This Week: May 22 - 26, 2017

Read the latest news from the Academy.

Recent Academy Activity, May 22–26, 2017

Academy Office Closed Monday for Memorial Day

The Academy’s office will be closed on Monday, May 29, in observance of Memorial Day.

Academy Hosts Third PBR Boot Camp

The Academy held its third PBR Boot Camp in Orlando, Fla., this week, a three-day seminar that featured 18 dynamic, interactive sessions. The limited audience of 105 attendees received targeted instruction and also participated in intensive, focused discussion groups, providing an opportunity for attendees to share insights and learn from others’ experience following January’s implementation of principle-based reserving.

In response to the success of the three boot camps to date, but also recognizing the need for more focused offerings, the Academy’s fourth PBR Boot Camp in September will be targeted to regulators. Details will be available soon.

CPC Presents on Predictive Modeling at NAIC Insurance Summit

The Casualty Practice Council (CPC) gave multiple presentations on predictive modeling at the NAIC’s Insurance Summit Thursday in Kansas City, Mo. The program was coordinated by Roosevelt Mosley, chairperson of the CPC’s Automobile Insurance Committee, and Senior Casualty Fellow Jim MacGinnitie moderated the final discussion panel.

New Video for Annual Meeting and Public Policy Forum

View the new video posted this week on why you should attend the Academy’s Annual Meeting and Public Policy Forum, to be held Nov. 14–15 in Washington, D.C. The meeting and forum will offer insights into what the many changes occurring in Washington mean for your work as an actuary, and provide an in-depth look at today’s top public policy and professionalism issues. Continuing education (CE) and Joint Board for the Enrollment of Actuaries (JBEA) continuing professional education (CPE) credit will be available. Extra-early registration ends June 20; register today for the lowest rates.

Upcoming Events

  • Save the Date—P/C Opinion Seminar Dec. 7–8 in Chicago: Do you prepare or sign statements of actuarial opinion on P/C loss reserves for NAIC Annual Statements, or assist with preparing them? The Academy’s 2017 “Seminar on Effective P/C Loss Reserve Opinions” will be held Dec. 7–8 in Chicago. This two-day seminar will deepen your expertise on the latest regulations and standards with reviews of actuarial qualification standards and interactive case studies. Continuing education credit is available. Mark your calendars and plan to attend; registration will open in June.

  • June 6—Webinar on Global Pandemic Risks: An Academy webinar will look at escalating factors for global 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 of 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—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 Actuarial Board of Counseling and Discipline 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 CE credits as well as 1.8 CPE credits for core ethics under JBEA rules. Register today.

Alerts

  • The Congressional Budget Office (CBO) released its scoring Wednesday of the American Health Care Act of 2017 (AHCA), passed by the U.S. House of Representatives in early May. CBO estimates the AHCA could result in the loss of health insurance for 23 million Americans by 2026 while reducing the federal deficit by $119 billion over the same period.

  • The Trump administration released its fiscal year 2018 budget proposal Tuesday, which includes provisions that would address the National Flood Insurance Program (NFIP), consumer financial regulations, retirement security, and health care, among other issues.

  • The U.S. Department of Justice and the U.S. House of Representatives filed a joint motion in a federal appeals court Monday to delay for 90 days any legal action regarding the appropriations of subsidy payments for health insurers.

  • The International Accounting Standards Board released International Financial Reporting Standard 17, Insurance Contracts.

  • 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 Health Practice Council sent comments Tuesday to the Senate Finance Committee on improving the individual health insurance market and changing the approach to Medicaid funding.

  • The Operational Risk Work Group submitted comments Thursday to the NAIC’s Operational Risk (E) Subgroup on the Life Risk-Based Capital operational risk factor.

  • The Solvency Committee sent comments Friday to the NAIC’s Group Capital Calculation (E) Working Group on the NAIC Staff Memo—U.S. Insurers that Do Not File RBC and Prescribed / Permitted Practices that was exposed in March.

In the News

  • A PolitiFact article on the challenges facing Iowa’s federal health insurance marketplace for 2018, which was reprinted by the Tampa Bay Times, quoted Risk Sharing Subcommittee Chairperson Barbara Klever on factors that affect individual market stability.

  • A Healthcare Dive story quoted Senior Health Fellow Cori Uccello on the considerations insurers may be weighing in decisions on whether or not to continue participation in Affordable Care Act exchanges.

  • The Health Practice Council’s concerns regarding the uncertainty surrounding cost-sharing reduction (CSR) payments, expressed in Dec. 7 letters to the U.S. House and Senate, were quoted in a letter about CSRs from 196 House Democrats to President Trump, sent Wednesday.

  • A North Carolina Health News article discussing a bill to change the process by which mesothelioma patients sue for damages cited the Academy’s 2007 public policy monograph, Overview of Asbestos Claims Issues and Trends.

  • The Center for American Progress cited a Medicaid Funding Work Group issue brief in its analysis of the effects of state caps on Medicaid funding.

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