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 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. (January 14, 2022)
In October 2021 the American Academy of Actuaries Health Equity Work Group issued a request for information (RFI) to solicit input to its work assessing whether and how health actuarial practices and methods affect health disparities. The comment/submission period has now been extended to February 15, 2022.
The Academy created the Health Equity Work Group with a goal of contributing to efforts to reduce health disparities and improve health equity among racial and ethnic minority populations and underserved or under-resourced communities through actuarial practice and to facilitate providing actuarial input into the public policy process.
Health actuaries often partner with other professionals in many different aspects of the health care and health insurance systems, including those related to administration, financing, and care management. The Health Equity Work Group has identified four areas in which health actuaries are involved that may affect health disparities, either by contributing to disparities or by mitigating disparities: health insurance benefit design, provider contracting and network development, premium pricing, and managing population risk. The work group is also exploring data collection issues. More information about their work and publications thus far is available here.
Learn more about the RFI here. The comment deadline is February 15, 2022. Comments should be submitted via email to healthequityRFI@actuary.org. Please include the phrase “HEWG Request for Information” in the subject line and do not password-protect any attachments. Comments may be sent via conventional mail to: Health Equity Work Group (HEWG), American Academy of Actuaries, 1850 M Street NW Suite 300, Washington, DC 20036. (January 11, 2022)
In the January/February issue of Contingencies, the cover story, “Driving Disruption,” looks at why Tesla and other big tech companies are poised to shake up the insurance space. Also, “Rules Enable Innovation” shows some of the unique professionalism challenges faced by innovative actuaries, and tools that can help. “USQS Roundtable” covers the new U.S. Qualification Standards, and why the Academy is the necessary body to promulgate them. Plus, a President’s Message from new Academy President Maryellen Coggins on renewal, a Tradecraft selection on body mass index and COVID-19, and an Up to Code article on integrity. (January 06, 2022)
The December Actuarial Update recaps two Academy professionalism webinars—one on the revised U.S. Qualification Standards, which take effect in January, and one on ethical questions in the context of the Actuarial Board for Counseling and Discipline. Also in the issue: a pension issue brief examines life expectancy in the context of newly published CDC provisional life estimates; the Academy-published Magic School Bus book gains a sponsorship; a Contingencies web exclusive explores cyber risk and cybercrime; the Academy hosted a successful P/C Loss Reserve Opinions Seminar; P/C Loss and Life & Health Valuation Law Manuals are available for order; P/C public policy and pension webinars covered COVID-19 and interest rates, respectively; and the “Professionalism Counts” column answers follow-up questions from November’s professionalism webinar on self-regulation. (December 30, 2021)
The Pension Committee published an issue brief providing information to help the reader better understand the complexities involved in the measurement of life expectancy estimates. (December 22, 2021)
The C-2 Longevity Risk Work Group submitted comments to the National Association of Insurance Commissioners’ Longevity Risk (A/E) Subgroup on reserve implications of expanding the scope of C-2 Longevity Risk-Based Capital requirements to include longevity reinsurance contracts in the proposed Principle-Based Reserving framework. (December 21, 2021)
The Fall/Winter HealthCheck offers a reminder of the Jan. 14 deadline for comments to the Health Equity Work Group’s (HEWG) request for information on its work assessing whether and how actuarial practices and methods affect health disparities. Also covered in this issue, the HEWG released two discussion briefs, the Annual Meeting and Public Policy Forum included several plenary and breakout sessions on health issues, the Medicaid Committee released a COVID-19 issue paper, and recent legislative and regulatory activity. (December 16, 2021)
The Academy sent a letter to the chairs of the National Association of Insurance Commissioners’ (NAIC’s) Life Actuarial (A) Task Force and Life Risk-Based Capital (E) Working Group indicating an “as-is” availability of its economic scenario generator, the Academy Interest Rate Generator (AIRG) for those regulators and interested parties wishing to modify the AIRG parameters as a basis for producing an updated model. (December 16, 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. (December 17, 2021)
The Committee on Property and Liability Financial Reporting (COPLFR) released the practice note, Statements of Actuarial Opinion on P/C Loss Reserves (2021), which includes discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report, as well as COVID-19 considerations. (December 17, 2021)
Senior Casualty Fellow Rich Gibson presented to the NAIC’s Property and Casualty Insurance (C) Committee on behalf of the Academy’s Automobile Insurance Committee to provide general and actuarial considerations on the topic of auto insurance refunds. (December 15, 2021)
The Workers' Compensation Committee released an issue brief on potential impacts to injured workers, employers and insurers involved in the opioid epidemic, and explores the effects on these stakeholders before, during, and after the COVID-19 pandemic. (December 15, 2021)
The Tax Work Group published their updated FAQs regarding certain insurance reserves held by insurance companies for the purpose of determining U.S. taxable income under the Tax Cuts and Jobs Act of 2017. (December 13, 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. (December 10, 2021)
