The Health Practice Council’s Individual and Small Group Markets Committee and Risk Sharing Subcommittee submitted a comment letter to the Centers for Medicare & Medicaid Services’ (CMS) proposed rule for the 2024 Notice of Benefit and Payment Parameters (NBPP). (January 30, 2023)
The Climate Change Joint Task Force sent a letter to the U.S. Global Change Research Program regarding the draft of the Fifth National Climate Assessment. The letter provided insights from the task force on climate trends, including a discussion on the Actuaries Climate Index—co-sponsored-by the Academy—and discussed health impacts from climate and climate related financial disclosures. (January 27, 2023)
The Committee on Professional Responsibility (COPR) released a new paper, Professionalism Considerations for Working in Developing Areas of Actuarial Practice, as part of its ongoing discussion series. The paper is intended to raise awareness of the requirements of the U.S. Qualification Standards with respect to work in emerging areas and to help actuaries determine whether they are qualified to practice in a developing area. (January 27, 2023)
The P/C Committee on Equity and Fairness sent a comment letter to the District of Columbia Department of Insurance, Securities and Banking (DISB) on the DISB’s request for comment on its draft data call to support their study of unintentional bias in automobile insurance. (January 20, 2023)
The latest update to the Committee on Cyber Risk’s Cyber Risk Toolkit includes a revised section on ransomware. The toolkit, released originally in 2021, is updated regularly with the latest information on cyber risk and cybersecurity-related developments. (January 20, 2023)
The Pension Committee updated and finalized a previously exposed draft public policy practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling. (January 19, 2023)
The Pension Committee released a public policy practice note Selecting and Documenting Mortality Assumptions for Measuring Pension Obligations, updating a 2015 practice note, revised to reflect updated ASOPs (Actuarial Standards of Practice), including changes in ASOP No. 35 that are effective for actuarial reports issued on or after August 1, 2021, and when the measurement date in such report is on or after August 1, 2021. (January 19, 2023)
The Academy’s ARCWG submitted a comment letter to the National Association of Insurance Commissioners’ (VM)-22 (A) Subgroup on their Oct 2022 exposure, Requirements for Principle-Based Reserves for Non-Variable Annuities. (January 19, 2023)
The Multiemployer Plans Committee sent a letter to the Pension Benefit Guaranty Corporation (PBGC) advancing ideas about the Special Financial Assistance (SFA) application process, in regard to the expiration of the priority group period on March 11, 2023. (January 12, 2023)
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 2024 Actuarial Value (AV) Calculator Methodology. (January 12, 2023)
The Committee on Professional Responsibility (COPR) released an updated discussion paper, The Roles of the Actuary in the Selection & Application of Actuarial Models, which updates a 2006 paper. Two of the actuaries involved in the update—Karin Swenson-Moore and Brian Donovan—did a Q&A on the updated paper. (December 31, 2022)
The Life Financial Reporting Committee released a white paper, Considerations in Market Risk Benefits, that focuses on identification, valuation, and financial reporting of market risk benefits; a new concept introduced by Accounting Standards Update (ASU) 2018-12. (December 21, 2022)
The Committee on Professional Responsibility (COPR) has released an updated discussion paper, The Roles of the Actuary in the Selection & Application of Actuarial Models. In preparing this discussion paper, the COPR recognized that there is likely a wide range of experience and opinion within the profession concerning the nature of actuarial models and the various roles actuaries play in selecting and applying them. The COPR believes that actuaries working in all types and areas of professional practice can benefit from reading and considering the concepts and suggestions contained in the paper.
Members are encouraged to share their comments on the paper with the COPR to facilitate improvements in any future releases on this topic. Comments can be submitted to professionalism@actuary.org. (December 21, 2022)
The C1 Work Group submitted a presentation to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on collateralized loan obligations. (December 16, 2022)
The Life Practice Council (LPC) and Life Experience Committee (LEC) submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s Subgroup on current LPC workstreams as well as two issue briefs recently published by the LEC. (December 16, 2022)
