This Week, December 10-14, 2018

Read the latest news from the Academy.

Recent Academy Activity, Dec. 10–14, 2018

Registration Open for April PBR Boot Camp

Registration opened this week for the Academy’s 2019 PBR Boot Camp, which will be held April 8–10 in Orlando, Fla. Hear lessons learned from those who have been at the forefront of the implementation of principle-based reserving (PBR) for life insurance. As actuaries and regulators look ahead to the final 2020 deadline for mandatory implementation, this seminar will provide useful and practical information for all levels of familiarity with the PBR methodologies and reserve requirements.

The robust agenda, which is posted online, includes:

  • Insight from regulators who have been reviewing the submissions to date about what is working well and where improvements can be made;

  • “War stories” from those who have implemented PBR on what worked and what problems occurred in the process; and

  • Discussions about modeling, model governance, setting assumptions, pricing, use of mortality tables, reinsurance, and more.

Register early and save—discounted rates are available through Jan. 31.

Professionalism Outreach

More than 160 people attended Academy Past President Cecil Bykerk’s presentation Tuesday to the Iowa Actuaries Club in Des Moines, in which he reviewed the infrastructure of, and recent developments in, actuarial professionalism.

Next Week—Professionalism, Big Data, Life Webinars

The Academy will host two webinars and jointly host a third next week.

  • More Tales From the Dark Side: Ethical Cases at the ABCD,” the final professionalism webinar of the year, will be held on Thursday, Dec. 20, from noon to 1:30 p.m. ET. Actuarial Board for Counseling and Discipline (ABCD) members David Driscoll and Godfrey Perrott will share examples of ethical problems based on cases that have been brought before the ABCD. CE credit will be available. Register here.

  • Big Data and the Role of the Actuary”—to be held on Wednesday, Dec. 19, from noon to 1:30 p.m. ET—will draw from the Academy’s Big Data Task Force monograph of the same name that was released in June. Continuing education (CE) credit will be available. Register here.

  • The Academy and the Society of Actuaries (SOA) will jointly sponsor “Emerging Underwriting Methodologies in a PBR World Webcast,” a life webinar that will introduce actuaries to the SOA’s Delphi study on emerging underwriting methods and their impact on mortality experience. The webinar will be held on Tuesday, Dec. 18, from noon to 1:30 p.m. ET. Register here.

Enrolled Actuaries Meeting Registration Open; Discounts Available

Registration is open for the 2019 Enrolled Actuaries Meeting, to be held April 7–10 in Washington, D.C.  Jointly sponsored by the Academy and the Conference of Consulting Actuaries, the 44th annual EA Meeting will follow the new format introduced last year more, shorter sessions on key retirement and pension issues which will provide you with more EA credit opportunity. Academy and CCA members who register by Dec. 31 will receive the best available rates. Register today.

Public Employment Opportunities

The Pension Benefit Guaranty Corporation (PBGC) is seeking to fill two senior actuarial positions within its Policy, Research, and Analysis Department in Washington, D.C. The application deadline is today, Dec. 14. For more information on the position via USAJobs, or to apply, click here.
The U.S. Government Accountability Office (GAO) has a public employment opportunity for a senior property and casualty/general insurance actuary position. The incumbent, which will report to GAO’s chief actuary, will provide technical analysis and conceptual insight on actuarial aspects of federal programs and policies related to P&C / general insurance. Information is available by clicking here (general public) or here (qualified federal employees, veterans, or individuals with disabilities). The application deadline is Jan. 11, 2019.

The Academy has long supported government employers who are seeking to hire qualified actuaries. See our Public Employment Opportunity Posting Policy for more information.

Recently Released

  • The winter StateScan Quarterly highlights state legislation and regulation in the past quarter, including casualty issues related to auto insurance, flood insurance and climate risk, and medical professional liability; health issues including the individual market, Medicaid, long-term care, and prescription drugs; life insurance issues including principle-based reserving; public pension plans; and cross-practice issues. For a comprehensive review, log in to StateScan, the legislative and regulatory portal free for Academy members.

  • The winter Casualty Quarterly includes a Q&A with Robert Hartwig—past president of the Insurance Information Institute and current director of the Center for Risk and Uncertainty Management at the University of South Carolina’s Darla Moore School of Business—about issues ranging from the effects of tariffs on auto and homeowners’ insurance costs to fiscal and economic policy. Also in this issue, a recap of the P/C sessions from the Academy’s Annual Meeting and Public Policy Forum, a heads-up on the forthcoming P/C loss reserves practice note, and recent legislative and regulatory activity.

Alerts

  • The U.S. Department of the Treasury and the Office of the U.S. Trade Representative announced they have finalized, and intend to sign, the Bilateral Agreement between the United States of America and the United Kingdom on Prudential Measures Regarding Insurance and Reinsurance (covered agreement). This mirrors a similar agreement between the U.S. and the European Union that was signed in September 2017. Read the Academy alert.

  • Congress passed a bill reauthorizing agriculture and nutrition programs, including changes to the federal crop insurance program. The legislation is expected to be signed into law by the president. Read the Academy alert.

  • The Congressional Budget Office (CBO) released a report, Options for Reducing the Deficit: 2019 to 2028, which provides cost estimates for a range of public policy proposals that would decrease federal spending or increase revenues over the next decade. According to CBO, most of the options detailed in the report would save $10 billion or more.

Upcoming Events

In the News / Media Activity

  • The Centers for Medicare & Medicaid Services’ Dec. 10 final rule on risk-adjustment methodology cited the Health Practice Council’s issue paper on the ACA risk-adjustment program.

  • In a Washington Examiner story, Senior Health Fellow Cori Uccello discussed the impact of shortening of the Affordable Care Act’s open-enrollment period.

  • An article published by Illinois News Network noted the Academy’s analysis that pension plans should have the objective of accumulating assets equal to 100 percent of a relevant pension obligation. The article was reprinted by Marietta Daily Journal (Ill.), Newspressnow.com (Ill.), Cherokee Ledger News (Ill.), LCBCRradio.com (Ill.), Alton Daily News (Ill.), and Riverbender.com (Ill.).

  • A Lexology blog post summarizing the highlights from the NAIC Fall 2018 National Meeting, noted the Academy’s assistance in preparing a document for state regulators regarding life risk-based capital changes following federal tax reform.