AM 2023 Breakout Sessions | American Academy of Actuaries

Breakout Sessions

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Breakout sessions at Envision Tomorrow will explore the following topics.

Casualty

Navigating Workers Compensation and Medical Marijuana

Medical marijuana can impact workers’ compensation before, during, and after a workplace injury. Join a unique panel of workers' compensation professionals to discuss this hot topic! The panel will consist of two actuaries who, earlier this year, co-wrote the American Academy of Actuaries issue brief of the same title, an attorney, and a claims specialist all bringing a different perspective to the discussion.

Moderator: Krystal A. Ross, MAAA, ACAS, Vice Chairperson, Workers Compensation Committee, American Academy of Actuaries

Speaker: Michael T. Bennett, Esq., Franklin & Prokopik, P.C.; Kevin Sanjurjo, Senior Manager, Consulting Services, Ernst and Young

Attribution Science, Climate Data, and Actuaries

The discussion will explore the background of attribution science and the increasing relevance it has in the world of climate change. The role of climate attribution science as it relates to actuaries will be considered, as well as the climate data involved in both fields and how actuaries can use attribution science data in their daily life. The panel will converse about the future of the attribution science and future collaboration with actuarial work as both fields continue to evolve in the world of climate change.

Moderator: Seong-min Eom, Chairperson, Climate Change Joint Committee, American Academy of Actuaries

Speakers: Peter James Ott, MAAA, FCAS, Chairperson, ACI/ACRI Working Group, American Academy of Actuaries; David R. Easterling, Ph.D., Chief, Climate Assessments Section and Director, National Climate Assessment Technical Support Unit, NOAA's National Centers for Environmental Information

Updates on Flood Risk and the National Flood Insurance Program (NFIP)

Flood insurance and the National Flood Insurance Program (NFIP) continue to be a significant public policy issue at the federal level. The panelists will discuss the current state of the NFIP and ideas for improvements in fighting flood risk and its impact on property owners and the economy.

Moderator: Richard Gibson, MAAA, FCAS, Senior Casualty Fellow, American Academy of Actuaries

Speakers: Philip Mulder, Ph.D., Assistant Professor of Risk and Insurance, Wisconsin School of Business, University of Wisconsin, Madison; Diane P. Horn, Ph.D., Specialist, Flood Insurance and Emergency Management, Government and Finance Division, Congressional Research Service; Mitchell Waldner, FCAS, Actuary, FEMA

Health

Behavioral Health Care in the U.S.

Behavioral health conditions—mental health conditions and substance abuse disorders—affect millions of Americans. However, access to behavioral health care services is often inadequate. In this session, panelists will provide an overview of the prevalence of behavioral health needs, the challenges to meeting those needs, and how the challenges can differ for different needs and populations. Panelists will also describe current and proposed actions to improve access to and availability of behavioral health services.

At the conclusion of this session, attendees will:

Appreciate the breadth of behavioral health needs.
Understand the array of challenges to meeting behavioral health needs.
Identify actions currently being taken to address behavioral health system challenges.
Identify proposals that aim to address behavioral health system challenges.

Moderator: Mitchell Momanyi, MAAA, FSA, Vice Chairperson, Health Practice Council

Speakers: Hannah S. Locke, Senior Analyst, Health Care Team, U.S. Government Accountability Office; Jessica Farb, Managing Director, Health Care Team, U.S. Government Accountability Office; Trina Dutta, Chief of Staff, Substance Abuse and Mental Health Services Administration; Eva DuGoff, Ph.D., Senior Health Advisor and Director of Health Policy Research, Senate Committee on Finance, Majority Staff

Addressing Prescription Drug Costs: Current Progress and Future Considerations

In August 2022, the Inflation Reduction Act (IRA) was signed into law by President Biden. Key provisions include the new Medicare Drug Price Negotiation Program, a requirement that prescription drug companies pay a rebate to Medicare if drug prices increase faster than inflation, and changes to the Part D benefit structure. In this session, panelists will provide an overview of the IRA and its prescription drug provisions, as well as proposals under consideration by Congress to control prescription drug prices. The session will also include a discussion on what actuaries need to consider from the changes required by IRA when pricing prescription drugs and health plan benefits.

