This Week, Dec. 11-15, 2017

Read the latest news from the Academy.

Recent Academy Activity, Dec. 11–15, 2017

Next Week—Professionalism Webinar to Share ABCD Ethical Case Studies

Actuarial Board for Counseling and Discipline (ABCD) members will examine case studies and examples of ethical problems during “Tales From the Dark Side: Ethical Cases at the ABCD,” a professionalism webinar to be held next Wednesday, Dec. 20, from noon to 1:30 p.m. EST. Presenters will draw on their expertise and experience as ABCD members and discuss what steps the actuary might take in each situation discussed. They will highlight the availability of the information and guidance the ABCD has provided to practicing actuaries via the ABCD’s request-for-guidance process. In addition to professionalism continuing education credits, the Academy believes in good faith that core ethics continuing professional education credits under JBEA rules will be available to attendees. Register here.

Reminder: Time to Renew Your Academy Dues

The Academy has no record of having received your 2018 membership dues. Dues of $635 (for regular members) will assure that the Academy’s financial position remains strong as we continue to provide objective, nonpartisan actuarial analysis to U.S. policymakers. Highlights of the Academy’s mission-critical work this year are noted in the annual “The Meaning of Your Membership” report.

Please log in to pay and make changes to your account before paying your dues. (Some members may qualify for a partial or full dues waiver.) If you have questions, please contact the Academy’s Membership Department at 202-223-8196, or membership@actuary.org.

Academy, Canadian Institute of Actuaries to Co-Sponsor Webinar Series

The Academy and the Canadian Institute of Actuaries (CIA) announced they will jointly produce a series of webinars providing an overview of each organization’s role as the national professional body in their respective countries. The first webinar in the series will take place on Jan. 17 at noon EST. Registration is available on the CIA website.

New January Webinar—P/C Loss Reserve Opinion Writing: RMAD and Reserve Ranges

The Academy’s Committee on Property and Liability Financial Reporting will host a webinar, “P/C Loss Reserve Opinion Writing: RMAD and Reserve Ranges,” that will look at risk of material adverse deviation (RMAD), reserve ranges, and how they fit together for the purposes of issuing statements of actuarial opinion. Presenters will discuss how actuaries can identify and discuss the presence or absence of specific risks and uncertainties in the principal’s book of business, and explicitly state whether or not those significant risks and uncertainties could result in RMAD. The webinar will be held on Thursday, Jan. 11, from noon to 1:30 p.m. EST. Continuing education credit will be available. Register today.

Life and Health Valuation Law Manual Available

Be one of the first to have the 2018 Life and Health Valuation Law Manual. Available for delivery in January, the manual is designed to help appointed actuaries know the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. The manual is available in online and CD-ROM versions, allowing you to order the format that best meets your needs. Order today.

Recently Released

  • The winter StateScan Quarterly highlights state legislation in the past quarter related to auto insurance, health insurance marketplace changes, pension plans, principle-based reserving, and more. For a comprehensive review, log in to StateScan, the legislative and regulatory portal free for Academy members.

  • The latest Enrolled Actuaries Report features coverage of pension sessions at the Academy’s Annual Meeting and Public Policy forum; the recently released lifetime income position statement and a related commentary piece by Senior Pension Fellow Ted Goldman; the Pension Committee-hosted webinar on lump-sum benefits valuation; and the Multiemployer Plans Committee’s comments to the Pension Benefit Guaranty Corporation.

  • The December HealthCheck covers recent Academy letters to congressional leaders on the consequences of potential changes to the Affordable Care Act; Academy health presentations at the NAIC’s Fall 2017 National Meeting in Honolulu; and issue briefs by the Health Practice International Committee and the Health Care Delivery Committee’s Comparative Effectiveness Work Group.

Public Policy Activities

  • The Health Practice Council sent a letter Tuesday to the U.S. House and Senate providing comments on the potential consequences of eliminating the ACA’s individual mandate, as mandate repeal was being considered by the conference committee for the Tax Cuts and Jobs Act.

  • The Non-Guaranteed Elements Work Group submitted a comment letter Thursday to the NAIC’s Life Insurance Buyer’s Guide (A) Working Group on the NAIC group’s “10 Things You Should Know Before Purchasing Life Insurance” exposure draft.

Alerts

  • The Government Accountability Office released a report on budgetary and actuarial reviews of the Mutual Mortgage Insurance Fund by the Federal Housing Administration.

  • The Financial Stability Oversight Council (FSOC) released its 2017 Annual Report Thursday, which provides an overview of FSOC’s activities, significant financial market and financial regulatory developments of the past year including insurance and accounting regulations and standards, and an assessment of those developments on the stability of the financial system.

  • Subscribe to Member Alerts: Subscribers to the Academy’s alerts are notified by email when a new alert is posted in their area(s) of interest. The 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.

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