A letter from nine Academy presidents urges members to vote “Yes” on Proposal 1 and “No” on Proposal 2 in the Academy bylaws election now underway. The deadline to vote is this Friday, Nov. 9. Citing their decades-long experience on the Academy Board and as volunteers, they write, “We understand the very distinct and different position that the Academy has in the U.S. actuarial profession. The Academy needs your vote on these proposals to protect its independent voice.” Read their letter here and get more background information here. (November 05, 2018)

Celebrating 30 years of the Actuarial Standards Board (ASB), the “Professionalism Counts” column, written by ASB Chairperson Beth Fitzgerald, incoming 2019 Chairperson Kathleen Riley, and Vice Chairperson Maryellen Coggins, recaps some of the ASB’s many accomplishments and invites actuaries to become involved by volunteering for ASB-related professionalism activities and promoting use of the actuarial standards of practice. (Actuarial Update, October 2018) (October 30, 2018)

Read Academy President Shawna Ackerman’s letter to members on renewing membership in the American Academy of Actuaries. (November 06, 2018)

The Long-Term Care Past Losses Considerations Work Group has developed this issue brief to identify issues commonly raised in favor of and against recoupment of past losses in various situations. (October 30, 2018)

The Health Practice Council released a monograph, Estimating the Potential Health Care Savings of Reference Pricing, at the Annual Meeting and Public Policy Forum. The monograph examines the potential savings in health care spending from an expansion of reference pricing to a broader range of outpatient and inpatient services, along with factors that could hinder savings. Steve Jackson, the Academy’s assistant director for research (public policy), was the primary drafter for the monograph, and he led a spirited breakout session at which the new research was released. Members who were unable to attend the meeting can watch a replay of the session, which the Academy livestreamed on our Facebook page. (November 01, 2018)

The Academy’s 2018 Annual Meeting and Public Policy Forum drew a crowd to the nation’s capital Nov. 1–2. Highlights included the “passing of the gavel” to incoming Academy President Shawna Ackerman from outgoing President Steve Alpert; high-profile plenary speakers including Charlie Cook, whose midterm election plenary address was carried live on C-SPAN; U.S. Comptroller General and head of the GAO Gene Dodaro; U.S. Assistant Secretary of Labor Preston Rutledge; Big Data and professionalism plenary sessions; presentation of the Academy’s annual service awards; and timely breakout sessions on casualty, health, life, and pension practice areas. To see photos from the meeting and forum, click here. (November 02, 2018)

The Academy released a research study, Estimating the Potential Health Care Savings of Reference Pricing, which explores the possibility of using reference pricing to address health care costs, and builds upon existing research by estimating the impact of expanding reference pricing to a broader set of health care services. (October 31, 2018)

In the October Actuarial Update, the Academy’s Annual Meeting and Public Policy Forum kicks off Thursday in Washington, D.C.—several sessions will be livestreamed on the Academy’s Facebook page, including the presidential transition, awards ceremony, and a health breakout session on reference pricing. Also in this issue: Academy members are urged to vote on bylaws amendments—voting runs through Friday, Nov. 9; the October professionalism webinar looks at the anatomy of the ASOPs; the Capitol Forum webinar covered the Congressional Budget Office’s Health Insurance Simulation Model; and the “Professionalism Counts” column recaps—and celebrates—some of the Actuarial Standards Board’s many accomplishments 30 years after it was formed. (October 31, 2018)

The Life Operational Risk Work Group submitted a follow-up letter to the NAIC on the exposed Life Risk-Based Capital growth charge proposal.  ()

Academy members are being asked to vote on two proposals to amend the Academy’s bylaws. Adoption of either or both of these proposals will require a two-thirds majority of members voting. The ballot and supporting materials are being sent via email to all members of the Academy who were members as of Oct. 22, or for those members without email or who have opted out of receiving email, by paper ballot. Voting closes at 11:59 p.m. EST on Nov. 9, 2018. In Academy President Steve Alpert’s letter to members, he urged members that “to build on the progress we’ve made to date and to position the Academy for even greater achievements in the future, it is important that your voice be heard, and I ask that you join me in voting YES on proposal No. 1 and NO on proposal No. 2.” Read his letter here. The two proposed amendments are explained in detail here. (October 28, 2018)

Actuarial Standards Board (ASB) Vice Chairperson Kathleen Riley writes in the September “Professionalism Counts” column on actuarial standards of practice (ASOPs) and the exposure process that the ASB utilizes a robust and transparent exposure process, which is necessary to develop ASOPs that serve both the actuarial profession and the public. (Actuarial Update, September 2018) (September 28, 2018)