This Week: March 27 - 31, 2017


Read the latest news from the Academy.

Recent Academy Activity, March 27–31, 2017

Professionalism Webinar Covers ‘Practical Applications of the Code of Professional Conduct’

The Academy’s March 28 professionalism webinar, “Practical Applications of the Code of Professional Conduct,” drew more than 2,000 attendees and addressed many key issues and questions about the Code in an interactive and engaging presentation with examples actuaries frequently encounter.

“The Code is not an arbitrary rulebook; it’s a framework that we can use to guide our decisions as professionals,” said Immediate Past President Tom Wildsmith, one of three webinar panelists. “It defines our moral and ethical obligations, and its ultimate purpose is to ensure that the public can trust us as a profession.”

Vice President of Professionalism Joeff Williams and Council on Professionalism member Chad Wischmeyer joined Wildsmith as panelists, and Academy General Counsel and Director of Professionalism Paul Kollmer-Dorsey moderated. Slides and audio are available without charge on the Academy’s member-only webinar page, as are slides and audio from the wide range of professionalism topics covered in past webinars.

Health Webinar Canceled

In light of last Friday’s decision to cancel a vote on the American Health Care Act (AHCA) in the U.S. House of Representatives, the Academy canceled today’s scheduled webinar on the AHCA and the Affordable Care Act (ACA).

The Academy plans to assess the health insurance marketplace and offer a webinar focused on emerging issues in the near future.

Recently Released

  • The March Actuarial Update, released today, includes the Academy’s health policy activities related to the ACA and AHCA; a call for nominations for Academy regular directors; the “Professionalism Counts” column on ASOP No. 32, Social Insurance; and a remembrance of Academy charter member A. Haeworth Robertson, recipient of the Academy’s Robert J. Myers Public Service Award in 2004.

  • The spring StateScan Quarterly features legislative and regulatory updates on ride-sharing companies, Medicaid revisions, public pension plans, and other topics of interest to actuaries. StateScan, the legislative/regulatory portal for Academy members, provides state legislative and regulatory reports on key topics in all actuarial practice areas.

  • The latest Enrolled Actuaries Report covers Multiemployer Plans Subcommittee notes of its meeting with officials from the Labor and Treasury departments and the Pension Benefit Guaranty Corporation on applications by multiemployer pension plans in critical and declining status to suspend benefits or partition liabilities; the Pension Cost Work Group issue brief on pension cost determination; and Senior Pension Fellow Ted Goldman’s article identifying 10 key retirement and pension issues to watch this year.

Upcoming Events

  • Save the Dates—Post-NAIC Life, Casualty Webinars: The Academy will host two webinars in April following next month’s NAIC Spring 2017 National Meeting in Denver. The post-NAIC life webinar will be held on Thursday, April 20, from noon to 1:30 p.m. EDT; and the post-NAIC casualty webinar will be held on Tuesday, April 25, from noon to 1 p.m. EDT. Registration will open soon.

  • Early Registration Rates End in April for Upcoming 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), just as many companies are starting to adopt this new practice. Earn up to 24 hours of organized-activity continuing education credit. Register by April 28 for discounted rates, and 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 now 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.

ABCD Annual Report Released

  • The Actuarial Board for Counseling and Discipline (ABCD) has released its 2016 Annual Report. The ABCD handled 141 cases, comprised of 108 requests for guidance (RFGs) and 33 inquiries last year, provided guidance in response to the 108 RFGs (a record high), and closed 14 inquiry cases. A chart showing the number of cases handled by the ABCD since its inception in 1992, including inquiry cases and RFGs, is included in the report. This level of activity demonstrates the increasing desire to seek guidance on actuarial standards of practice and the Code of Professional Conduct, ABCD Chairperson Janet Fagan wrote.

Public Policy Activities

  • The Pension Committee submitted a comment letter to the IRS on an update to mortality tables for determining the present value for defined benefit pension plans.

  • The Workers’ Compensation Committee submitted a comment letter to California’s Office of Self-Insurance Plans that raises concerns regarding guidance issued to actuaries who are evaluating self-insured workers’ compensation plans.

Alerts

  • The U.S. Senate passed a joint resolution by a 50-49 vote Thursday that, if signed by the president, will repeal a U.S. Department of Labor rule that provides municipalities a safe harbor to facilitate government-sponsored individual retirement accounts for private-sector employees who do not have access to workplace retirement savings programs. Read the full alert here or in the member section of the Academy website under “Pension Alerts.”

In the News

  • House Democratic Leader Nancy Pelosi and Senate Democratic Leader Chuck Schumer cited the Academy’s actuarial assessment of the Affordable Care Act’s insurance marketplaces in a letter to President Donald Trump urging the administration to work with Democrats to improve health care and further reduce costs.

  • U.S. News & World Report cited the Academy’s letter to Congress and the nation’s governors that addressed approaches to federal Medicaid funding and continued actuarial soundness requirements, as well as the individual health insurance market.

  • A McClatchy DC fact-checking story quoted Senior Health Fellow Cori Uccello’s explanation that 2017 premium increases in a number of states are not necessarily indicative of an ACA premium spiral.

  • A Politifact fact-checking story cited the key finding of the Academy’s issue paper evaluating the health insurance individual market and reform options. The issue paper was also cited by the National Law Review, JDSupra Business Advisor, Lexology, and Cleveland.com.

 
 

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