Keeping actuarial standards of practice (ASOPs) up to date with current practice, law and regulation, and other developments in the business and economic environments in which actuaries operate is a vital part of the work of the Actuarial Standards Board (ASB). The ASB—and its committees and task forces—has been extremely busy in the last year or so revising ASOPs. Five revised ASOPs will take effect this year—here’s a quick look at some of the changes.

The Life Reserves Work Group, Annuity Reserves and Capital Work Group, and Variable Annuity Reserves and Capital Work Group submit an amendment proposal and presentation to the NAIC’s Life Actuarial Task Force on Swap Spreads and the London In

The Annuity Reserves and Capital Work Group submitted recommendations of Aggregation Principles as outlined in the Academy’s Preliminary Framework Elements for Fixed Annuity Principle-Based Reserving to the National Association of Insurance Commissioners’ Life Actuarial Task Force’s VM-22 Subgroup.

The Retirement System Assessment and Policy Committee completed a series of issue briefs laying out guiding principles for a comprehensive national retirement policy, begun with July 2019’s National Retirement Policy & Principles. The series also discusses possible changes in plan design to broaden access and participation in retirement plans to better enable workers to retire with a secure lifetime income.

The Retirement System Assessment and Policy Committee released an issue brief, Retirement Policy: Aligning Plan Design with Effective Employee Engagement, which analyzes how retirement program design can impact decisions that participants make with the goal of improving retirement security.

The Long-Term Care Medicaid Subcommittee submitted a comment letter to the Centers for Medicare & Medicaid Services (CMS) on the proposed rule, “Medicare Program; Contract Year 2023 Policy and Technical Changes to the Medicare Advantage and Medicare Prescription Drug Benefit Programs.” The comments focused on dual-eligible special needs plans (D-SNP’s) and separate medical loss ratio (MLR) requirements.

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