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. (February 28, 2019)
Proposals to expand access to public health insurance plans are being put forward as a way to supplement efforts to strengthen insurance markets under the Affordable Care Act (ACA) or to replace the ACA marketplaces and/or other health insurance programs altogether. Goals of these proposals vary and include increasing access to affordable coverage, exerting downward pressure on provider prices, increasing plan availability, and reducing the number of uninsured. This issue paper from the American Academy of Actuaries Health Practice Council briefly outlines four approaches aiming to achieve such goals and highlights the key design elements that would need to be specified for an approach to be fully evaluated and implemented. Read the news release. (March 03, 2019)
In the March/April issue of Contingencies, the cover story, “Fighting Fake News,” explores cognitive biases—what they are, how to recognize them, and how to avoid falling prey to their clarion call. This feature aims to provide some clear-headed tools that today’s reader can deploy to distinguish fact from fiction—and lays out how actuaries are in a unique position to help. Other features include “A Clear Target”—how the world might look in a new era of “targeted improvements” under generally accepted accounting principles (GAAP), and “Hitting the Wall,” which posits that the near future for the investing world is one of lower returns. Plus, a President’s Message from new Academy President Shawna Ackerman on doing well by doing good, and what the Code of Professional Conduct has to say about conflict of interest. (March 01, 2019)
The Actuarial Standards Board has released a fourth exposure draft of a proposed new actuarial standard of practice (ASOP) titled Modeling. The proposed ASOP will provide guidance to actuaries in any practice area when performing actuarial services with respect to designing, developing, selecting, modifying, or using all types of models. (Actuarial Update, February 2019) (February 27, 2019)
In the February Actuarial Update, the Academy announced that members may begin nominating their colleagues to become Academy regular directors. Nominations are due May 1. Also in this issue, past President Tom Wildsmith was elected to the Academy Board to deepen our international focus; President Shawna Ackerman offered a message on the Academy’s public policy efforts in conjunction with the State of the Union address; a professionalism webinar set for March 21 will address professional judgment; and the “Professionalism Counts” column looks at the fourth exposure draft of a proposed Modeling actuarial standard of practice. (February 28, 2019)
It’s time to share your recommendations for Academy regular directors, who are elected to the Academy Board of Directors by Academy membership in an online election from a slate of candidates presented by the Academy’s Nominating Committee. The committee will meet in the coming weeks to identify new candidates for regular directors in accordance with the criteria provided in the Nominating Committee Guidelines. Read more. (February 27, 2019)
The Medicaid and Long-Term Care Insurance Work Group of the American Academy of Actuaries has released a new issue brief, Medicaid and Long-Term Care Insurance. This issue brief explores the potential financial risks faced by older Americans who may incur catastrophic long-term care (LTC) costs. In addition, it provides an actuarial perspective on the issues related to funding both informal and formal LTC services and supports, with a particular focus on the complementary roles of Medicaid and private long-term care insurance (LTCI) within existing LTC financing systems. (February 27, 2019)
The Pension Practice Council published a practice note providing information on current and emerging practices in the selection of investment return assumptions based on anticipated future experience. (February 26, 2019)
The Medicaid and Long-Term Care Insurance Work Group published an issue brief exploring the potential for catastrophic long-term care costs as a major financial risk especially facing older Americans and to help clarify the options currently available for dealing with it. (February 25, 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. (February 21, 2019)
The Pension Committee published a practice note discussing the valuation of lump sum benefits for financial accounting purposes. (February 21, 2019)
The Lifetime Income Risk Joint Committee, Retirement System Assessment and Policy Committee and Social Security Committee submitted a comment letter to the Bipartisan Policy Center on its 2016 Report of the Commission on Retirement Security and Personal Savings. (February 21, 2019)
The Life Experience Committee sent a comment letter to the Life Actuarial (A) Task Force to address questions that were raised during the NAIC Fall 2018 National Meeting regarding the current process used to develop the AG38 and VM-20 annual mortality improvement scale recommendations. (February 18, 2019)
The Life Reserves Work Group submitted a comment letter to the Life Actuarial (A) Task Force regarding exposed APF 2019-04, which seeks to provide clarification for expense allowance formulas for universal life with secondary guarantee (ULSG). (February 18, 2019)
The Individual and Small Group Markets Committee and the Risk Sharing Subcommittee submitted comments on the proposed rule for the 2020 notice of benefit and payment parameters (NBPP). (February 18, 2019)
