The Actuarial Standards Board released an exposure draft of a proposed revision to Actuarial Standard of Practice (ASOP) No. 7, tentatively titled Analysis of Life, Health, or Property/Casualty Insurance Cash Flow Risk. ASOP No. 7 Task Force and ASB Life Committee Chairperson Matt Monson discussed some of the proposed changes—comments are due June 1. (January 31, 2024)
The Economic Scenario Generator Subcommittee submitted comments to the Life Actuarial Task Force (LATF) on the Dec 12 exposure of the updated Generator of Economic Scenarios (GOES) Targeting Criteria and Evaluation Statistics. (January 31, 2024)
The Life Valuation Committee submitted a comment letter to the Life Actuarial Task Force (LATF) on the re-exposure of APF 2023-12 concerning equity return volatility in VM-30 cash-flow testing. (January 29, 2024)
The Prudential Regulation Committee released an issue brief, Introduction to Insurance Group Capital Requirements, which focuses on U.S. application, including a discussion of the two primary approaches used to determine group capital. (January 24, 2024)
The Climate Change Joint Committee released an issue brief, ESG and the Actuary, which is intended to present some of the basics of environmental, social, and governance (ESG) considerations as actuaries contemplate how ESG may impact their work. (January 24, 2024)
The Pension Committee released an issue brief, Church-Sponsored Retirement Plans—Overview and Considerations. This issue brief discusses the broad range of church plans and practices. Among other considerations, it discusses the impact on a participant of being in a church plan when the ERISA protections and provisions for U.S. tax-qualified single or multiemployer pension plans generally do not apply. (January 24, 2024)
The Health Practice Council’s Health Care Delivery Committee, Individual and Small Group Markets Committee, and Active Benefits Committee responded to the Committee on Health, Education, Labor, and Pensions’ (HELP) request for information on access to gene therapies for patients with an ultra-rare disease. (January 22, 2024)
Health Equity Committee co-chairpersons Annette James and Rebecca Sheppard, and member Yi-Ling Lin, gave an overview of the committee’s work on equity considerations related to benefit design to AHIP’s Health Equity Workgroup. (January 09, 2024)
The Health Practice Council’s Individual and Small Group Markets Committee submitted comments to the Centers for Medicare & Medicaid Services regarding the proposed rule for the 2025 Notice of Benefit and Payment Parameters. (January 08, 2024)
The Individual and Small Group Markets Committee submitted comments to the Centers for Medicare & Medicaid Services’ Center for Consumer Information & Insurance Oversight (CCIIO) on the Draft 2025 Actuarial Value (AV) Calculator Methodology. (January 02, 2024)
We’ve long recommended reading key professionalism documents at least once a year as a refresher, and the start of the new year is a good time to do it. You may think you know the Code of Professional Conduct, the U.S. Qualification Standards, and the actuarial standards of practice that apply to your work. But when you pick them up and reread them, you will likely be reminded of some aspect that you hadn’t thought about in a while. (December 29, 2023)
The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP, which covers aspects of the application of Accounting Standards Update 2018-12, published in 2018 by the Financial Accounting Standards Board. (December 27, 2023)
The Life Experience Committee released an issue paper, Considerations Regarding Dynamic Lapses in Actuarial Modeling. The issue paper explores items that impact lapses and discusses the impact of dynamic lapses on various life and annuity products, offers sample formulas for use in modeling, discusses how predictive analytics could be an alternative approach to model lapse behaviors, and provides sources of information on lapses. (December 18, 2023)
Senior Health Fellow Cori Uccello and Health Equity Committee Co-Chairperson Rebecca Sheppard gave an overview of the committee’s work on equity considerations related managing population health and risk adjustment to AHIP’s Health Equity Workgroup. (December 12, 2023)
The Life Index-Linked Variable Annuity (ILVA) Subcommittee submitted a comment letter to the ILVA Subgroup of the Product Standard Committee (PSC) Interstate Insurance Product Regulation Commission (IIPRC) on the November 14 exposure of the Standards for Individual Deferred Index Linked Variable Annuity Contracts and the draft amendments to the Additional Standards to Market Value Adjustment. (December 08, 2023)
