The Academy’s office will be closed on Monday, May 30, in observance of Memorial Day.
Representing the U.S. Profession Globally
Nearly two dozen representatives of the Academy, including the current and incoming president, attended the International Actuarial Association (IAA) meeting this week in St. Petersburg, Russia. Academy representatives participated in meetings on key topics of significance to the profession in the United States that also have global actuarial importance, such as pensions, health care, insurance accounting and regulation, and education and professionalism.
Big Data Professionalism Webinar Set for June 28
The Academy will host a professionalism webinar on Tuesday, June 28, from noon to 1:30 p.m. EDT, on Big Data. The presenters—Academy President-Elect Bob Beuerlein; Ross Winkelman, a member of the Actuarial Standards Board; and Academy Senior Property/Casualty Fellow Jim MacGinnitie—will discuss professionalism aspects to the use of Big Data in the life, health, and P/C practice areas, and explore how actuaries can apply the Code of Professional Conduct, actuarial standards of practice, and other professionalism tools to address issues that may arise when working with Big Data. Click here for information and to register.
Upcoming Events
ACA Marketplace Forum With Secretary Burwell: Registration is now open for “Marketplace Year 3: Issuer Insights & Innovation,” a June 9 forum with Department of Health and Human Services Secretary Sylvia Mathews Burwell; Andy Slavitt, acting administrator of the Centers for Medicare and Medicaid Services (CMS); and other CMS senior leadership. The panelists will explore novel techniques that health insurance companies are using to serve consumers on exchanges set up to facilitate the purchase of health insurance in accordance with the Affordable Care Act, including consumer engagement, provider contracting, and care coordination. The forum will take place in Washington, D.C., and will stream live for remote attendees. Register here.
Registration Open for Annual Meeting and Public Policy Forum: Register now for the Academy’s 2016 Annual Meeting and Public Policy Forum, to be held in Washington, D.C., Nov. 3-4. The Academy’s annual signature event will give you an in-depth look at top public policy and professionalism issues facing the actuarial profession, and the opportunity to interact with policymakers and other stakeholders. Program details will be released in the coming weeks, and the event will include a reception, dinner, and entertainment. Visit the Annual Meeting page to learn more including how to register and where to stay. Extra-early discounts end June 30, so register today for the lowest rates.
Life and Health Qualifications Seminar Set for November: The lowest registration rates are also available now for the 2016 Life and Health Qualifications Seminar, to be held Nov. 13-17 in Arlington, Va. (Washington, D.C., metro region). Seminar topics will include health insurance valuation; premium, loss, expense, and contingency reserves; risk-based capital; and professionalism. See why so many of your peers find this seminar the most effective way to acquire the required basic education and continuing education to sign the NAIC life and health annual statement actuarial opinions. It also serves as a basic education refresher or as a source of required continuing education for more experienced actuaries. Capacity is limited to the first 100 registrants. Register today to reserve your space.
Public Policy Activities
The Casualty Practice Council and the P/C Extreme Events Committee sent a letter to members of the U.S. Senate Banking, Housing and Urban Affairs Committee commenting on H.R. 2901, The Flood Insurance Market Parity and Modernization Act, concerning expansion of the role of private insurers in the flood insurance marketplace.
Alerts
The Senate on Tuesday passed a joint resolution, H.J. Res. 88, by a vote of 56-41, which, if enacted, would block the recently released Department of Labor final rule relating to the definition of fiduciary/conflict of interest from taking effect. Read the alert here.
In the News
The Chief-Leader (New York City), a weekly newspaper covering issues of interest to New York-based public employees and officials, cited Academy President Tom Wildsmith’s comments in a subscriber-only story on the May 16 New York City Office of the Actuary’s centenary dedication ceremony. Wildsmith praised the office for its legacy of public service and actuarial professional excellence. For additional coverage, see the forthcoming May Actuarial Update.
WLRN Public Radio, the NPR affiliate in Miami/South Florida, ran a story focused on the Academy issue brief, Drivers of 2017 Health Insurance Premium Changes, to give context to proposed premiums in the state for 2017, extensively quoting Academy Senior Health Fellow Cori Uccello. An Oklahoma insurance department statement and a Kentucky Press News Servicebulletin on proposed premiums in those states also cited the issue brief for context, as reported in Insurance Journal and several Kentucky-based outlets.
A BenefitsProstory on military personnel sentiment regarding military retirement system reform cites the Pension Practice Council’s concerns about how personal discount rates will be used to calculate lump-sum payments from military pensions. The PPC’s concerns were also highlighted by The Military Guide, a financial website for servicemembers.
JD Suprapublished a review of the NAIC Spring 2016 National Meeting that highlights several Academy committees’ joint comments on the NAIC’s “A Way Forward” exposure document, as well as the Life Illustrations Work Group’s comments on the revisions to the Feb. 24 Actuarial Guideline 49 (AG 49) exposure.
The Academy/SOA Actuaries Longevity Illustrator, widely praised by media as a useful and user-friendly tool to help people understand longevity risk and plan for retirement, was featured in a Real Deal Retirement story, Investopedia, MSN Money, and the Oblivious Investorblog.
An editorial by The Desert Sun (Palm Springs, Calif.) cited the Academy issue brief, The 80% Pension Funding Standard Myth. The editorial board points to the Academy’s analysis in advocating for local government entities to rein in pension costs and keep their unfunded liability as low as possible.
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