Welcome, Annual Meeting, and Presidential Transition

Award Presentation: Jarvis Farley Service Award

Practice-Specific Breakout Sessions

[Casualty] Presumptive Benefits in Workers' Compensation: Emerging Issues Before and During COVID-19  

Presumptive benefits were already a hot topic in workers’ compensation, and then came the pandemic. In response to the COVID-19 outbreak, states and local jurisdictions have been extending benefits to first responders, health care professionals, and other essential workers. What has been the immediate effect of this and what are the long-term implications?

• Speakers: Steve DiCenso, MAAA, FCAS, Member, Academy Workers’ Compensation Committee; Ann Gergen, Executive Director, AGRIP
• Moderator: Dave Heppen, MAAA, FCAS, Chairperson, Academy Workers’ Compensation Committee

[Health] A Tour of Health Care Funding Around the World

Health care is back at the top of the national agenda. All countries fund health care, but the manner they approach this challenge is very different. The Academy’s Health Practice International Committee (HPIC), the SOA International Section, and the International Actuarial Association Health Section (IAAHS) have been compiling schematic diagrams to capture the main features of health financing systems for around 30 countries. This session will present our findings, reviewing how healthcare systems are different and similar. In addition, details of specific country funding schemes will be explored.

• Presenters: Shereen Sayre, MAAA, ASA; Lisa Morgan, FIA, International Labour Organization; Stuart Rodger, FIAA, FSAS, GAICD; Mitchell Momanyi, MAAA, FSA, Member, Academy Health Practice International Committee; Jonathan Callund, MBA, Managing Director, Callund y Campania Ltda
• Moderator: Joe Allbright, MAAA, ASA, Chairperson, Academy Health Practice International Committee

[Life] Implications of the SECURE Act 

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed by Congress and signed into law in December 2019. This far-reaching bill provides significant opportunities that increase access to tax-advantaged accounts in order to help prevent older American from outliving their assets. During this session, experts will discuss the implications of the SECURE Act on the life insurance industry and explore how the new law will impact defined contribution plans and annuities.

• Speakers: Gregory Fox, Aon Investment; J. Mark Iwry, Nonresident Senior Fellow at the Brookings Institution, Visiting Scholar at the Wharton School, Former Senior Advisor to the Secretary of the Treasury; Kerry Pechter, Retirement Income Journal
• Moderator: Noel Abkemeier, MAAA, FSA, Co-Chairperson, Academy Lifetime Income Risk Joint Committee

[Pension] PBGC—A Tale of Two Funds

The PBGC multiemployer and single-employer funds came into 2020 in vastly different positions. The short-term and longer-term economic effects of the pandemic create uncertainties for the future of both funds. The session will provide an update on the forecasted solvency of both funds, the potential participant impact of the funds’ circumstances, and legislative efforts that could affect PBGC. The session will also touch on new reports recently published by PBGC on risk transfers and multiemployer plan provisions.

• Presenters: Ted Goldman, MAAA, FCA, FSA, Director, Policy Research and Analysis Department, Pension Benefit Guaranty Corporation; Andy Banducci, Chief Policy Officer, Office of Policy and External Affairs, Pension Benefit Guaranty Corporation
• Moderator: Jason Russell, MAAA, FSA, EA, Vice Chairperson, Academy Pension Practice Council

Professionalism Plenary: Keynote Speaker Sheila Bair and Panel Discussion

Sheila Bair, former chairman (2006–2011) of the Federal Deposit Insurance Corporation during the 2007–08 financial crisis and the founding chair and current member of the Systemic Risk Council, will deliver a keynote address leading into our professionalism plenary panel discussion on uncertainty, sharing insights on weighing professional, ethical, public responsibility, and institutional considerations to take ethically and professionally grounded action in times of disruption and uncertainty.

