This Week: May 1 - 5, 2017

Read the latest news from the Academy.

Recent Academy Activity, May 1–5, 2017

Life Reinsurance Practice Note Released; Webinar Set for June

The Reinsurance Committee’s Credit for Reinsurance Subgroup released a draft practice note for exposure Friday, Credit for Life Reinsurance in U.S. Statutory Financial Statements. The exposed practice note reviews changes that have occurred since its prior version, including the impact on reinsurance of the Dodd-Frank financial reform law, the NAIC’s Valuation Manual, and other key laws and regulations. Comments are due by July 7; read the Academy’s alert.

The Academy will host a webinar on Monday, June 26, from noon to 1 p.m. EDT for an in-depth review of the practice note. Attendees will learn about current and emerging practices used to determine the credit for reinsurance that may be taken on statutory financial statements, and will gain background for commenting on the draft. Register today.

Uccello Speaks at Capitol Hill Health Forum on Individual Market

Academy Senior Health Fellow Cori Uccello participated Friday in a Capitol Hill forum hosted by the Alliance for Health Reform on the individual health insurance market. The session—especially timely given the House’s passage of the American Health Care Act on Thursday—aired live on C-SPAN.

Five Proposals Move to the Next Round of Actuarial Challenge

Round Two of the Actuarial Challenge is complete, and a panel of judges selected five proposals from the 14 submitted to move on to the next round. A description of all the proposals is available on the website. The Actuarial Challenge, initiated last year, invited teams to propose changes to the individual health insurance market in an effort to improve stability and sustainability. The Academy is helping to promote the challenge, which is being conducted by the Robert Wood Johnson Foundation in conjunction with Milliman.

Upcoming Events

  • Save the Date—Professionalism Webinar Announced for June 28: The Academy will host a professionalism webinar, “Actuary-to-Actuary Communications,” on Wednesday, June 28, from noon to 1:30 p.m. Presenters will discuss how the Code of Professional Conduct and other elements of the professionalism framework can help you conduct difficult, but necessary, conversations with other actuaries. Registration will open next week.

  • Still Time to Register for PBR Boot Camp: Limited space remains for the Academy’s PBR Boot Camp, to be held May 22–24 in Orlando, Fla. Register now and plan to join your fellow actuaries for this popular seminar that will keep you ahead of the principle-based reserving (PBR) curve.

  • Actuaries Climate Index Webinar: The Academy will co-host a free webinar, “An Introduction to the Actuaries Climate Index,” on Thursday, May 18, from noon to 1:30 p.m. EDT. The Actuaries Climate Index (ACI) is designed to provide actuaries, public policymakers, and the general public with objective data about changes in the frequency of extreme climate events over recent decades. This webinar—sponsored by the Academy, the Canadian Institute of Actuaries, the Casualty Actuarial Society, and the Society of Actuaries—will give an overview of the ACI and include a discussion of its goals and future enhancements. Register today.

  • Stay Current on Today’s Issues at the Academy’s Annual Meeting and Public Policy Forum: What do the many changes occurring in Washington mean for your work as an actuary? Join us in Washington, D.C., at the Academy’s Annual Meeting and Public Policy Forum, to be held Nov. 14–15, for an in-depth look at today’s top public policy and professionalism issues. Register now to take advantage of extra-early registration rates.

  • FAQs Answered for November’s LHQ Seminar: Review the list of Frequently Asked Questions to get details on the Academy’s highly regarded Life and Health Qualifications Seminar, to be held Nov. 12–16 in Arlington, Va. The best discounts are available now, so register today. Attendees can earn up to 27 hours of organized activity continuing education credit.

Recently Released

  • The May/June issue of Contingencies features a cover story, “Outer Space for All,” that looks at the risks that individuals will bear in a new era of commercial spaceflight. Other articles explore how a shift in societal attitudes has changed views of risk; regulatory changes are creating strikingly new environments; and “Bayes’ Gift” covers how actuaries discovered (and rediscovered) a powerful analytical tool. And in Part 2 of the “Professionalism in Action” series, Academy President Bob Beuerlein explores professionalism and actuary-to-actuary communications.

  • The Academy updated the Essential Elements report, Plugging Holes in U.S. Flood Insurance, which looks at challenges related to the National Flood Insurance Program, which is scheduled to expire on Sept. 30 unless Congress extends or reauthorizes it.

Alerts

  • The U.S. House of Representatives passed H.R. 1628, the American Health Care Act of 2017, designed in part to replace the Affordable Care Act, by a 217-213 vote on Thursday.

  • The U.S. Senate passed a joint resolution, H.J. Res 66, by a 50-49 vote. If enacted, it will repeal a Department of Labor final rule that provides states a safe harbor to facilitate government-sponsored individual retirement accounts for private-sector employees who do not have access to workplace retirement-savings 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 Pension Committee submitted a comment letter to the Actuarial Standards Board on the proposed actuarial standard of practice, Setting Assumptions.

  • The Life Reserves Work Group submitted comments on two NAIC Life Actuarial Task Force proposed amendments to VM-20—one comment letter relates to additional definitions and another comment letter relates to proposed changes to Section 2.G.

In the News

  • The American Medical Association (AMA) cited Academy analysis of high risk pools in a news release regarding provisions of the American Health Care Act. The news release was reprinted by Medical Association of Georgia, InsuranceNewsNet, The Lund Report (Ore.), DOTmed.com, PublicNow (Canada), and Health News Digest. A separate story published by Healthcare Finance on the AMA statement also cited the Academy.

  • A weekly series published by Deloitte cited the Health Practice Council’s issue brief examining ways in which the individual health insurance market can be strengthened and made more viable.

  • A Pensions & Investments story discussing the effects on plans and plan sponsors of a forthcoming IRS update to mortality tables quoted Pension Committee Chairperson Ellen Kleinstuber. A subscriber-only Bloomberg BNA story on the same topic quoted Senior Pension Fellow Ted Goldman.

  • An Insurance, Co article discussing the public policy trade-offs involved in lowering health insurance premiums cited Academy analysis of premium changes.

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