Keeping you in the know—the latest news from the Academy
RECENT ACADEMY ACTIVITY | July 10–14, 2023
This Week … In a Minute
Have a minute? Catch up on the week’s top stories with the latest “This Week … In a Minute” video. Subscribe to our YouTube channel to receive alerts as they are released.
Academy Presents at SOA Virtual Health Meeting
Academy Senior Health Fellow Cori Uccello presented on “Considerations for Calculating Cost-Sharing Reduction Load Factors” at the Society of Actuaries’ virtual health meeting on Wednesday. The presentation covered Affordable Care Act premium and cost-sharing subsidies, how cost-sharing reduction (CSR) funding has changed over time, Centers for Medicare & Medicaid Services public statements on CSR loads, and why the Academy became involved with the issue. To learn more on the Academy’s work on this topic, visit the Public Policy health webpage.
Next Week—Health Webinar, Issue Brief to Look at 2024 Premium Drivers
Join the Academy for next week’s health webinar, “Drivers of 2024 Health Insurance Premium Changes,” which will feature presenters from the Individual and Small Group Markets Committee. They will discuss the committee’s issue brief—to be released in tandem with the webinar—which will include factors for actuaries to consider in 2024 premium rate-setting, and why premiums could differ from 2023. Joyce Bohl, an Academy Board member and the committee’s chairperson, will moderate. Register today.
Early Registration Discounts End July 31 for LHQ Seminar
Early registration rates remain available for the 2023 Life and Health Qualifications Seminar, set for Nov. 6–9 in Arlington, Va. The annual LHQ Seminar delivers three days of training and instruction, and an optional fourth-day exam, to gain necessary qualifications to issue actuarial opinions for either the NAIC Life and Accident & Health (A&H) Annual Statement or the NAIC Health Annual Statement. Early registration ends July 31—register today to secure your discount.
ASB Approves Second Exposure Draft of ASOP No. 24 Revision
The Actuarial Standards Board approved a second exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 24, now titled Compliance with the NAIC Life Insurance Illustrations Model Regulation. The comment deadline is Sept. 15—for information and how to submit comments, visit the ASB website.
Public Policy in Focus
The P/C Extreme Events and Property Lines Committee submitted a comment letter to the California Department of Insurance for the department’s upcoming public workshop on catastrophe modeling and insurance.
The Committee on Cyber Risk released a new chapter in the Cyber Risk Toolkit, “Digital Assets and Their Current Roles Within Cybercrime,” which provides a baseline understanding of digital assets for insurance industry practitioners whose lines of business may interact with digital assets and highlight recent trends surrounding their use within cybercrime.
The Index-Linked Variable Annuity Work Group submitted a comment letter to the ILVA Subgroup of the Product Standard Committee of the Interstate Insurance Product Regulation Commission on 2023 Compact Requirements for Index-Linked Variable Annuity Products.
The Health Solvency Subcommittee’s Health Underwriting Risk Factors Analysis Work Groupsent a letter updating the NAIC’s Health Risk-Based Capital (E) Working Group on progress on the NAIC’s request to comprehensively review the H2—Underwriting Risk Component and the Managed Care Credit Calculation in the Health Risk-Based Capital (HRBC) formula.
Visit the Events Calendar for the latest updates on Academy events, including links to post-webinar slides and audio.
Coming Soon—Retirement Report, DSAC Bias Paper
The Data Science and Analytics Committee’s (DSAC) forthcoming paper, An Actuarial View of Data Bias: Definitions, Impacts, and Considerations, will offer different views of bias, including via AI and machine learning. See DSAC’s papers on the Academy website.
The Summer Retirement Report recaps the widespread coverage of the Academy’s Social Security Challenge; the nomination of Jason Russell, a member-selected director since 2020, to be the Academy’s next pension vice president; and the Pension Committee’s recent issue brief focusing on “buy-out” annuity contract transactions.
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