Practice Note Released on Rate Filings and Review Under the ACA
The Premium Review Work Group released a practice note, Actuarial Practices Relating to Preparing, Reviewing, and Commenting on Rate Filings Prepared in Accordance with the Affordable Care Act, which addresses ACA-compliant plans only.
The practice note provides an overview of general rate filing requirements, 2014 market reforms, effective rate review programs, and state requirements. In addition, it provides additional considerations related to the unified rate review template (URRT) and the actuarial memorandum.
Read the Academy’s alert announcing the release of the practice note here.
Charting the Course, P/C Loss Reserve Manual Available
Charting the Course, the book released in conjunction with the Academy’s 50th anniversary, is available as a digital download and an ebook, without charge. If you’d like a hard copy, it’s available to order for $20. The book tells the story of the Academy’s first 50 years in an engaging narrative style. Click here for information and to order.
The 2015 Property/Casualty Loss Reserve Law Manual is available to pre-order. The manual, updated annually and available in numerous formats, is designed to help appointed actuaries comply with NAIC annual statement requirements for statements of actuarial opinion. Click here to pre-order the manual.
Academy Presents at NAIC Fall National Meeting
The Academy continued its dialog with insurance regulators on a wide variety of issues, including long-term care insurance, automobile insurance, RBC, and PBR at the NAIC 2015 Fall National Meeting late last month. Read the full alert here, or in the member section of the Academy’s website under “Cross-Practice Alerts.”
Upcoming Events
Post-NAIC Webinar Monday:Join the Academy on Dec. 7 from noon to 1:30 p.m. EST as we provide a follow-up to the NAIC Fall 2015 National Meeting. The webinar will include an account of the Life Actuarial Task Force (LATF) meeting, activity in other groups regarding principle-based reserving (PBR) and related considerations, updates on variable annuity and life risk-based capital (RBC) issues, and other major topics. Register now.
ABCD Professionalism Webinar Next Week: The Council on Professionalism webinar “Facing a Dilemma? The ABCD Can Help,” will be held next Wednesday, Dec. 9. Expert panelists—Actuarial Board for Counseling and Discipline Chairperson Janet Fagan and ABCD member Kathy Riley—will review the process for requesting guidance, discuss several case studies based on common requests for guidance received by the ABCD, and provide a forum for attendees to submit questions and receive answers. Click here for more information and to register.
In response to continuing inquiries, the Committee on Qualifications recently added more information to one of the questions in the FAQs on the U.S. Qualification Standards. The revision to question No. 31—“Is ‘on the job’ learning considered continuing education?”—may be found online.
Public Policy Activities
The Life Illustrations Work Groupsubmitted comments to LATF’s IUL Illustration (A) Subgroup on the draft revision of Actuarial Guideline 49.
Recently Released
In the November Actuarial Update, read new Academy President Tom Wildsmith’s vision for the profession, and about the Academy’s Annual Meeting and Public Policy Forum, which covered a host of professionalism and policy issues as the Academy celebrated its milestone 50th anniversary. Released in conjunction with the celebration were a new movie, book, and timeline—find out more inside, and read about two exposure drafts the Actuarial Standards Board has exposed for comment.
The quarterly ASB Boxscore covers several recently updated ASOPs, adoption of ASOP No. 50 and proposed revisions to ASOPs No. 21 and 23. Click here to read the Boxscore.
Alerts
The Centers for Medicare & Medicaid Services released the proposed notice of benefit and payment parameters for 2017 and the draft 2017 actuarial value (AV) calculator and methodology. Read the full alert here, or in the member section of the website under “Health Alerts.”
Congress this week passed a five-year transportation reauthorization bill, which includes a provision reversing a $3 billion cut in crop insurance payments. The cuts were part of the two-year budget deal, the Bipartisan Budget Act of 2015, which was signed into law on Nov. 2. Read the full alert here, or in the member section of the website under “Casualty Alerts.”
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.
The Academy’s issue brief, Means Testing for Social Security, is cited in The Tax Foundation’s research paper, Options for Broadening the U.S. Tax Base.
Academy pension analysis on the sustainability of benefits of using a chained consumer price index model for Social Security cost of living adjustments was cited in a blog post, Cures for What Ails Social Security.
A subscriber-only piece by Inside Cybersecurity reported on North Dakota Insurance Commissioner Adam Hamm’s keynote address at the Annual Meeting and Public Policy Forum. Links to highlights and photos from the meeting are available here, and slides from many sessions are available here to members who attended the meeting.
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