The Academy’s 2016 Annual Meeting and Public Policy Forum

The 2016 agenda had a number of sessions dedicated to today’s top public policy and professionalism issues. The Academy believed the agenda enabled attendees to earn up to 12 hours of organized-activity continuing education credits (CE), depending on area of practice, and up to 1.8 hours of professionalism CE credits.

Slides from many sessions are available here to members who attended the meeting.

Download this year’s program.

Download our personalized agendas to see sessions of interest to you: 

  Thursday, November 3, 2016
7:15 a.m.-
6 p.m.
Registration Open
Capital Terrace
8:00-10 a.m.
Breakfast & Opening Session
Presentation of the Robert J. Myers Public Service Award
  • Welcome: Tom Wildsmith, president, American Academy of Actuaries
  • Presentation of the Robert J. Myers Public Service Award to Joan Weiss
  • Speaker: Andy Slavitt, acting administrator, Centers for Medicare & Medicaid Services (CMS)
Note: Breakfast available until 9 a.m.
10:15 a.m.
11:45 a.m.
How Congress Could Reshape the NFIP: A Dialogue
Statler B
The National Flood Insurance Program (NFIP) is due to expire in the fall of 2017. When Congress takes up the reauthorization, many expect it to put new emphasis on expanding the role of private insurers. New research on extreme events and approaches to catastrophe insurance are also becoming available and could shape the dialogue on the future of the NFIP. Find out how policymakers could piece together a better way to deal with natural disaster risk.
  • Moderator: Shawna Ackerman, vice president of the Academy’s Casualty Practice Council
  • Speakers: Carolyn Kousky, fellow, Resources for the Future; David I. Maurstad, assistant administrator for federal insurance, Federal Emergency Management Agency
MACRA: Where We Are and Where We’re Going 
Federal A
The passage of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) last year and the publication of proposed rules earlier this year marked the end of the Medicare sustainable growth rate (SGR) methodology for updates to the physician fee schedule. The new law replaces the SGR with a new Merit-Based Incentive Payment System. This session will provide a highly informed look at MACRA’s goals, what it might mean for Medicare Advantage plans, and what the implications are for the broader delivery system.
  • Moderator: Shari Westerfield, vice chairperson of the Academy’s Health Practice Council
  • Speakers:  Former U.S. Rep. Allyson Y. Schwartz, president and CEO, Better Medicare Alliance; Member of Congress (2005-2015 for PA-13); Robert A. Berenson, institute fellow, Urban Institute; Molly MacHarris, program lead, Center for Clinical Standards and Quality, CMS

Panel Discussion: Lessons From ORSA Implementation
Pan American
This panel discussion will dive into the lessons learned from Own Risk and Solvency Assessment (ORSA) implementation to date. Hear what regulators with ORSA oversight experience think makes a good ORSA presentation, what details they are looking for—and not looking for—and how they use ORSA reports. Panelists will share insights on what types of problems ORSAs have uncovered, reporting best practices, and the appropriate role of actuaries in informing and influencing the ORSA development process.
  • Moderator: Jeff Schlinsog, vice president of the Academy’s Risk Management and Financial Reporting Committees
  • Speakers: Rhonda K. Ahrens, life and health actuarial examiner, Nebraska Department of Insurance; Elisabetta Russo, NAIC

Fixing the Retirement Stool: Reinforce or Reinvent?
Federal B
All three legs of the retirement stool need to be addressed—and the sooner, the better. This session will highlight some proposals that have been developed to strengthen retirement security, and explore the challenges and barriers to implementing change. Proposals touch on Social Security, evolving employer-based plans, and the movement to expand access to retirement vehicles to help the third leg of individual savings. Get a glimpse of what the retirement stool might look like for future generations of retirees.
  • Moderator: Ted Goldman, Academy senior pension fellow
  • Speakers: Steve Goss, chief actuary, Social Security Administration; Megan Gerry, vice president of compensation and benefits, Smithfield Foods; and John Scott, director of retirement savings, The Pew Charitable Trusts
11:45 a.m.- 1:30 p.m.
Luncheon Ceremony: Annual Meeting & Keynote Address
  • Annual Meeting & Presidential Transition: Join us in welcoming Bob Beuerlein as the new Academy president, and thanking Tom Wildsmith for his year of dedicated service.
  • Keynote Speaker: Former Sen. Christopher J. Dodd, principal sponsor of the Dodd-Frank financial reform law
Note: Lunch available until 12:15 p.m.
1:45 p.m.
3:15 p.m.

