This Week: July 24-28, 2017

Read the latest news from the Academy.

Recent Academy Activity, July 24–28, 2017

Academy Underscores Importance of Health Insurance Market Stability

As the U.S. Senate debated major health care legislation and considered repealing and/or replacing the Affordable Care Act (ACA), the Academy this week emphasized the need for public policies that support stable and sustainable health insurance markets.

The Health Practice Council sent a letter Tuesday to U.S. Senate leadership on the potential adverse consequences of legislation to eliminate the ACA’s individual mandate, which would lead to lower enrollment, a deterioration of the risk pool, and higher premiums. The HPC also released a policy paper highlighting cost-sharing reductions—what they are, and why they need to be funded.

Academy Attends IABA Conference

The Academy offered its congratulations to the International Association of Black Actuaries at the IABA’s 25th anniversary celebration, which continues through Saturday at the Capital Hilton in Washington, D.C. The Academy was a “Premium” sponsor of this event and staffed an exhibit showing the work of the Academy and its relevance to those attending. Academy President Bob Beuerlein attended, as did Jeff Johnson, vice president, life, and a founding IABA member; Executive Director Mary Downs; and Assistant Director of Membership Kasha Shelton. David Driscoll, a member of the Actuarial Board for Counseling and Discipline, presented a professionalism session for attendees at which they could obtain professionalism continuing education credit.

Board Election Kicks Off Next Week

Next Friday, Aug. 4, Academy members should look for an email from Intelliscan, our election vendor, announcing that the online election of regular directors for the Academy Board is underway. A preliminary notification about the election was sent to members last Friday. These emails with voting information will come from academy2017@intelliscaninc.net; please add this address to your safe senders list and/or check your junk-mail folder to make sure you have received it. The election period will run through Aug. 25. We encourage members to take part in electing the next leaders of the Academy who will help us fulfill our mission to serve the public and the U.S. actuarial profession. For more information, visit the Academy Board Election Center.

New: Capitol Forum Webinar on IAIS Insurance Capital Standard

Join the Academy on Wednesday, Aug. 23, for a Capitol Forum webinar that will provide members with an update on the development of the Insurance Capital Standard, a lead project at the International Association of Insurance Supervisors. Presenting will be Ned Tyrrell, international technical policy advisor with the NAIC, who will share a look at the progress that has been made and the timeline for moving forward. The webinar will be held from noon to 1 p.m. EDT. Register today.

Extra-Early Registration Extended for PBR Boot Camp

Extra-early registration will be extended through next Friday, Aug. 4, for the Academy’s upcoming Fall PBR Boot Camp, to be held Sept. 11–13 in Las Vegas. Register today and join us for this unique event that will offer actuaries who work with regulators—and others who will be submitting their documents to the regulators—an opportunity to understand and discuss PBR implementation challenges and opportunities. An agenda at a glance is available.

Upcoming Events

Alerts

  • Following two previous votes on significant health care legislation, the U.S. Senate concluded debate on a budget reconciliation bill without passing any legislation. Attempts to, in part, repeal and/or replace the ACA ended in a 49-51 vote early Friday morning on the Healthcare Freedom Act, also known as the “skinny repeal.”

  • The U.S. Senate voted on an amendment containing the Better Care Reconciliation Act of 2017, which would repeal and replace much of the Affordable Care Act. The vote failed by a 43-57 vote.

  • 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

  • Members of the Academy’s Pension Committee visited U.S. Senate, House, and committee staff on Capitol Hill Thursday and Friday to discuss multiemployer plan issues.

  • The P/C RBC Committee and the Health Solvency Subcommittee submitted a joint comment letter to the NAIC’s Investment Risk-Based Capital Working Group expressing concerns about proposed changes to corporate bond factors.

  • The Tax Work Group released an issue brief on the implications of calculating tax-deductible claim reserves based on incurral date versus issue date for long-term disability insurance policies.

  • The C1 Work Group submitted comments to the NAIC’s Investment Risk-Based Capital Working Group on its recent proposal on RBC requirements for real estate.

In the News

  • In remarks made on the floor of the U.S. Senate and televised live on C-SPAN (at the 57-minute mark), Sen. Elizabeth Warren (D-Mass.) cited the HPC’s letter sent this week to Senate leadership on the potential adverse consequences of legislation to eliminate the ACA’s individual mandate. More than 60 media outlets reported on the letter, including the Washington Post, CNN Money, MSN, Modern Healthcare, Fierce Healthcare, and Vox.

  • In a Huffington Post story, Senior Health Fellow Cori Uccello discussed how eliminating the individual mandate would lead to lower enrollment, a deterioration of the risk pool, and higher premiums. The article was reprinted by Yahoo News.

  • A Politico newsletter cited Uccello’s comments from an Academy news release urging the Senate to permanently fund cost-sharing reduction payments to insurers and increase external funding to help defray the cost of premiums.

  • An Actuarial Review article on the National Flood Insurance Program’s debt extensively cited Rade Musulin, the Academy’s vice president, casualty, and Senior Casualty Fellow Jim MacGinnitie.

  • The Washington Examiner cited the Academy’s issue brief on drivers of 2017 premium changes. The issue brief was also cited by News & Observer (Raleigh, N.C.).

  • Slate referred to the Academy’s recent analysis of risk pooling in a story on how the amendment proposed by Sen. Ted Cruz (R-Texas) to the Senate health care bill would affect the individual market.

  • An article published by Factcheck.org quoted from the Academy’s issue brief on selling insurance across state lines.
  • A Mondaq story cited the Academy’s June 30 comment letter to Senate leaders on health care legislation.

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2017 Annual Meeting and Public Policy Forum