This Week, February 11-15, 2019

Read the latest news from the Academy.

Recent Academy Activity, Feb. 11–15, 2019

Academy Office Closed Monday for Presidents Day Holiday

The Academy’s office will be closed Monday, Feb. 18, in observance of Presidents Day.

Academy Deepens Focus on International Issues With Election of Wildsmith to Board

The Academy’s Board of Directors has elected past president and current international secretary Tom Wildsmith to serve on the Academy’s Board to enhance discussions on international issues affecting the U.S. actuarial profession. “Tom brings thorough, contemporaneous knowledge of international developments affecting the U.S. profession to the table,” said Academy President Shawna Ackerman. Wildsmith, who was the Academy’s 2015–16 president, has served in numerous Academy volunteer positions, including vice president of the Health Practice Council. Read the Academy news release.

Life Illustrations Practice Note

The Life Illustrations Work Group updated its 2018 practice note to reflect implications from the 2017 passage of the Tax Cuts and Jobs Act, pertinent to ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation.

Recently Released

The February HealthCheck covers the Long-Term Care (LTC) Practice Note Work Group’s exposure draft of an LTC insurance practice note, comments on which are due April 30. Also in this issue, state and federal legislative regulatory activity, including a White House Council of Economic Advisers report on the Affordable Care Act; regulatory actions by the Centers for Medicare & Medicaid Services; and health-related legislation in several states.

Academy Sends Two Letters to NAIC Regarding P/C Opinion Instructions

Mary D. Miller, past president of the Academy, sent two comment letters to the NAIC this week on behalf of the Academy. The first, to the Executive (EX) Committee’s Ad Hoc commissioner group, pertains to the proposed changes of the Property and Casualty 2019 Actuarial Opinion Instructions, including the Ad Hoc Group’s draft definition of “qualified actuary.” This letter is a comprehensive analysis of why the definition should use membership in the American Academy of Actuaries as its reference for qualification. The second letter, to the Casualty Actuarial and Statistical (C) Task Force (CASTF), is in regards to the CASTF’s draft qualification and related documentation requirements; it includes a copy of the above letter to the Ad Hoc group.

Order Your Academy Law Manuals Today

The latest editions of the Life and Health Valuation Law Manual and the Property/Casualty Loss Reserve Law Manual are available for order.

  • The Life and Health Valuation Law Manual contains a concise summary of the valuation laws (and NAIC regulations) of all 50 states, the District of Columbia, and Puerto Rico. It has been redesigned for 2019, streamlining the contents so users can easily access information. Order today.

  • The Property/Casualty Loss Reserve Law Manual contains a compilation of insurance laws relating to P/C loss and loss expense reserves for all 50 states, Washington, D.C., and Puerto Rico. Order today.

Public Employment Opportunity

The Pension Benefit Guaranty Corporation (PBGC) is seeking to fill an actuarial position within its Policy, Research, and Analysis Department (PRAD) in Washington, D.C. The PBGC is looking for a credentialed actuary with single employer and/or multiemployer experience to help the PRAD address some of the most pressing and important issues facing the U.S. retirement system. The application deadline is next Wednesday, Feb. 20. For more information on the position via USAJobs.gov, or to apply, click here.

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

Public Policy Activity

  • The Role of the Actuary Subgroup sent a comment letter to the NAIC’s Variable Annuities Capital and Reserve (E/A) Subgroup on the use of the terms “actuary” and “qualified actuary” in draft revisions to VM-21.

Upcoming Events

In the News / Media Activity

  • An Insure.com article on association health plans (AHPs) cited the Academy’s February 2017 issue brief on AHPs.