This Week: May 29 - June 2, 2017

Read the latest news from the Academy.

Recent Academy Activity, May 29–June 2, 2017

Medicare Subcommittee Sends Comment Letter to House

The Medicare Subcommittee sent comments Thursday to the U.S. House of Representatives Ways and Means Health Subcommittee on preserving and strengthening Medicare. The Academy subcommittee cited several long-term financial challenges for the program, including the projected depletion of the Hospital Insurance Trust Fund by 2028.

“Approaches that would sustain and extend the recent slowdown in health care cost growth are likely to cause the least financial pain for policyholders and beneficiaries,” the letter noted, adding that such options include medical care delivery system reforms that focus on better patient care coordination and financial incentives that reward the high value of care provided rather than high volume of care.

Global Pandemic Risk Webinar Set for Tuesday

The Academy will host a webinar, “A Global Look at Pandemic Risk,” next Tuesday examining escalating factors for epidemic and pandemic risks, as well as the costs associated with responding to risks 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 June 6 from 1 to 2:30 p.m. EDT. Register today.

May Actuarial Update Released

The May Actuarial Update, released Wednesday, covers the Academy’s newly announced nominees for vice president in the practice areas of life, pension, and risk management and financial reporting, and for secretary-treasurer. It also covers last month’s Actuaries Climate Index webinar; the June deadlines for Academy service award nominations; the Casualty Practice Council’s predictive modeling presentations at the NAIC Insurance Summit; and the ‘Professionalism Counts’ column, which looks at professionalism at critical career transition points.

Upcoming Events

  • June 20 Deadline Approaching for Extra-Early Discount for Annual Meeting and Public Policy Forum: Extra-early registration ends June 20 for the Academy’s 2017 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) credit is available, and the Academy believes in good faith that Joint Board for the Enrollment of Actuaries continuing professional education (CPE) credit also will be available. Register today for the lowest rates.

  • June 28—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. The 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.

  • 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.

  • 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 soon.


  • Rep. Sean Duffy (R-Wis.), chairman of the U.S. House Financial Services Subcommittee on Housing and Insurance, released several draft bills as part of a proposed five-year reauthorization of the National Flood Insurance Program.

  • The Public Company Accounting Oversight Board adopted a new standard—AS 3101, The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion—designed to provide users of financial statements with more information about an audit and the auditor’s findings.

  • 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 PBR Governance Work Group submitted comments to the Actuarial Standards Board on the exposure draft for a new actuarial standard of practice (ASOP), Principle-Based Reserves for Life Products.

In the News

  • Senior Pension Fellow Ted Goldman provided an actuarial perspective on the current and future state of pensions for a report published by Clear Path Analysis.

  • The Health Practice Council’s concerns regarding the uncertainty surrounding cost-sharing reduction payments, expressed in letters to the U.S. House and Senate, were cited in a Best Week story.

  • A Pinnacle Actuarial Resources blog post describes how the Academy’s jointly sponsored Actuaries Climate Index and forthcoming Actuaries Climate Risk Index can help provide valuable data regarding climate change to the actuarial profession, insurers, and the public.

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