At the conclusion of this session, attendees will:

Appreciate the impact of rising prescription drug prices in the U.S.
Understand the prescription drug-related provisions of the IRA.
Identify proposals under consideration by Congress to control the rising prescription drug prices.
Discuss considerations for actuaries on the changes required by IRA when pricing prescription drugs and health plan benefits.

Moderator: Ankit Nanda, MAAA, FSA, Member, Health Care Delivery Committee, American Academy of Actuaries

Speakers: Tricia Neuman, Sc.D., Senior Vice President, Executive Director, Program on Medicare Policy and Senior Advisor to the President, Kaiser Family Foundation; Benedic Ippolito, Senior Fellow, American Enterprise Institute; Derek Skoog, MAAA, FSA, Chairperson, Health Solvency and Health Underwriting committees, American Academy of Actuaries

Regulating the Affordable Care Act: What’s New for 2024?

Federal regulations are revised annually to reflect changes in the law and other policy changes. In this session, panelists will provide an update on regulatory activities in the Affordable Care Act (ACA) marketplaces. Each year we invite staff from the Centers for Medicare & Medicaid Services’ (CMS) Center for Consumer Information and Insurance Oversight (CCIIO) to provide updates on the important regulations governing the ACA markets. And we’re happy to have them back this year to discuss what’s new for 2024 and to answer audience questions.

At the conclusion of this session, attendees will:

Identify changes to ACA rules and regulations for the 2024 plan year.
Understand how changes in ACA rules can affect actuarial practice.

Moderator: Joyce E. Bohl, MAAA, ASA, Chairperson, Individual and Small Group Markets Committee, American Academy of Actuaries

Speakers: Brent Plemons, Technical Advisor for Special Initiatives and Pricing, Center for Consumer Information and Insurance Oversight (CCIIO); Jeff Wu, Deputy Director for Policy, CCIIO; Joshua Paul, Health Insurance Specialist, Risk Adjustment and Risk Adjustment Data Validation Technical Lead, Financial Management Group, Division of Policy and Analysis, CCIIO; Jacob LaGrand, Health Insurance Specialist, Marketplace Plan Management, CCIIO; Lee Resnick, Statistician, Front Office, CCIIO

Life

Structured Securities

Since mid-2022, CLO capital charges have been hotly debated across the life insurance industry. CLO portfolio managers and insurers with larger allocations to CLOs have argued that CLOs have less risk than comparably rated corporate bonds. On the other hand, NAIC staff and insurers with smaller allocations to CLOs have argued that capital requirements are dramatically understated, with appropriate capital charges being as much as three times higher than they currently are. How can views diverge so widely? What data does each side rely on to justify their claims? Who's right? While it's doubtful we'll be able to settle the last question, who's right, we will at least aim to leave attendees with a basic understanding of the first two. The discussion will focus most specifically on CLOs, but the fundamental concepts apply more broadly across structured securities.

At the conclusion of the session, attendees will:

Learn basic risk characteristics of structured assets.
Be familiar at a high level with the key points being made by each side in the current debate across industry and regulators regarding capital requirements and other regulatory-related risk assessments of structured securities

Moderator: Stephen Smith, MAAA, CFA, FSA, Chairperson, C-1 Subcommittee, American Academy of Actuaries

Speaker: Philip Barlow, MAAA, FSA, Associate Commissioner for Insurance, District of Columbia Department of Insurance, Securities and Banking; Eric Kolchinsky, Director, NAIC Structured Securities & Capital Markets

Actuarial Guideline LIII (AG 53): Perspectives So Far

This session will cover the requirements of Actuarial Guideline LIII (AG 53), challenges companies have faced in implementing the guidance, regulatory perspectives from those that have reviewed AG 53 reports, overall industry practices to date, and upcoming changes planned to clarify AG 53 guidance.