Panelists:

• Shawna Ackerman, MAAA, FCAS, Immediate Past President, American Academy of Actuaries
• Bob Beuerlein, MAAA, FSA, CERA, Past President, American Academy of Actuaries
• Tom Terry, MAAA, FSA, EA, FCA, Past President, American Academy of Actuaries
• Tom Wildsmith, MAAA, FSA, Board Member and Past President, American Academy of Actuaries
• Maryellen Coggins, MAAA, FCAS, CERA, 2020-21 President-Elect, American Academy of Actuaries

Practice-Specific Breakout Sessions

[Casualty] COVID-19: Impact on Auto Insurance 

Millions of workers stayed home, others were laid off, miles driven fell dramatically, the number of accidents dropped sharply, and insurers gave billions of dollars in rate rebates. Are these just temporary adjustments due to the pandemic or will we see long-term changes to the automobile insurance business?

• Speakers: Alex Carges, FCAS, Former Chief Actuary, Roots Insurance Company; Mark Jones, MAAA, ACAS, PwC; Jim Lynch, MAAA, FCAS, Insurance Information Institute
• Moderator: Greg Frankowiak, MAAA, FCAS, Chairperson, Academy Automobile Insurance Committee

[Health] COVID-19 and the Future of Health Care Delivery and Payment

This session will explore whether COVID-19 will result in long-term changes to health care delivery and payment. Such changes could include an increase in the use of telehealth, greater provider openness to capitation, and provider consolidation. 

• Speakers: Mark McClellan, MD, PhD, MPA, Director and Robert J. Margolis, MD, Professor of Business, Medicine and Policy, Duke-Margolis Center for Health Policy at Duke University; Former Commissioner, U.S. Food and Drug Administration; Former Administrator, Centers for Medicare & Medicaid Services; Ateev Mehrotra, MD, MPH, Associate Professor of Health Care Policy, Department of Health Care Policy, Harvard Medical School; Associate Professor of Medicine and Hospitalist, Beth Israel Deaconess Medical Center; A. Mark Fendrick, MD, Professor, Division of General Medicine, Department of Internal Medicine and Department of Health Management and Policy; Director, University of Michigan Center for Value-Based Insurance Design; Adaeze Enekwechi, Ph.D., MPP, Former President, IMPAQ 
• Moderator: Julia Lerche, MAAA, FSA, MSPH, Chief Strategy Officer and Chief Actuary, North Carolina Medicaid; Member, Academy Health Care Delivery Committee

[Life] Effects of COVID-19 on the Life Insurance Industry 

The COVID-19 pandemic has impacted nearly every aspect of global business. While the long-term effects of this pandemic will take months to reveal themselves, this session will focus on what is currently known on the impacts to the life insurance industry. Speakers will focus on the potential financial impacts and ways the life insurance industry will need to adapt in the post-pandemic environment.

• Speakers: Eric Berg, CPA, CFA; George Hansen, MAAA, FSA, AM Best Company
• Moderator: Tricia Matson, MAAA, FSA, Member, Academy Life Practice Council 

[Pension] Retirement in the 21st Century—Individual Responsibility in the Age of the 401(k)  

The retirement landscape has changed dramatically over the past three decades. Defined contribution plans now dominate as the primary retirement vehicle in the private sector. The SECURE Act made much-needed progress enabling reliable income solutions for participants in defined contribution plans, but employers must decide to implement the options the act offers. The session will discuss potential response to the SECURE Act by financial providers, employers, and participants. The session will also consider potential further enhancements that could form a part of SECURE 2.0 to further improve access to reliable retirement income from these plans.

• Presenters: Kara Getz, Chief, Counsel, U.S. House of Representatives, Committee on Ways & Means; Chantel Sheaks, Executive Director, Retirement Policy, U.S. Chamber of Commerce; Michael Sinacore, Economic Policy Advisor, Office of U.S. Senator Rob Portman; Richard E. Jones, MAAA, FSA, EA, Senior Partner, National Retirement Practices, Aon
• Moderator: Tim Geddes, MAAA, FSA, EA, FCA, Academy Vice President, Pension

Award Presentation: Robert J. Myers Public Service Award

Plenary: David Altmaier, Florida insurance commissioner and National Association of Insurance Commissioners (NAIC) president-elect, will discuss the NAIC’s initiatives about race and insurance and the outlook for NAIC in the time of COVID-19. 

