This Week: March 6 - 10, 2017

Read the latest news from the Academy.

Recent Academy Activity, March 6–10, 2017

Latest ACI Data Show Third-Highest Level on Record

The Academy and other actuarial organizations in the United States and Canada updated the Actuaries Climate Index (ACI) for spring and summer 2016, which reached the third-highest seasonal level recorded with a value of 1.72. The five-year moving average stands at 1.03.

“We have now seen three of the last four seasons having an [ACI] value over 1.50, compared to the 30-year reference period, which had no index values above 1.00,” said Doug Collins, chair of the ACI’s Climate Change Committee. “The spring and summer 2016 data reflect a continued pattern of increased frequencies of high temperatures and precipitation, and of lower-temperature extremes, compared to the reference period. We collected this data from neutral, scientific sources, and our members—actuaries—have developed these evidence-based results on extreme weather events.”

The ACI is based on an analysis of quarterly seasonal data for six different components collected from 1961 through summer 2016, compared with the 30-year reference period of 1961 through 1990. It was launched late last year by the Academy, the Canadian Institute of Actuaries, the Casualty Actuarial Society, and the Society of Actuaries.

Academy Insights Inform Congress, CMS on Proposed ACA Changes; HealthCheck Released

The Individual and Small Group Markets Committee sent comments to the U.S. House Committee on Education and the Workforce on H.R. 1101, the Small Business Health Fairness Act of 2017, which promotes the use of association health plans. The committee also submitted a letter to the Centers for Medicare & Medicaid Services (CMS) regarding a proposed rule on market stabilization.

The March HealthCheck, released this week, covers the committee’s three recent issue briefs on Affordable Care Act (ACA)-related health issues; the Health Practice Council’s February visits to Capitol Hill to meet with federal lawmakers and policymakers; ongoing congressional efforts to repeal and replace parts of the ACA; and health-related regulatory rulings from CMS, the IRS, and other federal agencies.

Upcoming Events

  • 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, on Friday, March 24, from 10 to 11:30 a.m. EDT. Worldwide LTC 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 is free for Academy and IAAHS members. 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. This quarterly webinar series delivers content of interest to actuaries in all practice areas, and is a popular and cost-effective way for members to stay abreast of current professionalism topics and earn valuable continuing education credit. 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 now 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 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 Pension Committee submitted a comment letter to the U.S. Treasury Department requesting guidance from the IRS and Treasury to resolve uncertainties that exist as to how variable annuity plans should be valued for minimum funding and Internal Revenue Code (IRC) §417(e) purposes.

Alerts

  • The U.S. House Energy and Commerce Committee and the Ways and Means Committee released legislation to repeal and replace the ACA.

In the News

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