This Week: May 15 - 19, 2017

Read the latest news from the Academy.

Recent Academy Activity, May 15–19, 2017

Work Group Releases Practice Note on Life Principle-Based Reserves Under VM-20

The Life Principle-Based Approach Practice Note Work Group released the final practice note, Life Principle-Based Reserves Under VM-20, to assist actuaries with the implementation of the principle-based life reserve valuation approach adopted by the NAIC as detailed in the Requirements for Principle-Based Reserves for Life Products—VM-20. A special session at the Academy’s PBR Boot Camp next week in Orlando, Fla., will look at the practice note, as well as the recently released model governance practice note.

Academy Launches New Publication, Casualty Quarterly

The Academy published a new newsletter Friday, Casualty Quarterly, which looks at recent property/casualty news and highlights recent P/C legislation and regulation, and joins our practice-area specific publications such as HealthCheck and Enrolled Actuaries Report. The inaugural issue covers issues surrounding the National Flood Insurance Program, which is up for congressional reauthorization in September, the Academy’s recent flood insurance monograph, and more.

Webinar Highlights Progress in Actuaries Climate Index

The Academy hosted a complimentary webinar Thursday on the Actuaries Climate Index, providing an overview of the jointly sponsored project that kicked off last November, looking at the ACI’s components and future plans, and offering an introduction to the Actuaries Climate Risk Index.

“The stakeholders have spent a lot of energy and resources in developing the indices,” said Jim MacGinnitie, the Academy’s senior casualty fellow, who gave an ACI presentation at NASA headquarters in March as part of the Academy’s ACI public policy outreach.

Representatives of the Academy and the three other sponsoring actuarial organizations—the Canadian Institute of Actuaries, the Casualty Actuarial Society, and the Society of Actuaries—presented at the webinar. Slides and audio are available without cost to members on the Academy’s webinar page.

LHQ Seminar Provides Necessary Qualifications

Are you an actuary who wishes to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement? If so, make plans to attend the 2017 Life and Health Qualifications Seminar. This annual and highly regarded event is the most efficient way to gain your necessary qualifications. Attendees can earn up to 27 hours of continuing education, including up to 2.7 professionalism hours. Only 100 seats are available for this seminar; register today for the lowest rates and to secure your space.

Beuerlein Shares Professionalism History, Tips With N.Y., Hartford/Springfield Actuaries

The broad societal consequences of the actuarial profession’s work are at the root of the Academy’s public policy and professionalism mission, Academy President Bob Beuerlein told hundreds of attendees at the Actuarial Society of New York and Actuaries’ Club of Hartford & Springfield meetings earlier this week.

Key to professional self-regulation, Beuerlein explained, is the support provided to qualified actuaries to assist them in applying professional standards in daily practice. He called attendees’ attention to the FAQs on the U.S. Qualification Standards, the Applicability Guidelines for Actuarial Standards of Practice, and requests for guidance from the Actuarial Board for Counseling and Discipline (ABCD) as examples of resources established through the Academy’s history to that end.

Recently Released

  • The latest issue of ASB Boxscore covers revisions to Actuarial Standards of Practice (ASOPs) No. 5 and No. 17, an exposure draft on a proposed ASOP for principle-based reserves for life products, and highlights the ASB’s annual report.

Upcoming Events

  • Global Webinar on Pandemic Risks: An Academy global webinar will look at escalating factors for epidemic and pandemic risks, as well as the costs associated with responding to the risk in terms of infrastructure, technology, and lifestyle modifications. Presenters will discuss examples of the calculation and observation for different indices, including infrastructures for public health communication, institutional capacity, and economic factors. They will also share case studies on the United States, Canada, Israel, China, Singapore, and more. The webinar will be held on Tuesday, June 6, from 1 to 2:30 p.m. EDT. Register today.

  • Exposed Credit For Life Reinsurance Practice Note Webinar: Join the Academy for a webinar providing an in-depth review of the draft Credit for Life Reinsurance in U.S. Statutory Financial Statements practice note recently exposed by the Reinsurance Committee’s Credit for Reinsurance Subgroup. 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. The webinar will be held on Monday, June 26, from noon to 1 p.m. EDT. Register today.

  • Professionalism Webinar on Actuary-to-Actuary Communications: The Academy will host a professionalism webinar, “Actuary-to-Actuary Communications,” on Wednesday, June 28, from noon to 1:30 p.m. EDT. Presenters Academy President Bob Beuerlein, Council on Professionalism member Cecil Bykerk, and ABCD Immediate Past Chairperson Janet Fagan will discuss relevant precepts of the Code of Professional Conduct, discuss case studies, and give attendees insights on how the Code and other professionalism tools can help guide successful actuary-to-actuary communication. The Academy believes in good faith that attendees will have the opportunity to earn up to 1.8 continuing education credits as well as 1.8 continuing professional education credits for core ethics under the Joint Board for the Enrollment of Actuaries rules. Register today.

  • Extra Early Registration Deadline Approaching for 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 at the Academy’s Annual Meeting and Public Policy Forum, to be held Nov. 14–15 in Washington, D.C., for an in-depth look at today’s top public policy and professionalism issues. Register by June 20 for the lowest rates.

Public Policy Activities

  • The Financial Regulatory Task Force sent comments to U.S. House of Representatives leadership Friday on H.R. 10, the Financial CHOICE Act of 2017, noting that if Congress chooses to establish an Office of the Independent Insurance Advocate, that office should include an Office of the Actuary.

In the News

  • An Associated Press story discussing expected health insurance premium hikes in the individual market quoted Senior Health Fellow Cori Uccello on how uncertainty regarding the regulatory environment for 2018 is affecting premiums. More than 600 media outlets—including the Chicago Tribune, CNBC, CBS News, Fox Business, San Francisco Chronicle, and The Washington Times—published the story. A HealthPayer Intelligence article on Section 1332 state waivers for high-risk pools and reinsurance also cited separate comments made by Uccello on regulatory uncertainty.

  • The Individual and Small Group Markets Committee and the Medicaid Subcommittee’s comment letter to U.S. House of Representatives was cited in a Bloomberg BNA interview with Brian Blase, special assistant to the president in the National Economic Council.

  • A Kaiser Health News morning briefing cited the Risk Sharing Subcommittee’s issue brief examining the risk adjustment program implemented under the Affordable Care Act (ACA) and the implications for the program under different potential changes to current health insurance market rules. The issue brief was also cited by Advisor Magazine.

  • The AMAC Foundation cited the Social Security Committee’s issue brief discussing gender-related factors that can cause differences to the benefits women and men receive from Social Security. The issue brief was also cited by Advisor Magazine.

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