Academy President Maryellen Coggins submitted a letter to the Colorado Division of Insurance in advance of the upcoming stakeholder engagement process for the recently passed state law aimed to protect consumers from unfair discrimination in insurance practices. The comments addressed potential concerns of the law’s impact on casualty, health, and life insurance. (February 04, 2022)
In part one of two, Actuarial Standards Board member Cande Olsen looks at what’s behind some recent modifications of actuarial standards of practice (ASOPs), and offers some tips for keeping up with the ASOPs. (October 31, 2021)
In part two of two, Actuarial Standards Board (ASB) member Cande Olsen takes a closer look at the evolution of actuarial standards of practice (ASOPs)—disclosures, notable changes, and the ASB’s handling of comments. (November 30, 2021)
November’s professionalism webinar, “Self-Regulation and the Actuarial Profession,” engaged the audience in an enlightening discussion about how every actuary has a role to play in self-regulation by adhering to the Code of Professional Conduct, the U.S. Qualification Standards, and actuarial standards of practice. This “Professionalism Counts” offers a follow-up Q&A with the presenters. (December 31, 2021)
The Committee on Professional Responsibility published Explaining Professionalism to Principals last fall. This month’s “Professionalism Counts” offers a Q&A with the authors of the paper, who offer some background and how it can help actuaries. (January 31, 2022)
The January Actuarial Update highlights the start of 2022 by showcasing the Academy’s recently revamped website, and offerings in both public policy and professionalism including webinars, law manuals, practice notes, and the new U.S. Qualification Standards, which took effect Jan. 1. Also in the issue: a new issue paper looks at wildfire risk; the Academy is sponsoring diversity scholarships for the Drake Symposium on Insurance in April; volunteer COI/CE action required; the Academy presented to the NAIC on climate risk; a new Actuary Voices episode features Past Casualty Vice President Lisa Slotznick; and the “Professionalism Counts” column does a follow-up Q&A on the Explaining Professionalism to Principals paper. (January 31, 2022)
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 2023 Actuarial Value (AV) Calculator Methodology. (January 31, 2022)
The Health Practice Council’s Individual and Small Group Markets Committee, Risk Sharing Subcommittee, and Health Equity Work Group submitted a comment letter to the Centers for Medicare & Medicaid Services (CMS) on CMS’ proposed rule for the 2023 Notice of Benefit and Payment Parameters (NBPP). The letter addresses network adequacy, standardized plan options, several provisions on health equity, updating quality improvement strategy standards and other topics. (January 26, 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. (January 28, 2022)
The Health Solvency Subcommittee submitted a report to the NAIC’s Health Risk-Based Capital (E) Working Group regarding the working group’s request of the subcommittee to conduct a comprehensive review of the H2—Underwriting Risk component and managed care credit calculation in the NAIC’s health risk-based capital formula. (January 21, 2022)
The Academy’s Data Science and Analytics Committee (DSAC) presented to the National Association of Insurance Commissioners’ (NAIC) Casualty Actuarial and Statistical (C) Task Force (CASTF) Book Club on their recent major issue paper, Big Data and Algorithms in Actuarial Modeling and Consumer Impacts. (January 26, 2022)
The Index-Linked Variable Annuities Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup of the Life Insurance and Annuities (A) Committee on a proposed actuarial guideline (AG) regarding Index-Linked Variable Annuities. (January 27, 2022)
The Asset Modeling and Reporting Work Group submitted comments to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on its proposed second exposure draft of an actuarial guideline (AG) regarding asset adequacy testing. (January 27, 2022)
The Extreme Events and Property Lines Committee published a new document, Wildfire: An Issue Paper—Lessons Learned from the 2017-2021 Events. (January 27, 2022)
The Fall-Winter Life Perspectives leads with a Q&A on the Future Mortality Improvement Recommendation relative to VM-20. Also in the issue, LPC comments to the NAIC; the Actuarial Standards Board (ASB) adopts revisions of Actuarial Standard of Practice (ASOP) Nos. 2 and 22; an LPC task force submitted comments to the ASB on the exposure draft of ASOP No. 24; and recent life-insurance related legislative and regulatory activity. (January 24, 2022)
