This Week, Dec. 26, 2017-Jan. 5, 2018

Read the latest news from the Academy.

Recent Academy Activity, Dec. 26, 2017–Jan. 5, 2018

Pension Issue Brief Looks at Retirement and Tax Policy

The Academy released an issue brief on Dec. 28, The Role of Tax Policy in Promoting Retirement Security, which looks at the implications for retirement of the Tax Cuts and Jobs Act that became law at the end of 2017. The issue brief notes that while the new law does not change the taxation of retirement savings, the discussion leading up to enactment raised the profile of retirement security in the United States.

FAQs on the U.S. Qualification Standards Updated

The frequently asked questions (FAQs) on the U.S. Qualification Standards (USQS) were updated in late December. The Committee on Qualifications revised FAQ No. 41 to clarify that a study group comprised of actuarial students does not qualify as “organized” activity for the purposes of continuing education because it does not have the expert leadership and/or participation implied by the examples of interaction given in the USQS (conferences, seminars, webcasts, in-person or online courses, or committee work).

Recently Released

  • In the January/February Contingencies, the cover story, “Autonomous Vehicles—Next Steps in the Hands-Free Revolution,” looks at a future with more driverless cars on the road. “Robots Join the Team” looks at how actuaries’ future work will be changed substantially with the rise of robotic automation, and “The Case for Variable LTC Insurance” looks at long-term care insurance. Also, “To Tell or Not to Tell” covers Precept 13 of the Code of Professional Conduct; Academy President Steve Alpert kicks off his president’s messages with “The Profession, Professionalism, and the Public.”

  • The December Actuarial Update covers the upcoming webinar series from the Academy and the Canadian Institute of Actuaries, which will begin on Jan. 17. Also covered: Last month’s professionalism webinar on Actuarial Board for Counseling and Discipline (ABCD) ethical cases, and the “Professionalism Counts” column by ABCD Chairperson Richard Block, which covers compliance with the Code of Professional Conduct’s Precept 14.

Notice of Public Discipline

Webinars Next Week—Post-NAIC Life Recap; P/C Loss Reserve Opinion Writing

  • The Academy will host a webinar next Wednesday, Jan. 10, from noon to 1:30 p.m. EST that will recap life practice issues from the NAIC Fall 2017 National Meeting, which was held last month in Honolulu.

  • The Academy’s Committee on Property and Liability Financial Reporting will host a webinar next Thursday, Jan. 11, from noon to 1:30 p.m. EST. “P/C Loss Reserve Opinion Writing: RMAD and Reserve Ranges” 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. Continuing education credit will be available; register today.

P/C Loss Reserve, Life and Health Valuation Law Manuals Available

  • The 2017 Property/Casualty Loss Reserve Law Manual is now available. The manual is updated annually in multiple formats and is designed to help appointed actuaries know the NAIC Annual Statement requirements for statements of actuarial opinion. Order today.

  • Be one of the first to have the 2018 Life and Health Valuation Law Manual. Available for delivery this month, 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.

Upcoming Events

Alerts

  • The Center for Consumer Information & Insurance Oversight, part of the Centers for Medicare & Medicaid Services, published the final 2019 Actuarial Value (AV) calculator and methodology. The updates reflect the current health insurance market so that most plans can continue to use the AV calculator.

  • The U.S. Department of Labor (DOL) proposed a rule to expand association health plans (AHPs), following October’s executive order that directed DOL and the Department of the Treasury and Department of Health and Human Services to consider expanding access to health care plans that do not meet standards established by the ACA.

  • 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.

Public Policy Activities

  • The Non-Guaranteed Elements Work Group sent a comment letter to the NAIC’s Life Insurance Buyer’s Guide (A) Working Group on the CEJ Expanded Outline.

In the News

  • Senior Health Fellow Cori Uccello discussed short-term health policies in a CNN Money story examining how President Trump’s executive order on health care could affect health insurance options. The story was reprinted by more than 50 media outlets. Her comments on the potential consequences of eliminating the individual mandate were cited in a HealthDay story that was reprinted by more than 80 media outlets.

  • A Health Affairs Blog post on the Labor Department’s proposed AHP rule cited the Individual and Small Group Markets Committee’s letter to Congress last March on AHPs, and Modern Healthcare and Healthcare Dive cited the committee’s issue brief on AHPs.

  • A HealthPayer Intelligence story cited the Health Practice Council’s Dec. 12 letter to the U.S. House and Senate providing comments on the potential consequences of eliminating the ACA’s individual mandate.

  • The Connecticut Mirror referenced the Academy’s issue briefThe 80% Pension Funding Standard Myth, in a story about the changes to the state’s teachers’ pension fund. The story was reprinted by HartfordBusiness.com.

  • A story on retirement security published by the Eagle-Tribune (North Andover, Mass.) cited the Academy’s discussion paper, Risky Business: Living Longer Without Income for Life, which examines the importance of a secure income to last an entire lifetime.

 

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