Academy Hosts PBR Boot Camp; Reprise to Be Held in September
The Academy held its first principle-based reserving (PBR) “Boot Camp” in Chicago this week, a sold-out, three-day seminar that featured about 25 sessions. The 100 attendees received targeted instruction and participated in intensive, focused work groups providing insight and practice in advance of PBR implementation expected in January 2017. Demand for the seminar was so high that the Academy will host a second PBR Boot Camp Sept. 21-23 in Orlando, Fla., for which registration opened this week. Extra early registration ends July 8.
June HealthCheck Released
The June issue of HealthCheck covers the Academy’s issue brief on long-term care insurance and a court ruling on the cost-sharing subsidy programs under the Affordable Care Act (ACA), and notes the Department of Health and Human Services’ June 9 forum on private health insurance in the ACA marketplace.
Upcoming Events
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 of 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. Register today.
Ends June 30—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 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. Register today to reserve your space.
Public Policy Activities
The Intersector Group released the notes of its March meeting with the Treasury Department and Internal Revenue Service, and the notes of its March meeting with the Pension Benefit Guaranty Corp.
The Role of the Actuary Subgroupsubmitted comments to the NAIC’s Life Actuarial Task Force on Section 4 of the Valuation Manual-G.
The Pension Committee submitted a comment letter to the IRS and Treasury Department requesting that the 2017 Applicable Mortality Tables be issued as soon as possible.
Alerts
The Academy issued an alert on the Federal Reserve System’s Board of Governors approval of two notices of proposed rulemaking relating to insurance companies subject to Federal Reserve oversight—one on capital requirements for supervised institutions and another on prudential standards for systemically important insurers.
The NAIC’s Joint Executive (EX) Committee and Plenary approved a recommendation by the Principle-Based Reserving (PBR) Implementation (EX) Task Force that legislation adopted by 45 states was “substantially similar” to the NAIC’s Model Standard Valuation Law, completing the final step needed for PBR to be effective on Jan. 1, 2017.
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
The Academy’s long-term care insurance (LTCI) issue brief released early this month was cited in a LifeHealthProstory on properly structuring private LTCI.
The Civic Federation’s analysis of an Illinois statue that guides Chicago police and fire pension funds toward reaching 90 percent funding over the next 40 years references the Academy’s issue brief, The 80% Pension Funding Standard Myth.
A Christian Science Monitorcolumn encouraged readers to try their hand at the Academy’s Social Security Game as an interactive way to learn about how Social Security works and the program’s long-term sustainability prospects. The article was previously featured in the Atlanta Journal-Constitution, NerdWallet, and Nasdaq.com.
A Tulsa Beaconstory about proposed premium increases for ACA exchange marketplace plans in Oklahoma and elsewhere cited Academy analysis of premium drivers for 2017.
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