The latest issue of ASB Boxscore covers revisions to several actuarial standards of practice (ASOPs), including ASOPs No. 23 and 24, and the Actuarial Standards Board’s (ASB) approval of an exposure draft of a proposed ASOP, Setting Assumptions, and the approval of a third exposure draft of a proposed ASOP, previously Property/Casualty Ratemaking and now titled Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Funding. The Boxscore also outlines the ASB’s future projects and agenda.
Global Health Webinar to Examine Long-Term Care Issues in U.S., Germany
The Academy and the International Actuarial Association Health Section (IAAHS) announced they will host a webinar next month: Global Perspectives on Long-Term Care: United States and Germany. The webinar will be held on Friday, March 24, from 10 to 11:30 a.m. EDT. Worldwide long-term care demand is expected to increase significantly in the coming decades because of longevity increases and advances in health technologies and treatment, and this webinar will highlight a new report issued by the IAA’s Population Issues Working Group while spotlighting the perspectives of the two countries. The webinar is free for Academy and IAAHS members. Register today.
First-Round Results of Actuarial Challenge Released; Webinar Set for Monday
The Robert Wood Johnson Foundation released the results of the first round of the Actuarial Challenge, under which it solicited ideas and entries last year from actuaries to provide innovative ideas and proposals to increase stability in the individual health insurance market. Milliman will host a webinar to discuss progress to date on the challenge on Monday, Feb. 27, from 2 to 3 p.m. EST. Information on the first round and on attending the free webinar is available on the Actuarial Challenge website, which is hosted by the Academy.
Upcoming Events
Extra-Early Discounts Available for PBR Boot Camp: Extra-early registration rates are available through next week for the Academy’s PBR Boot Camp, to be held May 22–24 in Orlando, Fla. Offered for the first time and sold-out last year, this intensive two-and-a-half-day seminar will deliver instructional sessions and interactive case studies to provide attendees with key learning experiences to implement and utilize principle-based reserving (PBR). Earn up to 24 hours of organized-activity continuing education credit. Register now and plan to join your fellow life actuaries for this popular seminar that will ensure you stay ahead of the PBR curve.
Save the Date—Capitol Forum Webinar Set for March 29: The Academy will host a Capitol Forum webinar next month focusing on Insurer Capital Standards at the International Association of Insurance Supervisors (IAIS). The webinar, to be held Wednesday, March 29, from noon to 1 p.m. EDT, will be presented by Ned Tyrell, international technical policy adviser with the NAIC, and moderated by Elizabeth Brill, chairperson of the Academy’s Solvency Committee. Registration will open soon.
Professionalism Webinar to Examine the Code: Join the Academy on Tuesday, March 28, for a webinar featuring Immediate Past President Tom Wildsmith, Vice President of Professionalism Joeff Williams, and Council on Professionalism member Chad Wischmeyer, who will discuss the practical applications of the Code of Professional Conduct. The webinar will take place from noon to 1:30 p.m. EDT. This quarterly webinar series is a popular and cost-effective way for members to stay abreast of current professionalism topics and earn valuable continuing education credit. Save the date and plan to attend.
Extra-Early Registration Open for Annual Meeting and Public Policy Forum: The best discounts are now available for the Academy’s 2017 Annual Meeting and Public Policy Forum, to be held Nov. 14–15 at the Fairmont Hotel in Washington, D.C. This annual, exceptional event will give you a unique and in-depth look at the top public policy issues facing the actuarial profession. Register today at the discounted extra-early rate to ensure you are there to get the information you need to stay on top of the issues that matter the most to you, your profession, and our nation.
P/C, Life & Health Law Manuals Available to Order
Updated for 2017, the Academy’s Property/Casualty Loss Reserve Law Manual and Life & Health Valuation Law Manual are available to order. Both manuals are updated with the latest regulations, providing you with essential information during opinion writing seasons. The manuals are available in a variety of formats, including single and multiple user versions, to allow you to order the one that best suits your needs. Order your copy today.
Public Policy Activities
The Multiemployer Pension Plans Subcommittee submitted a comment letter to the Pension Benefit Guaranty Corp. on alternative two-pool withdrawal liability methods.
The Pension Committee submitted a comment letter to the IRS on proposed regulations on the minimum present value requirements for defined benefit plan distributions.
The SVL Interest Rate Modernization Work Group submitted comments on a revised weighting methodology proposal to the NAIC’s VM-22 (A) Subgroup. The work group’s Excel spreadsheet provides support for recommended asset bucket weightings.
Alerts
The Centers for Medicare & Medicaid Services (CMS) issued a bulletin Thursday announcing the extension of the transitional policy for non-grandfathered plans in the individual and small group health insurance markets through 2018.
CMS released a draft bulletin on the proposed revised uniform timeline for submission of rate filings for single risk pool coverage.
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 are available in five areas of focus: casualty, health, life, pension, and cross-practice issues. Academy members may subscribe to any or all of them free of charge as a member service after signing in to the member section of the website.
In the News
In a Modern Healthcare story, Senior Health Fellow Cori Uccello discussed the impact of revised rate-filing deadlines for ACA Marketplace single risk pool health insurance for plan year 2018. Uccello’s comments were also cited in an Advisory Board daily briefing.
Fierce Healthcare mentioned Uccello’s comments from a recent Academy news release on the wide implications of details embedded in ACA reform approaches, and cited the Individual and Small Group Markets Committee’s three recent health care issue briefs. A Health Affairs Blog post cited the issue brief on association health plans.
The New York Times cited the widely praised Actuaries Longevity Illustrator, developed jointly by the Academy and the Society of Actuaries, in a story on retirement-income strategies.
The Nevada Independent cited the Academy’s issue brief, The 80% Pension Funding Standard Myth, in a story about Nevada’s Public Employee Retirement System.
A Mondaq article discussing recently adopted charges developed by the NAIC’s Big Data Task Force cited Oregon Insurance Commissioner Laura Cali Robison’s comments during her plenary address and panel discussion at the Academy’s annual meeting regarding the primary focus of the task force.
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