At the conclusion of this session, attendees will:

Know about the requirements of AG 53, challenges in implementing the guidance, regulatory perspectives, industry practices to date, and upcoming changes.

Moderator: Patricia Matson, MAAA, FSA, Chairperson, Asset Adequacy and Reinsurance Issues Task Force, American Academy of Actuaries

Speakers: Ben Slutsker, MAAA, FSA, Vice President, Life, American Academy of Actuaries; Theresa M. Resnick, MAAA, FSA, Senior Vice President and Actuary, EVERLAKE

Pension

Social Security and Financially Disadvantaged Groups

Learn how Social Security's Socially Adequate and Individual Equity provisions help people in financially disadvantaged groups, how certain proposals might impact them, and what the chances of these proposals are of being enacted. Poverty rates and the lifespans of various groups will be discussed.

At the conclusion of the session, attendees will:

Gain a high-level understanding of these provisions.
Understand the impact of certain proposals and the chances of their enactment.

JBEA CPE: 1.5 non-core credits

Moderator: Ron Gebhardtsbauer, MAAA, FSA, Past Chairperson,Social Security Committee, American Academy of Actuaries

Speakers: Karen Glenn, MAAA, FSA, EA; Deputy Chief Actuary, Social Security Administration; Richard W. Johnson, Ph.D., Senior Fellow, Urban Institute; Emerson Sprick, Senior Economic Analyst, Bipartisan Policy Center

Multiemployer Plan System: Current State and Trends

There have been three major laws affecting multiemployer defined benefit plans passed in the last fifteen years. Speakers will discuss some of the prominent issues these plans are working through in today's economic and legislative climate. Topics discussed will include: 1) the impact of the Pension Protection Act, 2) the current status of Special Financial Assistance, 3) assumption setting, and risk mitigation.

This session will be primarily focused on DB plans and the speakers will assume only a very basic understanding of multiemployer plans.

At the conclusion of the session, attendees will:

Gain familiarity with the prominent issues multiemployer plans are working through in today's economic climate.

JBEA CPE: 1.5 non-core credits

Moderator: Joseph F. Hicks, MAAA, FCA, EA, Chairperson, Multiemployer Plans Committee, American Academy of Actuaries

Speakers: Amanda Notaristefano, MAAA, FSA, FCA, EA, Member, Multiemployer Plans Committee, American Academy of Actuaries; Jason Birkle, MAAA, ASA, FCA, EA, Director of Actuarial Services

Pension and Life

Group Annuity Contracts for Pension Risk Transfer

This joint pension and life practice area session will feature a panel discussion that will cover the regulatory and structural evolution of insurance companies that provide pension risk transfer group annuity contracts.

At the conclusion of this session, attendees will:

Gain a high-level understanding of regulations impacting and structure of life insurance companies that write group annuity contracts for pension risk transfers.
Learn about the state guarantees available to participants.
Gain insight into the fiduciary considerations pension plan sponsors and independent fiduciaries consider when purchasing a group annuity contract for pension plan participants.

JBEA CPE: 1.5 non-core credits

Moderators: Brent Dooley, MAAA, FSA, Member, Annuity Reserves and Capital Working Group, American Academy of Actuaries; and Grace Lattyak, MAAA, FSA, EA, Vice Chairperson, Pension Committee, American Academy of Actuaries

Speakers: Michael D. Heard, FLMI; EVP & Chief Operating Officer, National Organization of Life & Health Insurance Guaranty Associations (NOHLGA); William P. O'Sullivan, Senior Vice President & General Counsel, NOLHGA; Denise Sisk, Managing Director, State Street Global Advisors; Patricia Matson, MAAA, FSA, Chairperson, Asset Adequacy and Reinsurance Issues Task Force, American Academy of Actuaries