The Spring HealthCheck covers the Health Practice Council’s (HPC) recent ‘Hill Visits’ with congressional and agency staff members on issues including health equity, Medicare and Medicaid, and health insurance coverage. Also in the issue, the HPC’s new issue brief on hospital pricing, the Academy’s Life and Health Valuation Law Manual is available for order, several HPC groups commented to the Centers for Medicare & Medicaid Services (CMS) on CMS’ proposed rule for the 2023 Notice of Benefit and Payment Parameters, and recent legislative and regulatory activity. (March 21, 2022)
Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 18, 2022)
The Economic Scenario Generator Work Group presented an update on Model Office Economic Scenario Generator (ESG) Testing to the NAIC’s Life (A) Actuarial Task Force (LATF). The presentation provided actual model office results for the economic scenario sets that have been selected by NAIC’s ESG Drafting Group. (March 17, 2022)
The Data Science and Analytics Committee released a major issue paper, Big Data and Algorithms in Actuarial Modeling and Consumer Impacts. The paper provides a framing for understanding how developments in big data and artificial intelligence (AI) may impact insurance offerings and their oversight; education for actuaries, regulators, legislators, and other interested stakeholders on the evolving impacts of big data and AI technologies on the oversight, accessibility, and sustainability of insurance since the publication of the Big Data and the Role of the Actuary monograph; and education for a framework on algorithmic accountability and considerations specific across different lines of insurance. (November 08, 2021)
Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 11, 2022)
The Health Care Delivery Committee released an issue brief on the “Implications of Hospital Price Transparency on Hospital Prices and Price Variation.” The brief emphasizes that price transparency may be a necessary, but not sufficient mechanism, to lower hospital prices and health care spending. (March 10, 2022)
Keeping actuarial standards of practice (ASOPs) up to date with current practice, law and regulation, and other developments in the business and economic environments in which actuaries operate is a vital part of the work of the Actuarial Standards Board (ASB). The ASB—and its committees and task forces—has been extremely busy in the last year or so revising ASOPs. Five revised ASOPs will take effect this year—here’s a quick look at some of the changes. (February 28, 2022)
The Life Reserves Work Group, Annuity Reserves and Capital Work Group, and Variable Annuity Reserves and Capital Work Group submit an amendment proposal and presentation to the NAIC’s Life Actuarial Task Force on Swap Spreads and the London Inter-bank Offered Rate Transition to the Secured Overnight Financing Rate. (March 10, 2022)
The Annuity Reserves and Capital Work Group submitted recommendations of Aggregation Principles as outlined in the Academy’s Preliminary Framework Elements for Fixed Annuity Principle-Based Reserving to the National Association of Insurance Commissioners’ Life Actuarial Task Force’s VM-22 Subgroup. (March 09, 2022)
The Retirement System Assessment and Policy Committee completed a series of issue briefs laying out guiding principles for a comprehensive national retirement policy, begun with July 2019’s National Retirement Policy & Principles. The series also discusses possible changes in plan design to broaden access and participation in retirement plans to better enable workers to retire with a secure lifetime income. (March 09, 2022)
The Retirement System Assessment and Policy Committee released an issue brief, Retirement Policy: Aligning Plan Design with Effective Employee Engagement, which analyzes how retirement program design can impact decisions that participants make with the goal of improving retirement security. (March 09, 2022)
The Long-Term Care Medicaid Subcommittee submitted a comment letter to the Centers for Medicare & Medicaid Services (CMS) on the proposed rule, “Medicare Program; Contract Year 2023 Policy and Technical Changes to the Medicare Advantage and Medicare Prescription Drug Benefit Programs.” The comments focused on dual-eligible special needs plans (D-SNP’s) and separate medical loss ratio (MLR) requirements. (March 07, 2022)
Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 04, 2022)
The Economic Scenario Generator Work Group presented to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on model office testing scenarios of the new economic scenario generator. (March 03, 2022)
In the March/April Contingencies, “At the Dry-Erase Board” covers how an enterprising company can provide small-amount life insurance to individuals with low and extremely variable income; “Taking Stock: The Feeling Is Mutual” notes that insurance company ownership structure is a strategic decision; and “‘Dr. Robot Will See You Now’” shows how nimble companies are using artificial intelligence and machine learning to improve patient outcomes. Plus, a President’s Message on standards in practice, a Commentary selection on seeking meaning and finding God, and an Up to Code article on risk to the actuary. Published alongside the issue is the “Job Seeker” supplement—read about tools that can help innovative actuaries face unique professionalism challenges. And, be sure to check out the salary survey. (March 01, 2022)