Breakout Sessions
The Many Faces of Cyber Risk
Statler B
Cyber risk is a growing threat to individuals and businesses. Data breaches have exposed personal and financial records of millions of people. Companies have lost intellectual property through data theft. Ransomware has been used to extort health care providers and small businesses. Hackers could shut down a public utility and cause massive business interruption. Insurers face their own enterprise risk, provide (or exclude) specific coverage for cyber risks, and must deal with substantial latent risk that is inherent in other coverages. How does an actuary take all of this into account?
  • Moderator: Rade Musulin, Member of the Academy’s Cyber Risk Task Force
  • Speakers: Darin McMullen, national cyber product leader, Aon; Kevin McDonald, chief executive officer, Greystaff Group; Michael Newman, senior policy analyst at the Federal Insurance Office, Department of the Treasury

Rx Cost Growth: Controlling the Costs
Federal A
Prescription drugs are an important component when talking about addressing health care costs in the U.S. health care system. In recent years, spending for prescription drugs has contributed to accelerating overall health care spending growth, in part, to the expense associated with breakthrough therapy drugs. Hear from experts about what’s driving prescription drug prices and options for addressing that cost growth. 
  • Moderator: Audrey Halvorson, chairperson of the Academy’s Health Care Delivery Committee
  • Speakers: Gerard Anderson, PhD, professor of health policy and management, Johns Hopkins University Bloomberg School of Public Health; Len Nichols, director, Center for Health Policy Research and Ethics, professor of health policy, George Mason University

Panel Discussion: The Genetic/Data Mining Connection—Ethical Considerations of Life Underwriting 
Pan American
The growing availability of genetic testing information raises concerns over consumer antiselection for life insurance. On the flip side, what are the ethical limits of datamining to support the underwriting process? When should public policy outweigh considerations of risk analysis? This lively panel discussion will draw out and engage a variety of perspectives on the thorny ethical questions related to life underwriting in the age of ubiquitous data.
  • Moderator: Randall Stevenson, chairperson of the Academy’s PBR Review Procedures Work Group
  • Speakers: Stacy Gill, Executive Vice President, MIB; Leslie Jones, Consulting Actuary, RRC, former South Carolina Deputy Director & Chief Actuary; Brenda Cude, Professor and Undergraduate Coordinator, Department of Financial Planning, Housing and Consumer Economics at the University of Georgia
Panel Discussion: What’s Next for Multiemployer Pension Plans?
Federal B
Get an insider’s look at retirement security for the 10 million participants currently covered by a multiemployer pension plan. While many of the 1,400 multiemployer plans are financially strong and healthy, a growing number have struggled to respond to a series of economic, demographic, and industry-specific challenges. Listen to an engaging discussion of the key factors facing multiemployer plans and what’s likely to happen next.
  • Moderator: Josh Shapiro, Vice Chairperson of the Academy’s Multiemployer Plans Subcommittee
  • Speakers: Alex Pollock, distinguished senior fellow, R Street Institute; Sandy Rich, Executive Director at New York City Board of Education Retirement System; Karen Friedman, executive vice president and policy director, Pension Rights Center; Kendra Kosko Isaacson, senior pensions counsel, Senate HELP Committee for Senator Patty Murray, Ranking Member
3:30 p.m.
3:30-5 p.m.
Focus on Big Data 
Remarks by Laura Cali & Professionalism Panel Discussion
The increasing use of Big Data in the insurance industry raises professionalism issues for actuaries. What is Big Data? What are the implications for actuaries working with it? Our presenters will use examples of Big Data in the life, health, and property & casualty practice areas and explore how actuaries can apply the Code of Professional Conduct, actuarial standards of practice, and other professionalism tools to issues that may arise when working with Big Data. Participants will come away with a greater understanding of what professionalism issues exist when working with Big Data, and how to navigate various challenges that may arise.
  • Speakers: Laura Cali, administrator, insurance commissioner, and chief actuary, Oregon; Bob Beuerlein, Academy president-elect; Jim MacGinnitie, Academy senior casualty fellow; Catherine Murphy-BarronVice President, Academy’s Health Practice Council
6-7:15 p.m. Networking Reception
7:15-9 p.m. Dinner
Entertainment provided by the Capitol Steps
Presidential Ballroom

