Academy volunteers gave many presentations at the NAIC’s Spring 2016 National Meeting in New Orleans, interacting with state regulators and other stakeholders on a wide variety of specific insurance-related public policy and professionalism topics. See the Academy’s NAIC alert, released today, for more meeting coverage.
Highlights included:
Academy Senior Property/Casualty Fellow Jim MacGinnitie gave several presentations, addressing the NAIC’s Property and Casualty (C) Insurance Committee on the National Flood Insurance Program, and took part in a panel discussion on Big Data and auto insurance at a meeting of NAIC’s Center for Insurance Policy and Research.
Academy professionalism representatives provided updates at the NAIC’s Life Actuarial (A) Task Force (LATF), Health Actuarial (B) Task Force (HATF), and Casualty Actuarial and Statistical (C) Task Force (CASTF) meetings, highlighting the Actuarial Standards Board’s (ASB) and Actuarial Board for Counseling and Discipline’s (ABCD) recently released ASB annual report and ABCD annual report, and specific issues of current and upcoming interest to each NAIC actuarial task force. These included ASB consideration of a potential actuarial standard of practice (ASOP) on modeling, and another on assumptions. The ABCD received a record number of requests for guidance (RFGs) in 2015 and was very gratified for the interest from regulators in using the process. Widespread interest in the Academy’s Attestation Form was reported. ASB Chairperson Maryellen Coggins, ABCD Chairperson Janet Fagan, and Committee on Qualifications member Tom Campbell also gave presentations at the Academy’s well-attended regulator-only Professionalism Breakfast during the NAIC meeting.
The Cancer Claim Cost Table Work Grouppresented to HATF on its progress in updating the 1985 cancer claim cost tables.
The Long-Term Care (LTC) Credibility Monograph Work Grouppresented an update to the NAIC’s Long-Term Care Actuarial (B) Working Group.
The LTC Principle-Based Reserve (PBR) Work Group presented its final report to the NAIC’s Long-Term Care Actuarial (B) Working Group.
The Risk Sharing Subcommittee presented an update to HATF on its report about the risk adjustment program.
At the LATF meeting, Wayne Stuenkel, chairperson of the Academy’s Life Capital Adequacy Committee, and Dave Neve, chairperson of the Life Reserves Work Group, discussed principle-based reserving (PBR) and net premium reserving. Tom Berry, chairperson of the Academy’s Nonforfeiture Modernization Work Group, gave LATF an update on that issue.
Register for April 19 Post-NAIC Webinar: Join the Academy on April 19 for a webinar that will provide an overview of the top life issues at the NAIC meeting, including an account of the LATF meeting, activity in other groups regarding PBR and related considerations for reinsurance, and updates on variable annuity and life risk-based capital issues. Click here for information and to register.
ASB Exposes Proposed ASOP on Life Pricing
The ASB recently approved an exposure draft of a proposed new ASOP titled Pricing of Life Insurance and Annuity Products. The proposed ASOP will apply to actuaries when performing actuarial services with respect to the pricing of life insurance and annuity products, including riders, that will be sold in the future. Deadline for comments is Aug. 31, 2016. Read the proposed ASOP on the ASB website.
Professionalism Outreach
The pocket-sized Code of Professional Conduct booklet continues to be very popular. It is free to members; please click here to request one if you don’t yet have one. (Member log-in required.)
A reminder that the ASB website is mobile-friendly. You can download the site and ASB icon to your mobile device. Click here for a graphical aid.
The Academy recently released a new module in its eLearning Center focused on how to address ethical challenges with case studies within the framework of the Code.
EA Meeting Begins Sunday
The Academy and the Conference of Consulting Actuaries will again jointly host the annual Enrolled Actuaries (EA) Meeting, April 10-13 in Washington. 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.
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. The inaugural seminar, June 6-8 in Chicago, is at 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 Leiloni Hayward at 202-223-8196 or hayward@actuary.org.
LHQ Seminar Registration Open: The very popular Life and Health Qualifications Seminar will also 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.
Alerts
The U.S. Department of Labor released a revised final rule on the definition of “fiduciary” with respect to retirement plan investments on April 6, which potentially will affect trillions of dollars of U.S. retirees’ pension savings. Click here to read the Academy alert.
How to Subscribe to Member Alerts: 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.
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