The Academy’s post-NAIC webinar, held Tuesday, recapped life practice issues from this month’s NAIC Spring 2016 National Meeting in New Orleans. The webinar, which drew more than 300 attendees, featured Philip Barlow, chairperson of the NAIC’s Life Risk-Based Capital (E) Working Group; Michael Boerner, chairperson of NAIC’s PBR Review (EX) Working Group; and Richard Daillak, chairperson of the Academy’s Life Reinsurance Work Group. The webinar was moderated by Dave Neve, chairperson of the Academy’s Life Reserves Work Group.
The April 2016 edition of the ASB Boxscore is now available on the Actuarial Standards Board (ASB) website. The issue includes items on a proposed new actuarial standard of practice (ASOP) on life insurance and annuity pricing; the ASB’s 2015 Annual Report; an approved proposal for a new ASOP on assumptions; and a look ahead to the June ASB meeting.
The latest issue of PBA Perspectives features an update on principle-based reserving, which has reached a key milestone after more than a decade of development. The issue also contains regulatory, legislative, and Academy activities surrounding the implementation of the principle-based approach for life insurance.
Alerts
The House of Representatives passed H.R. 3340, the Financial Stability Oversight Council Reform Act. Click here to read the cross-practice alert.
How to Subscribe to Member Alerts: Subscribers to the Academy’s alerts 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.
Public Policy Activities
The Risk Sharing Subcommittee sent a letter to the Centers for Medicare & Medicaid Services with comments on its recent discussion paper, HHS-Operated Risk Adjustment Methodology, that addresses partial year enrollment, use of pharmacy data, use of a concurrent versus prospective model, high-risk enrollee pooling, recalibration of the model, and the transfer formula.
The Casualty Practice Council submitted comments to the ASB on the second exposure draft of the proposed ASOP Property/Casualty Ratemaking.
The joint Academy / SOA Economic Scenario Project Oversight Group has updated the Academy’s Interest Rate Generator (AIRG) as well as the joint FAQ document developed by the group to provide information relevant to the AIRG. [This item has been corrected from the original version that was emailed on April 15.]
Upcoming Events
Second ‘PBR Boot Camp’ Planned for September: A repeat presentation of the Academy’s inaugural “PBR Boot Camp: Basic Training and Beyond for Principle-Based Reserving Implementation,” will be held in September. Registration for the inaugural seminar, June 6-8 in Chicago, has reached capacity, but a wait list is available for prospective attendees. The Academy will release more information on the September event as it becomes available, and those on the wait list will receive advance, priority notification when registration is open. If you would like to be put on the waiting list, please contact Public Policy Senior Administrative Assistant Leiloni Hayward at 202-223-8196, or hayward@actuary.org.
Register now for November’s LHQ Seminar: The popular 2016 Life and Health Qualifications Seminar will be held Nov. 13-17 in Arlington, Va. (metropolitan Washington, D.C.). Space is limited and routinely is filled early; click here for program information and to register.
Nominate a Colleague for an Academy Service Award
It’s time to nominate a deserving colleague or respected mentor for an annual Academy award that recognizes his or her public service, or service to the actuarial profession and the Academy, as described below. The nominations deadline is July 8, and awards will be presented at the Academy’s Annual Meeting and Public Policy Forum in Washington, Nov. 3-4.
The Robert J. Myers Public Service Award honors an actuary who made an exceptional contribution to the common good, specifically through a single noteworthy public service achievement or a career devoted to public service.
The Jarvis Farley Service Award is a lifetime achievement award presented to an actuary whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession through a lifetime of service.
The Outstanding Volunteerism Award honors Academy volunteers who have made a single, noteworthy volunteerism contribution in the last year that is above and beyond what is reasonably expected of an Academy volunteer.
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.
PLEASE DO NOT REPLY TO THIS EMAIL. THIS EMAIL ADDRESS IS NOT MONITORED.
If you would like more information or to contact the Academy, please visit us at www.actuary.org/content/about-us
Sign up to follow the Academy on Twitter.
Rather not receive Academy emails? Unsubscribe by emailing membership@actuary.org.
1850 M Street NW • Suite 300 • Washington, DC 20036 • 202.223.8196 • www.actuary.org
Copyright 2016 American Academy of Actuaries. All rights reserved.