Practice-Specific Breakout Sessions

[Casualty] Cyber Risk

Coverage continues to expand, the threat continues to evolve, and questions are raised about the Terrorism Risk Insurance Program.

• Speakers: Eduard Alpin, MAAA, FCAS, Member, Academy Cyber Risk Task Force; Christopher Loza, Senior Research Analyst, American Academy of Actuaries; Laura Maxwell, MAAA, FCAS, Member, Academy Cyber Risk Task Force; Taylor Krebsbach, MAAA, FCAS, CERA, Member, Academy Cyber Risk Task Force
• Moderator: Norman Niami, MAAA, FCAS, Vice Chairperson, Academy Cyber Risk Task Force

[Health] Regulating the Health Insurance Markets: What’s New for 2021

Each year federal and state regulations are revised to reflect changes in the law and other policy changes. This year includes additional changes precipitated by the COVID-19 pandemic. In this session, panelists will provide an update on regulations governing coverage in the Affordable Care Act (ACA) marketplaces, as well as how COVID-19 has affected the Medicaid and Medicare programs. 

• Speakers: Brent Plemons, Director for the Office of Special Pricing Initiatives, CCIIO; Jeff Wu, Deputy Director for Policy, CCIIO; Christina Whitefield, Director for the Medical Loss Ratio Division, CCIIO; Lina Choudhry Rashid, CCIIO; Michelle Koltov, CCIIO; Allison Yadsko, CCIIO; Allison B. Orris, J.D., Counsel, Manatt Health, Manatt, Phelps & Phillips, LLP
• Moderator: Barbara Klever, MAAA, FSA, Chairperson, Academy Individual and Small Group Markets Committee

[Life] Regulation Best Interest and Annuity Suitability Model 

In recent years, the Securities and Exchange Commission adopted Regulation Best Interest, the National Association of Insurance Commissioners adopted changes to the Suitability in Annuity Transactions Model Regulation (#275), and the New York State Department of Financial Services revised Insurance Regulation 187. In this session, experts will discuss the implications of these regulations on the life insurance industry and the role of the actuary in complying with the regulations.

• Speakers: Skip Edmonds, LLC Global; Deidre Downes, Prudential Financial 
• Moderator: Linda Lankowski, MAAA, FSA, Vice Chairperson, Academy Life Practice Council

[Pension] Social Security—Reinforcing the Foundation of U.S. Retirement in a Time of Uncertainty 

Social Security is the first layer of most Americans’ retirement strategies. For many Americans, Social Security can be the only source of reliable income in retirement. Yet, trustees’ reports consistently show the existing financing under current law is projected to be insufficient to fund scheduled benefits. A wide variety of proposed changes to Social Security aim to modify benefits and address the shortfall in some way. This session will discuss projections of Social Security solvency, the impact that select proposals could have on solvency, and a discussion of other potential paths forward.

• Speakers: Amy Shuart, Republican Staff Director, U.S. House of Representatives, Committee on Ways & Means, Subcommittee on Social Security; Tom Klouda, Senior Domestic Policy Advisor, U.S. Senate, Committee on Finance; Karen Glenn, MAAA, FSA, EA, Deputy Chief Actuary, Social Security Administration
• Moderator: Ron Gebhardtsbauer, MAAA, FSA, Chairperson, Academy Social Security Committee

Award Presentation: Outstanding Volunteerism Awards

Public Policy Plenary: Anand Parekh, M.D., the Bipartisan Policy Center’s chief medical advisor, will provide perspectives on the response to COVID-19 and share his insights on where we are in terms of the progression of the virus, new treatments and vaccines, and lessons learned.