Friday, November 4, 2016
7 a.m.-Noon Registration Open
Capital Terrace
8:00-9:45 a.m.
Breakfast & Plenary
Presentation of the Jarvis Farley Service Award
  • Presentation of the Jarvis Farley Service Award to Robert G. Meilander
  • Speaker: W. Thomas Reeder Jr., Pension Benefit Guaranty Corporation (PBGC) director
Note: Breakfast available until 8:45 a.m.
9:45-10 a.m.

10-11:30 a.m.

Breakout Sessions
Big Data=Big Changes
Statler B
Big Data is bringing changes to all lines of insurance, but most notably to private passenger auto. Broad rating classifications are giving way to almost-customized rates. Claims handling and fraud detection are undergoing dramatic changes. Vast amounts of data at both the personal and the macro levels are pouring in as telematics become more common. Learn how these developments are affecting ratemaking and underwriting. 
  • Moderator: Jim MacGinnitie, Academy senior casualty fellow
  • Speakers: Harold Weston, clinical associate professor of risk management and insurance, Robinson College of Business, Georgia State University; Mike McKenney, State Regulator (Pennsylvania)

Update on ACA Implementation
Federal A
Hear from experts about the latest updates on regulatory changes related to rate filings, the Actuarial Value (AV) and Minimum Value (MV) calculators, and the risk-sharing mechanisms under the Affordable Care Act.
  • Moderator: Catherine Murphy-Barronvice president of the Academy’s Health Practice Council
  • Speakers: Alfred A. Bingham, Jr., director, Office of Special Initiatives and Pricing, Center for Consumer Information and Insurance Oversight (CCIIO), CMS; Brent Plemons, health insurance specialist, Oversight Group, CCIIO, CMS; Jeff Wu, associate deputy director for policy, CCIIO, CMS; Allison Yadsko, health insurance specialist, Issuer and Plan Policy Branch, CCIIO, CMS

Panel Discussion: Framing Longevity Risk
Pan American
    How well do federal and state regulatory frameworks account for longevity risk, and what are the latest efforts to improve them? From state-level regulatory work on pension risk transfers and insurance products to the Department of Labor’s approaches to consumer education and promotion of longevity solutions, the panelists will discuss the regulatory “lay of the land” and where it could be changed in relation to longevity risk. 
  • Moderator: Noel Abkemeierchairperson of the Academy’s Lifetime Income Risk Joint Task Force
  • Speaker: Philip Barlow, Department of Insurance, Securities and BankingSylvester Schieber, Member of the Commission on Retirement Security and Personal Savings, Bipartisan Policy Center; Thomas Hindmarch, Employee Benefits Security Administration

Retirement Goes Goldilocks: The DB’ing of DC Plans and the DC’ing of DB Plans
Federal B
The search continues for the perfect retirement solution—one that, as Goldilocks would say, is “just right.” This session will explore some of the new and interesting hybrid designs that are emerging both in the United States and globally. Learn about risk-sharing plan designs that come in a defined benefit wrapper but steal from the defined contribution playbook, and evolving defined contribution plan designs that try to take the best of defined benefit features. The discussion will cover design and regulatory considerations as well as the most appealing features of these new approaches.
  • Moderator: Eric Keener, chairperson of the Academy’s PPC Forward Thinking Task Force
  • Speakers: W. Paul McCrossan, Actuary and former Canadian Member of Parliament; Conrad Ferguson, Partner, Morneau Shepell; Stacy Schaus, Executive Vice President and Defined Contribution Practice Leader, PIMCO
11:30-1:15 p.m.
Luncheon & Closing Plenary
Presentation of the Outstanding Volunteerism Awards
  • Presentation of the Outstanding Volunteerism Awards to Donna Claire, Barbara Klever, and Kathleen Odomirok
  • Speaker: Keith Hall, director, Congressional Budget Office 
Note: Lunch available until 12:15 p.m.

The suggested dress code is business casual for the meeting and business attire for the dinner.