This Week: Jan. 16 - 19, 2017

Read the latest news from the Academy.

Recent Academy Activity, Jan. 16–19, 2017

Academy Closed Friday for Inauguration Day

All federal offices and many others in downtown Washington, D.C., are closed due to Inauguration Day activities and closures in the region. The Academy’s office will be closed Friday, Jan. 20.

Academy Releases Health Issue Paper on Individual Market Challenges

The Academy’s Individual and Small Group Markets Committee released an issue paper Wednesday examining the experience of the individual health insurance market under the Affordable Care Act (ACA) and considerations of that market’s sustainability under reforms or repeal of the ACA.

With the 115th Congress set to consider potentially historic changes to the individual health insurance market under the landmark 2010 health care law, the issue paper, An Evaluation of the Individual Health Insurance Market and Implications of Potential Changes, gives an overview of the market’s sustainability and options to address those challenges.

“As Congress and the new administration consider major changes, it’s essential for policymakers to take stock of the individual market, its challenges and successes, and the possible effects of any changes,” said Academy Senior Health Fellow Cori Uccello. “Our new issue paper outlines what’s needed for a sustainable individual market, assesses how well the ACA has achieved those conditions, and explores how ideas for addressing the challenges would affect the market.”

ASB Adopts Final Revision of ASOP No. 23

The Actuarial Standards Board adopted a final revision of Actuarial Standard of Practice (ASOP) No. 23, Data Quality, which provides guidance to actuaries when selecting data, performing a review of data, using data, or relying on data supplied by others, in performing actuarial services. It also applies to actuaries who are selecting or preparing data, or are responsible for the selection or preparation of data, that the actuary believes will be used by other actuaries in performing actuarial services, or when making appropriate disclosures with regard to data quality.

Actuarial Club Information Sought for Online Hub

At our members’ suggestion, the Academy is compiling information on U.S. actuarial clubs. We invite a club’s president or equivalent leader to submit information including your club’s name and location, primary officer/contact information, regular meeting schedule, and website and practice areas, as applicable. Club information already received is online at www.actuary.org/clubs, where you may also submit information. Or, you may email it to Clubs@actuary.org.

Academy Hosts P/C Loss Reserve Opinion Writing Webinar

More than 200 people attended Thursday’s webinar hosted by the Academy’s Casualty Practice Council (CPC), P/C Loss Reserve Opinion Writing, which reviewed relevant professional guidance including ASOPs and the Code of Professional Conduct, as well as changes to the 2016 SAO P/C Loss Reserves Practice Note. The panel included Committee on Property and Liability Financial Reporting Chairperson Lisa Slotznick and Vice Chairperson Kathy Odomirok, and the webinar was moderated by Academy member and consulting actuary Patricia Teufel. Slides and audio will be available on the Academy’s webinar page soon.

Upcoming Events

  • Post-NAIC P/C Webinar Next Week: Join the CPC next Thursday, Jan. 26, from noon to 1 p.m. EST for a post-NAIC webinar. Panelists will review discussions of top P/C issues, including an account of the Casualty Actuarial and Statistical (C) Task Force and other key meetings from last month’s NAIC Fall 2016 National Meeting. CPC Vice President Rade Musulin will moderate. Continuing education credit is available. Register today.

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

  • The Academy’s 2016 Property/Casualty Loss Reserve Law Manual is now available. Updated annually and designed to help appointed property/casualty (P/C) actuaries comply with NAIC annual statement requirements, the manual includes statements of actuarial opinion (SAO) requirements and state laws and regulations establishing those requirements; annual statement instructions for the SAOs for P/C, title loss, and loss expense reserves; and other pertinent annual statement instructions. It is available in two formats—web/online or CD-ROM. Members can order online by logging in to the Academy’s website or via mail/fax.

  • The 2017 Life & Health Valuation Law Manual—designed to help appointed life and health actuaries comply with the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation—is available for preorder. The manual includes a current-topics section outlining key valuation developments and state guidance, NAIC model laws and regulations that have an effect on reserve calculations, a discussion of generally distributed interpretations, and copies of the current actuarial guidelines from the NAIC Examiners Handbook. Reserve your copy today.

Public Policy Activities

  • The Non-Guaranteed Elements Work Group submitted comments to the New York State Department of Financial Services on Proposed 11 NYCRR 48 (Insurance Regulation 210) on life insurance and annuity non-guaranteed elements.

Alerts

  • The Government Accountability Office released a report on alternatives to the current Terrorism Risk Insurance Program whereby the federal government provides a high-level backup to the private market for terrorism risk insurance.

  • 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.

In the News

  • Politico Pro ran a subscriber-only story focused on the Academy’s new issue paper evaluating the health insurance individual market and reform options.

  • CBC News (Canada) ran a story about the increased incidence of extreme weather events based on results from the Academy’s jointly sponsored Actuaries Climate Index, which provides a quarterly gauge of changes in extreme weather events and sea levels. The story was reprinted by Yahoo Finance (Canada).

  • Senior Health Fellow Cori Uccello discussed the options outlined in the Individual and Small Group Markets Committee’s new issue paper for addressing challenges in the individual market in a subscriber-only Bloomberg Government article.

 

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