Subcommittee Publishes Issue Brief on LTC Insurance
The Long-Term Care Reform Subcommittee published an issue brief providing an overview of premium rate increases on private long-term care insurance (LTCI) policies. The issue brief notes that private LTCI is complex, and that a policyholder is essentially paying today for a varied range of care he or she may or may not need years, if not decades, into the future. Insurers are gradually learning through their claims experience what the actual levels of benefits are and will be, and a means for taking corrective action to accommodate the changing future is important. Read the Academy’s news release here.
May Actuarial Update Released
In the latest issue of Actuarial Update, read about registration opening for the Academy’s Annual Meeting and Public Policy Forum, and the May launch of the Actuaries Longevity Illustrator. Also, Academy representatives traveled to the International Actuarial Association (IAA) meeting in Russia, focusing on the IAA education syllabus; a new Individual and Small Group Markets Committee issue brief outlines 2017 premium drivers; and more.
Upcoming Events
Coming This Month—Big Data Professionalism Webinar: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 using 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.
Lock In the Biggest Discount 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 soon, 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 to Be Held in 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. Register today to reserve your space.
Public Policy Activities
The Role of the Actuary Subgroup submitted comments to the NAIC’s Life Actuarial Task Force on combined revisions regarding VM-G of the Valuation Manual.
Alerts
The Pension Benefit Guaranty Corp. (PBGC) released the updated Pension Insurance Data Book. Read the alert here.
The PBGC announced a proposed rule to facilitate mergers of multiemployer pension plans. Read the alert here.
How to Subscribe to Member Alerts: Subscribers to the Academy’s alerts are notified by email when a new alert is posted in their area(s) of interest. The alerts are available in five areas of focus: casualty, health, life, pension, and cross-practice issues. Academy members may subscribe to any or all of them free of charge as a member service after signing in to the member section of the website.
In the News
A NerdWallet column featured in the Atlanta Journal-Constitution and Nasdaq.com urged readers to play the Academy’s Social Security Game to dispel common myths about Social Security and learn more about the current proposals to maintain the program’s long-term sustainability.
Two Florida media outlets, WUSF and Health News Florida, republished the story by South Florida’s NPR affiliate, WLRN Public Radio, on 2017 health premiums. The story included a link to a recent Academy issue brief on the subject and an interview with Academy Senior Health Fellow Cori Uccello. Separately, Insider Louisville ran a story that also cited the Academy’s issue brief.
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