This Week: Jan. 30 - Feb. 3, 2017

Read the latest news from the Academy.

Recent Academy Activity, Jan. 30–Feb. 3, 2017

Volunteer Action Required: Commit to Objectivity

Committing on an annual basis to professional objectivity is required to perform volunteer work for all those who participate in Academy committees. That’s why Joeff Williams, vice president of the Academy’s Council on Professionalism, emailed each volunteer this week with a request to submit a conflict of interest (COI) acknowledgement and continuing education (CE) attestation. Interested parties must also acknowledge the COI policy. To comply, follow the instructions in the email or on the membership page under “Volunteer Acknowledgements.”

PBR Boot Camp: Registration Now Open for This Popular Seminar

Registration opened this week for the Academy’s PBR Boot Camp, to be held May 22 to 24 in Orlando, Fla. This intensive two-and-a-half-day seminar will deliver instructional sessions and interactive case studies to provide attendees with key learning experiences as they prepare to implement and utilize PBR. The Academy believes in good faith that this year’s agenda will enable attendees to earn up to 24 hours of organized-activity continuing education credits. Register now and plan to join your fellow life actuaries for this popular seminar that will ensure you stay ahead of the PBR curve. Extra-early rates are available through Feb. 28.

Recently Released

  • The January Actuarial Update covers the Individual and Small Group Markets Committee’s new issue paper examining the experience of the individual health insurance market under the Affordable Care Act (ACA) and considerations of that market’s sustainability under any potential reforms or repeal of the ACA. Also in this issue, the Actuarial Standards Board adopts revisions to two actuarial standards of practice; Academy volunteers and interested parties must commit to objectivity; a new webpage features important information about principle-based reserving (PBR); and the Academy is seeking pooled health plan data.

Registration Opening Next Week: 2017 Annual Meeting and Public Policy Forum

  • Mark your calendars for the Academy’s 2017 Annual Meeting and Public Policy Forum, to be held on Nov. 14 and 15 at the Fairmont Hotel in Washington, D.C. This annual event will give you an in-depth look at the top public policy issues facing the actuarial profession, delivering the information that you need to stay on top of the issues that matter the most to you, your profession, and our nation. Registration will open next week.

Academy Presents at Chamber of Commerce Forum

  • Senior Pension Fellow Ted Goldman presented on “Longevity and Retirement Security” at the U.S. Chamber of Commerce’s “The Shifting Paradigm of Retirement” forum in Washington on Feb. 3. Goldman reviewed longevity risk trends and challenges, and how the jointly sponsored Actuaries Longevity Illustrator is a useful tool for illustrating the risk for retirement planning purposes.

Order the P/C Loss Reserve Law Manual

  • The Academy’s 2016 Property/Casualty Loss Reserve Law Manual is available to order. Updated annually and designed to help appointed property/casualty 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—allowing actuaries to select the version that best suits their needs. Members can order online by logging in to the Academy’s website or via mail/fax.

Public Policy Activities

  • The ERM/ORSA Committee submitted comments to the Actuarial Standards Board on its exposure draft of a proposed actuarial standard of practice, Capital Adequacy Assessment for Insurers exposure.

In the News

  • Senior Health Fellow Cori Uccello was quoted in a Wall Street Journal article discussing the implications of reducing health plan required benefits under the Affordable Care Act. The article was republished by MSN. A subscriber-only Bloomberg Government story discussing proposals to eliminate the ACA’s individual mandate also quoted Uccello, who stressed that any reforms would need to “encourage enrollment among healthy people” to assure market sustainability.

  • Senior Life Fellow Nancy Bennett discussed the significance of the switch to principle-based reserving for life insurance in a U.S. News & World Report article on PBR implementation.

  • A column in the Charleston Gazette-Mail (W.Va.) cited the cover story in the November/December 2016 issue of Contingencies, “Generational Shift,” in discussing the need to prepare for the retirement and health challenges posed by demographic changes.

  • An Active Learning in Political Science blog post describes how political science teachers can use the Academy’s Social Security Game to teach valuable lessons to students regarding policy choices.

 

Note: Some links in this email go to external websites and may require registration. The Academy is not responsible for the content of these websites. Links may expire.