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Professionalism Webinar Explores USQS Issues, Questions
 More than 2,000 people attended Thursday’s professionalism webinar, “A Guided Tour of the U.S. Qualification Standards” (USQS), which took an in-depth look at issues and commonly raised questions received by the Committee on Qualifications (COQ). COQ members Tom Campbell, Keith Passwater, and Hal Tepfer engaged in a lively discussion of the experience requirement, what counts as a statement of actuarial opinion, the “look in the mirror” test, and other USQS topics.
“The public relies on us to do our job correctly and with care, and the standards that we have talked about today help us, as actuaries, meet the expectations of the public and of our profession,” Tepfer said. “I believe it’s an honor to be an actuary, and by being attentive to all of the USQS we can ensure we are doing our job and accepting that we have a great responsibility to the public and the U.S. actuarial profession.”
Slides and audio are available free to Academy members.
Academy Releases Statement on U.S. District Court Decision Involving ASOP No. 49
The Academy issued a news release explaining that a recent decision by the U.S. District Court for the Northern District of Texas regarding a Department of Health and Human Services regulation on actuarially sound Medicaid payments “mischaracterizes the role of the Actuarial Standards Board (ASB).”
FAQs on the Updated Meetings Policy
As previously reported, the Academy recently adopted an updated Board and Committee Meetings Policy to support the continuing high level of professional objectivity and independence in Academy work. Answers to frequently asked questions (FAQs) on the updated policy are now available.
Professionalism Outreach
ASB Health Committee member Rick Lassow gave a presentation to the Twin Cities Actuarial Club (Minneapolis-St. Paul) Thursday on Actuarial Standard of Practice (ASOP) No. 5, Incurred Health and Disability Claims, and the exposure draft of ASOP No. 42, Determining Health and Disability Liabilities Other Than Liabilities for Incurred Claims. Lassow also reviewed the ASB structure and standards-setting process, and relevant sections of the foundational ASOP No. 1, including important distinctions such as between when an ASOP says the actuary “should” vs. “should consider.”
Public Employment Opportunity
The Pension Benefit Guaranty Corporation (PBGC) has a public employment opportunity for director of its policy, research, and analysis department (PRAD). PBGC position information is available via USAJOBS by clicking here (current U.S. government employees), or here (non-governmental employees).
The Academy has long supported government employers who are seeking to hire qualified actuaries. See our Public Employment Opportunity Posting Policy for more information.
Recently Released
As reported in the March HealthCheck, the Health Practice Council (HPC) made its annual visits to Capitol Hill this month, highlighting a new issue brief on prescription drug costs. Also covered, a new public policy practice note on determining actuarial reserves and liabilities for group long-term disability income business, and registration information for the Academy’s Life and Health Qualifications Seminar.
Public Policy Activities
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The Multiemployer Plans Committee sent a letter to the Joint Select Committee on Solvency of Multiemployer Pension Plans offering the expertise of the Multiemployer Plans Committee as a resource to the Joint Select Committee.
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The Workers’ Compensation Committee sent comments Friday to the NAIC’s Workers’ Compensation Task Force, describing the difficulty of comparing rates from one state to another.
Alert
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The U.S. Senate passed a bill Wednesday that would loosen regulations on banks and roll back parts of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act. The legislation, which passed with a vote of 67-31, now goes to the U.S. House of Representatives.
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Are You Receiving Your Academy Alerts? Academy members can subscribe to the alerts to receive a notification when a new alert is posted in their area(s) of interest. 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.
Upcoming Events
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Enrolled Actuaries Meeting—April 8–11, Washington, D.C.
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Seminar on Implementing IFRS 17 for Long-Duration Contracts—Aug. 28–30, Washington, D.C.
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Casualty Loss Reserve Seminar (CLRS) & Workshops—Sept. 5–7, Anaheim, Calif.
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Annual Meeting and Public Policy Forum—Nov. 1–2, Washington, D.C.
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Life and Health Qualifications Seminar—Nov. 4–8, Arlington, Va.
In the News
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