Countdown to Annual Meeting Underway; Deadlines Approaching
More than 40 experts will be on hand at the 2016 Annual Meeting and Public Policy Forum to discuss today’s top public policy and professionalism issues. A detailed agenda is available on the Academy’s website, including highlights of relevant sessions for casualty, health, life, and pension actuaries.
Approaching deadlines include:
The Academy’s room block deadline at the Capital Hilton has been extended through Sunday, Oct. 9. Book your room today.
This year’s meeting features a lineup of distinguished plenary session speakers: former U.S. Sen. Chris Dodd, Oregon Insurance Commissioner Laura Cali, Congressional Budget Office Director Keith Hall, Pension Benefit Guaranty Corp. Director Tom Reeder, and Centers for Medicare & Medicaid Services Acting Administrator Andy Slavitt.
We’ll also be taking time to celebrate our achievements by honoring five of your fellow actuaries with the Academy’s distinguished service and volunteerism awards, welcoming Bob Beuerlein as the Academy’s new president, and thanking Tom Wildsmith for his year of presidential service. Register today and join us for the 2016 Annual Meeting and Public Policy Forum.
 ‘Actuarial Challenge’ Aims to Boost Stability of Individual Health Insurance Market
The Academy is helping to promote and coordinate a collaborative Actuarial Challenge, being conducted by the Robert Wood Johnson Foundation in conjunction with Milliman Inc. The challenge is for actuaries to provide innovative ideas and proposals to increase stability in the individual health insurance market.
The challenge, which began this month and will conclude in April 2017, is designed to elicit innovative ideas and proposals from informed actuaries to move the individual insurance market further toward the goal of universal access to quality health services and providers in a financially secure and stable way.
Professionalism Presentation
Actuarial Standards Board (ASB) ASOP No. 21 Task Force member Lisa Slotznick provided members of the Casualty Actuaries of the Southeast with a window into the ASB standard-setting process. Her presentation, on Monday in Atlanta, focused on proposed changes to ASOP No. 21, Responding to or Assisting Auditors or Examiners in Connection with Financial Statements for All Practice Areas. Slotznick discussed changes in audit practice and regulation, and the potential implications of the revised ASOP for a reviewing or responding actuary.
Upcoming Events
Today—Registration Closes for Global Health Webinar: Registration is open through the end of today, Sept. 30, for the next webinar in the global health care webinar series being presented jointly by the Academy’s Health Practice International Committee and the International Actuarial Association Health Section (IAAHS). “Exploring Global Health Care Cost Drivers: France and the U.K.” will take place Wednesday, Oct. 5, from 10:30 a.m. to noon EDT. Registration is free for Academy and IAAHS members. Register today.
Fewer Than 20 Seats Remain for LHQ Seminar: The 2016 Life and Health Qualifications Seminar will be held Nov. 13-17 in Arlington, Va. (Washington, D.C., metro region). This annual seminar is the primary source of instruction for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement. Just a few seats remain for this limited-attendance event; register today to reserve your space for this highly regarded seminar.
Cross-Practice Professionalism Webinar: The Academy will host a professionalism webinar next month that will present an overview of the value and challenges of cross-practice standards. The panel will discuss Actuarial Standards of Practice Nos. 1, 23, 25, and 41, as well as the proposed standards on modeling and assumptions in development and their relationship to practice-specific standards. “An Overview of Cross-Practice Standards” will be held Wednesday, Oct. 19, from noon to 1:30 p.m. EDT. Register today.
P/C Loss Seminar Coming in December: Registration is open for the 2016 Seminar on Effective P/C Loss Reserve Opinions, to be held in Chicago Dec. 6-7. The two-day seminar will enhance your expertise on the latest regulations and standards with reviews of actuarial qualification standards and interactive case studies. Register today.
See our website for a listing of all Academy events.
Recently Released
The September Actuarial Update, released Friday, covers the recent post-NAIC casualty and life webinars, several public employment opportunities, and a remembrance of the life of former Academy President Bill Halvorson.
The September issue of HealthCheck covers the LTC Credibility Monograph Work Group’s monograph that was presented by the Academy at the NAIC’s 2016 Summer National Meeting, the Medicare Part D Risk-Based Capital Subgroup’s report recommending RBC risk factors for Medicare Part D coverage, and more.
The latest Retirement Account features an issue brief on Social Security and the elderly, and comments to the U.S. Senate Aging Committee and the Pension Benefit Guaranty Corp. on retirement plans.
Actuarial Club Information Sought for Online Hub
At our members’ suggestion, the Academy is beginning to compile information on U.S. actuarial clubs. We invite a club’s president or equivalent leader to submit information including club name and location, regular meeting schedule, contact information and website, and practice area(s) as applicable. Information also may be sent to Clubs@actuary.org. A page on our website will list the clubs and their contact information.
Public Policy Activities
The Longevity Risk Task Force gave a presentation to the Federal Reserve Insurance Policy Group on longevity risk in annuity and life insurance.
The Life Illustrations Work Group submitted comments to the Actuarial Standards Board on exposed revisions to ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation.
The Stress Testing Work Group submitted comments to the NAIC’s Stress Testing (E) Subgroup on providing assistance to meet its charge.
The Nonforfeiture Modernization Work Group submitted comments to the NAIC’s Life Actuarial Task Force (LATF) with regard to potentially updating standard nonforfeiture laws.
Alerts
The Federal Insurance Office on Friday released its annual report on the insurance industry, which is required by the Dodd-Frank Wall Street Reform and Consumer Protection Act.
The U.S. House of Representatives passed H.R. 954, the CO-OP Consumer Protection Act of 2016, which would temporarily exempt from the individual mandate anyone whose Consumer Operated and Oriented Plan (CO-OP) coverage is terminated mid-year.
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
Insurance News Net published a House member’s floor statement that notes the Academy’s analysis of the potential consequences of weakening the Affordable Care Act’s individual mandate.
The Academy’s issue brief on 2017 health insurance premium drivers was cited in an op-ed in the Wisconsin Gazette discussing the consequences of the transitional policy that allowed individuals to keep their prior non-ACA-compliant coverage.
A Real Deal Retirement story on retirement-income strategies for 401(k) participants cites the widely praised Actuaries Longevity Illustrator, developed jointly by the Academy and the Society of Actuaries, as a useful tool to help people understand longevity risk.
The syndicated radio show, “Safe Money Show with Brian Singer,” cited the Academy’s discussion paper on lifetime income risk, which examines challenges and possible solutions for current and future retirees in securing and managing their lifetime income needs. The program aired on WIBC-FM (Indianapolis) on Sept. 25.
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