Academy operations will be closed Friday in observance of Independence Day.
‘Self-Regulation and the Actuarial Profession’ Paper Released
The Committee on Professional Responsibility released a new discussion paper, Self-Regulation and the Actuarial Profession, which is intended to generate discussion among actuaries about the importance of the profession’s structure of self-regulation and how individual actuaries can help to preserve it. The latest “Professionalism Counts” column, in the June Actuarial Update released this week, includes an extended Q&A with three members of the COPR about the new paper.
Next Professionalism Webinar Set for July 29
Join the Academy later this month for the professionalism webinar, “In Times of Uncertainty, Professionalism is Certain.” Presenters—Academy past presidents Shawna Ackerman, Bob Beuerlein, Tom Terry, and Tom Wildsmith, and President-Elect nominee Maryellen Coggins—will discuss the Code of Professional Conduct and more. Academy President D. Joeff Williams will moderate, and continuing education credit and Joint Board for the Enrollment of Actuaries (JBEA) continuing professional education credit will be available. The webinar will be held on Wednesday, July 29, from noon to 1:30 p.m. EDT. Register today.
IFRS 17 Webinar to Be Held on July 23
An Academy webinar—“IFRS 17 Insurance Contracts: Amendments to the Standard and Current Implementation Challenges”—will explore the final amendments to International Financial Reporting Standard 17 (IFRS 17) issued by the International Accounting Standards Board (IASB) on June 25, and highlight the industry feedback and deliberations by the IASB in reaching the final language. Presenters will be Rodrigo Careaga, Rich Isherwood, and Marc Oberholtzer, with IFRS 17 Work Group Chairperson Doug Van Dam moderating the conversation. They will discuss aspects of the standard that were not amended and potential implications of the changes across practice areas, and will highlight implementation issues that insurers will need to consider. The webinar will be held on July 23 from 2 to 3:30 p.m. EDT; continuing education credit will be available. Register today.
Recently Released
The June Actuarial Update introduces the four candidates who have been nominated to serve as regular directors on the Academy’s Board and will be voted on by the membership in an online election this summer. Also in the issue, a health issue brief on COVID-19 and a related online briefing on the pandemic and 2021 rate filings; the “Member Spotlight” features past Actuarial Standards Board Chairperson Tricia Matson; and a remembrance of Mary D. Miller, recipient of the Academy’s two highest service awards and Academy president during our 50th anniversary year.
In the July/August issue of Contingencies, the cover story, “Actuaries, Decision-Making, and COVID-19,” explores uncertainty—and opines that actuaries are uniquely qualified to lend perspective during this crisis. Other features include “Then and Now,” a look back at the 1918 Spanish flu pandemic and how it can tell us a lot about how COVID-19 might play out; and “On Economics: First Principles,” which offers foundational principles of economics: what economics is, what it is not, and why actuaries should care. Also, a President’s Message from Academy President D. Joeff Williams delves deeper into uncertainty; communicating the unknown in “Up to Code”; and a Tradecraft piece developing a conservation strategy for life insurance to combat the effects of COVID-19.
Register Early This Month for the 2020 LHQ Seminar
Early registration ends this month for the Academy’s 2020 Life and Health Qualifications Seminar. The annual LHQ Seminar delivers the highest-quality and most efficient way to obtain any needed basic education or relevant continuing education credit necessary to qualify to issue actuarial opinions for either the NAIC Life and Accident & Health (A&H) Annual Statement or the NAIC Health Annual Statement. Register by July 31 and save.
COVID-19 Update: As of now, the Academy is still planning to hold the LHQ Seminar as an in-person event. We and our hotel will prioritize the health and safety of attendees as we strive to deliver a timely and topical event, so you can register with confidence. The Academy has cancellation policies in place to accommodate any necessary changes resulting from COVID-19 public health concerns.
Clarification Regarding March Public Discipline Notice
The Notice of Public Discipline issued March 23, 2020, and published in the June Actuarial Update referenced Michael W. Frank. Please note that there are two actuaries with the same first and last name in New York. The subject actuary in this Notice of Discipline is not Michael Lawrence Frank of Aquarius Capital. The Academy regrets any confusion.
Alert
The U.S. House of Representatives passed legislation Monday that that would enhance and strengthen the Affordable Care Act (ACA) through provisions designed to lower health care costs and expand the number of people who are eligible for subsidized health care. H.R. 1425, the Patient Protection and Affordable Care Enhancement Act, also includes several provisions that would reverse certain regulatory measures that either curtail or have introduced exceptions from or flexibility around certain aspects of the ACA. Read the Academy alert.
Public Policy Activity
The Risk Sharing Subcommitteefiled comments with the Department of Health and Human Services (HHS) and the Centers for Medicare & Medicaid Services on exposed amendments to the HHS-operated risk adjustment data validation under the Affordable Care Act’s HHS-operated risk adjustment program.
The Health Practice Council and its Task Force to Review Actuarial Standard of Practice No. 11 sent a comment letter on the Actuarial Standards Board exposure draft, Reinsurance Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports.
The Intersector Groupreleased the notes of its May conference call with the Pension Benefit Guaranty Corporation.
Senior Health Fellow Cori Uccello co-authored an article in the JAMA Health Forum on an option to lower the Medicare eligibility age and the challenges that it would bring to an already complex health care system.
A subscriber-only WorkCompCentral story cited the Academy’s June issue brief, Presumptive Benefits in Workers’ Compensation: Emerging Issues Before and After COVID-19.
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