This Week, Jan. 8-12, 2018

Read the latest news from the Academy.

Recent Academy Activity, Jan. 8–12, 2018

Academy Office Closed Monday for MLK Holiday

The Academy’s office will be closed on Monday, Jan. 15, in observance of the Martin Luther King Jr. Day holiday.

2017 Legislative/Regulatory Review Alert Released

The Academy released its 2017 year-in-review alert, which offers a comprehensive summary of significant regulatory and legislative events last year at the state, federal, and international levels that are of interest to the U.S. actuarial profession. It also includes related Academy efforts in the past year in key areas, including flood insurance, health care and potential changes to the Affordable Care Act (ACA), Medicare, principle-based reserving, Social Security, international insurance capital standards, and many other issues.

Next Week—Academy, Canadian Institute of Actuaries Webinar Series Kicks Off

The Academy and the Canadian Institute of Actuaries’ (CIA) jointly sponsored webinar series will kick off next Wednesday with “The Roles of National Actuarial Organizations in the U.S. and Canada.” Presenters will include past Academy President Tom Wildsmith, Academy senior policy analyst Claire Mickelson, and CIA President Sharon Giffen and Executive Director Michel Simard. The webinar will be held on Jan. 17 from noon to 1:30 p.m. EST; register via the CIA website.

Review Your Membership Profile

To continue receiving Contingencies and other Academy publications on time, please make sure the Academy has your correct contact information. Academy members can update their member profile, subscribe to Academy alerts, and review archived professionalism and public policy webinars at the member login page. Or members may click here to conveniently pay their membership dues.

ASB Adopts New ASOP No. 53, on P/C Risk Transfer and Retention

The Actuarial Standards Board has adopted the new Actuarial Standard of Practice (ASOP) No. 53, Estimating Future Costs for Prospective Property/Casualty Risk Transfer and Risk Retention. This ASOP provides guidance to actuaries when performing actuarial services with respect to developing or reviewing future cost estimates for prospective property/casualty risk transfer and risk retention, and includes future cost estimates for insurance, reinsurance, self-insurance, loss portfolio transfers, or any other mechanisms for risk transfer or risk retention. The new ASOP will be effective for work performed on or after Aug. 1, 2018.

Casualty Webinar Looks at RMAD and Reserve Ranges

More than 400 members attended Thursday’s webinar, “P/C Loss Reserve Opinion Writing: RMAD and Reserve Ranges,” which looked at risk of material adverse deviation (RMAD), reserve ranges, and how they fit together for the purposes of issuing statements of actuarial opinion. The webinar, hosted by the Academy’s Committee on Property and Liability Financial Reporting (COPLFR), was a follow-up to presentations on those subjects at last month’s Seminar on P/C Effective Loss Reserve Opinions. Moderated by COPLFR Chairperson Kathy Odomirok, the panelists were COPLFR member and Past Academy President Mary Frances Miller, and Dawn Fowle, a member of the Opinion Seminar Subcommittee. Slides and audio are available free to members.

Post-NAIC Webinar Recaps Life-Practice Issues

Almost 300 members attended the Academy’s post-NAIC life webinar Wednesday that recapped life practice issues from the NAIC Fall 2017 National Meeting held last month in Honolulu. Presenters covered principle-based reserving, risk-based capital, reinsurance, and other life practice issues, and highlighted the Academy presentations to the NAIC’s Life Actuarial Task Force. The webinar was moderated by Dave Neve, Academy vice president, life; and the panelists were Michael Boerner, member of the Life Practice Council; Michael Yanacheak, actuarial administrator, Iowa Insurance Division; and Mary Bahna-Nolan, chairperson of the Life Experience Committee. Slides and audio are available free to members.

Recently Released

  • The January HealthCheck covers the Health Practice Council’s (HPC) letter to Congress regarding the pending elimination of the ACA’s individual mandate following passage of the new tax-reform law, the Department of Labor’s proposed rule on association health plans, the release of the Center for Consumer Information & Insurance Oversight’s 2019 Actuarial Value calculator and methodology, and Congress’ short-term funding of the Children’s Health Insurance Program.

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 Centers for Medicare & Medicaid Services sent a letter to state Medicaid directors announcing a new policy that would support state efforts to include work requirements in their Medicaid programs.

  • 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 Role of the Actuary Subgroup sent an Amendment Proposal Form to the NAIC’s Life Actuarial Task Force on changes to the definition of Actuarial Opinion outlined in VM-01.

In the News

 

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.