This Week: March 13 - 17, 2017

Read the latest news from the Academy.

Recent Academy Activity, March 13–17, 2017

Wildsmith Represents the Academy on C-SPAN, Discussing Health Care

Academy Immediate Past President Tom Wildsmith appeared Tuesday on C-SPAN’s Washington Journal, a televised national call-in program that focuses on current events related to politics, public policy, and legislation. Wildsmith, the Academy’s president in 2015–16, provided a nonpartisan actuarial perspective on current health care reform proposals supporting the sale of insurance across state lines. Watch the video here.

New Issue Brief Explores Medicaid Funding

The Medicaid Funding Work Group published an issue brief, Proposed Approaches to Medicaid Funding, which addresses key design elements of block grants and per capita caps in relation to program sustainability.

Moving to block grants or per capita caps would shift more funding risk to states, which will need flexibility to modify components of their Medicaid programs to stay within their budgets, according to the issue brief. Sustainability of Medicaid under block grants or per capita caps funding methods will depend upon appropriate initial allocation of funds to each state and adequate growth rates of those funds, it says.

If block grants or per capita caps limit the federal share of the current program, states will need more flexibility in their programs to manage their share of the program costs while balancing the needs of beneficiaries and other stakeholders, the issue brief says, which could add more administrative burdens to both states and the federal government.

Academy Presents Actuaries Climate Index to Inter-Agency Forum

Senior Casualty Fellow Jim MacGinnitie provided an overview Thursday of the Actuaries Climate Index (ACI) and Actuaries Climate Risk Index (ACRI) to the Inter-Agency Forum on Climate Change Impacts and Adaptations meeting at NASA headquarters in Washington. MacGinnitie’s presentation included ACI data for spring and summer 2016, which the Academy and other U.S. and Canadian actuarial organizations released last week. The ACRI shifts the question from “Is the incidence of extreme weather events increasing” to “Are they happening where there are people and property?” with a goal of producing an index especially useful to public policymakers.

Public Employment Opportunity

The Iowa Insurance Division is seeking to fill an actuary position to review insurance rate filings for various lines of property and casualty insurance including but not limited to automobile, homeowners, workers’ compensation, commercial general liability, crop, and professional liability insurance. The actuary in this position will analyze insurance rate filings to determine their actuarial soundness and for compliance with legal requirements and departmental regulations, and will analyze formulas used in the computation of net premium and determines that benefits values are sound and equitable. See the full job posting on the Iowa Department of Administrative Services website.

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

Upcoming Events

  • Next Week—Global Health Webinar to Examine Long-Term Care Issues in U.S., Germany: The Academy and the International Actuarial Association Health Section (IAAHS) will host a webinar, “Global Perspectives on Long-Term Care: United States and Germany,” next Friday, March 24. Worldwide long-term care demand is expected to increase significantly in the coming decades because of longevity increases and advances in health technologies and treatment, and this webinar will highlight a new report issued by the IAA’s Population Issues Working Group while spotlighting the perspectives of the two countries. The webinar, which will run from 10 to 11:30 a.m. EDT, is free for Academy and IAAHS members. Registration will close on March 22, so register today.

  • Professionalism Webinar—Practical Applications of the Code: Join the Academy on Tuesday, March 28, for “Practical Applications of the Code of Professional Conduct.” The webinar, which will take place from noon to 1:30 p.m. EDT, will feature Immediate Past President Tom Wildsmith, Vice President of Professionalism Joeff Williams, and Council on Professionalism member Chad Wischmeyer. Using case studies, as well as themes described in the “Web of Professionalism” series recently published in Contingencies, the panelists will present a lively discussion on the Precepts and how best to integrate them into your daily work. Attendees will gain greater clarity on what each Precept means, and ways to keep the Code at the forefront of their practice. Register today.

  • Early Registration Rates Available for May PBR Boot Camp: Early registration rates are available for the Academy’s PBR Boot Camp, to be held May 22–24 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 to implement and utilize principle-based reserving (PBR). Earn up to 24 hours of organized-activity continuing education credit. Register today and plan to join your fellow actuaries for this popular seminar that will ensure you stay ahead of the PBR curve.

  • Extra-Early Registration for Annual Meeting and Public Policy Forum: The best discounts are available for the Academy’s 2017 Annual Meeting and Public Policy Forum, to be held Nov. 14–15 at the Fairmont Hotel in Washington, D.C. This annual, exceptional event will give you a unique and in-depth look at the top public policy and professionalism issues facing the actuarial profession. Register today at the discounted extra-early rate to ensure you are there to get the information you need to stay on top of the issues that matter the most to you, your profession, and our nation.

Public Policy Activities

  • The SVL Interest Rate Modernization Work Group submitted comments to the NAIC’s VM-22 (A) Subgroup on the VM-22 Maximum Valuation Interest Rates for Income Annuities draft report.


  • The Congressional Budget Office scored the American Health Care Act, portions of which were marked up by the U.S. House Energy and Commerce and the Ways and Means committees last week.

  • The Financial Accounting Standards Board released Accounting Standards Update 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost.

In the News

  • A column aimed at helping non-actuaries who review actuarial reports examined the requirements of Actuarial Standard of Practice No. 41, Actuarial Communications.


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