The PBR Checklist Task Force released a document—“What is PBR for Life Insurance?”—just a few months before the Jan. 1 deadline for companies to adhere to the principle-based reserving (PBR) requirements under the Valuation Manual Section 20 (VM-20), that provides a summary of the significant elements of PBR. (October 23, 2019)
The Casualty Practice Council sent comment letters to the U.S. House Committee on Financial Services and to the U.S. Senate Committee on Banking, Housing, and Urban Affairs encouraging long-term extension of the Terrorism Risk Insurance Act. (October 22, 2019)
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. (October 18, 2019)
The Lifetime Income Risk Joint Committee released an issue brief, Actuarial Observations on Retiree Income Approaches, on how actuarial methods and solutions apply to the risk management inherent to retirement income planning. Released in conjunction with the relaunch of the Academy’s and Society of Actuaries’ jointly developed Actuaries Longevity Illustrator, the issue brief provides a helpful overview and context for understanding how these tools can be used to mitigate risk and optimize retirement income. (October 18, 2019)
The Academy and the Society of Actuaries (SOA) have updated the jointly developed Actuaries Longevity Illustrator, a web-based tool that allows users to quickly generate an estimate of how long they might live in a few simple steps. The illustrator does not provide financial advice, but results can be useful for individuals or couples for retirement planning purposes, and to retirement advisers. The language has been clarified to help users effectively use and understand its results, and back-end data and methodologies used to calculate results have been updated. The back-end mortality tables used to generate the illustrator’s results have been updated from Social Security’s 2010 to 2016 tables, and the mortality improvement scale has been updated from SOA MP-2015 to MP-2018. Improvements also have been made to the factors used to adjust for smoking and health status. (October 11, 2019)
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. (October 11, 2019)
The October HealthCheck covers the Academy’s telehealth issue brief and Sept. 25 Capitol Hill briefing on the topic; the Individual and Small Group Markets Committee’s comments to the Centers for Medicare & Medicaid Services on the 2020 Notice of Benefit and Payment Parameters; and recent legislative and regulatory activity. Click through also for a preview of health sessions at the upcoming Annual Meeting and Public Policy Forum. (October 09, 2019)
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. (October 04, 2019)
Members of the Telehealth Work Group presented on the topic of telehealth along with the debut of their new issue brief with moderator Cori Uccello, senior health fellow, to a policy audience of Capitol hill staff. (September 25, 2019)
The Individual and Small Group Markets Committee sent comments to Centers for Medicare & Medicaid Services on rules finalized in the 2020 Notice of Benefit and Payment Parameters (NBPP) concerning risk adjustment data validation (RADV)-related transfers. (October 03, 2019)
The September “Professionalism Counts” column, “Time for a CE Check,” looks at the continuing education (CE) requirements under the Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States that apply to all actuaries in the U.S. that issue SAOs, and how to best meet those requirements as the year draws to a close. (Actuarial Update, September 2019) (September 30, 2019)
The September Actuarial Update covers Selection Committee appointments to the Actuarial Standards Board and the Actuarial Board for Counseling and Discipline, which take effect at the start of the new year. Also in the issue, recipients were announced for the Academy’s annual service awards, to be presented at November’s Annual Meeting and Public Policy Forum; personal finance expert Jean Chatzky will keynote a panel on women and retirement at the meeting and forum; “Actuary Voices” kicks off with its first podcast episode; an issue brief and Capitol Hill briefing on telehealth; and the “Professionalism Counts” column offers a continuing education check. (September 30, 2019)
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. (September 27, 2019)
The Financial Reporting Committee sent a letter to the International Accounting Standards Board regarding the exposed amendments to International Financial Reporting Standard 17. (September 25, 2019)
The Fall Casualty Quarterly has a Q&A with Academy Senior P/C Fellow Rich Gibson on key P/C issues. Also, the Academy updated its 2017 flood insurance monograph, commented to the NAIC on regulatory guidance and the “Qualified Actuary” definition, and gave P/C presentations at NAIC and the National Council of Insurance Legislators meetings. (September 25, 2019)
