This Week: Sept. 25-29, 2017

Read the latest news from the Academy.

Recent Academy Activity, Sept. 25–29, 2017

Work Group Releases Practice Note on Asset Adequacy Analysis

The Life Practice Council’s Asset Adequacy Analysis Practice Note Work Group released a new practice note, Asset Adequacy Analysis, to assist practicing life actuaries who are faced with the requirement of asset adequacy analysis. The practice note provides examples of some of the common approaches to this work.

Academy Continues to Urge Stabilization Measures for Individual Insurance Market

The Academy noted this week that serious challenges to the stability and the sustainability of the existing individual health insurance market remain and need to be addressed. Despite the decision by the U.S. Senate majority this week to put aside current efforts to repeal and replace the Affordable Care Act (ACA), beneficiaries and insurers alike need clarity as the upcoming 2018 open-enrollment period approaches.

“While most insurers have already made decisions on whether to participate in the market next year and have finalized 2018 premium rates, we will face the same issues next year if policymakers and regulators don’t take steps to stabilize the market,” said Academy Senior Health Fellow Cori Uccello.

Oct. 12 Free Retirement Readiness Webinar—U.S., U.K., Australia

The Academy and the Institute and Faculty of Actuaries (IFoA) will host a free webinar, “Retirement Readiness in Three Countries: Who Is Ready to Retire?” Presenters will look at retirement issues in the United States, the United Kingdom, and Australia in the context of a survey of residents from the three countries sponsored by the Academy, the IFoA, and the Australian Institute of Actuaries. There will be opportunity to ask questions, and the webinar has been scheduled to allow U.S. and U.K. registrants to participate in the discussion. Continuing education credit is available for those attending the live webinar, which will be held on Thursday, Oct. 12, from 10 to 11:15 a.m. EDT. Register today.

Webinar Looks at Short-Duration Contract Perspectives

The Academy hosted a webinar, “International Financial Reporting—A Short-Duration Contracts Perspective to IFRS 17,” on Monday, looking at the International Financial Reporting Standard (IFRS) 17—Insurance Contracts, which was recently issued by the International Accounting Standards Board and will become effective on Jan. 1, 2021. Financial Reporting Chairperson Gareth Kennedy, a member of the IFRS 17 Work Group, moderated, and work group members Laurel Kastrup, Marc Oberholtzer, and Lela Patrik presented. Slides and audio are available free to members on the Academy’s website.

Waitlist Available for November LHQ Seminar

The Academy’s popular Life and Health Qualifications Seminar—to be held Nov. 12–16 in Arlington, Va.—is now sold out. A waitlist is available for those interested in attending. Individuals also may still purchase the reading materials only. Visit the event page to learn more about how to join the waitlist and how to order reading materials.

Recently Released

  • The September Actuarial Update covers the Academy’s annual service award recipients, the actuarial perspective offered on the nation’s ongoing health care reform debate, Kevin Ryan named senior property and casualty fellow, the Professionalism Counts column on keeping up with your continuing education requirements, and more.

  • The latest Retirement Account covers the Social Security Committee’s issue brief on the 2017 Social Security Trustees Report, the Pension Practice Council’s issue brief on assessing pension plan health, and more.

Alerts

  • The Congressional Budget Office released a preliminary analysis, including budgetary scoring, of a health amendment authored by U.S. Sens. Graham, Cassidy, Heller, and Johnson, which would have partially repealed and replaced the ACA.

  • A bill to reform the Treasury Department’s Federal Insurance Office (FIO) was introduced in the House Thursday. The legislation, which has been referred to the Financial Services Committee, would revise FIO’s current authority over domestic and international activities and would administratively restructure the office within the Treasury Department.

  • 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.

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2017 Annual Meeting and Public Policy Forum