the Academy’s policy that its volunteers expressly acknowledge the longstanding conflict of interest (COI) policy applicable to all those who serve on an Academy committee. In total, 95.5 percent of the 1,270 volunteers and interested parties who serve on Academy committees affirmatively acknowledged compliance with this policy.
Committee member and interested party acknowledgments are a vital element in the Academy’s ability to maintain its standards in providing unbiased, reliable information for policymakers and others who rely on actuarial insight to inform their decisions regarding U.S. fiscal and societal challenges. The Academy requires members who serve in volunteer positions with the Academy to annually acknowledge its longstanding COI policy, and to comply with the CE requirements of the USQS. Individuals who serve as interested parties must formally acknowledge the Academy’s COI policy as well.
In the News
CCIIO cited analysis from the Academy issue brief Risk Assessment and Risk Adjustment regarding the relationship between medical diagnosis and treatment costs in white paper that examines the ACA’s risk adjustment program.
The Academy’s news release on public employee pension plan disclosures was highlighted in Life & Health Advisor.
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