This Week, September 3-7, 2018

Read the latest news from the Academy.

Recent Academy Activity, Sept. 3–7, 2018

Today Is Early Registration Deadline for Annual Meeting; GAO’s Dodaro to Keynote

Today, Sept. 7, is final day to secure early registration rates for the Academy’s Annual Meeting and Public Policy Forum, to be held Nov. 1–2 in Washington, D.C. Gene Dodaro, U.S. comptroller general and head of the U.S. Government Accountability Office (GAO), will be a keynote speaker; Patrick McPharlin, chair of the NAIC’s Technology and Innovation Task Force, will also give a plenary address on the NAIC’s involvement in addressing regulatory and public policy concerns associated with the evolution of Big Data.

If you want help making sense of the current political climate, Charlie Cook of the Cook Political Report will deliver a keynote just days before the midterm elections, and the dinner entertainment will be a Prohibition Era-themed murder-mystery “Whodunit.” Breakout sessions will explore top public policy issues in each practice area, giving you opportunities to learn from and network with peers, regulators, and public policy officials. See the online agenda for more information.

Register today to lock in your early registration rate.

Academy Announces Recipients of Farley, Myers, Volunteerism Awards

The Academy announced that the recipients of its two highest awards, the Jarvis Farley Service Award and the Robert J. Myers Public Service Award, will be Geoffrey Sandler and Elise Liebers, respectively. The Academy will also honor four volunteers—Karen Bender, Lauren Cavanaugh, Jason Russell, and Wayne Stuenkel—with the annual Outstanding Volunteerism Award. The awards will be presented during the Academy’s Annual Meeting and Public Policy Forum, Nov. 1–2 in Washington, D.C.

Academy Board Action—Composition of the Selection Committee

Members should have received an email from Academy President Steve Alpert noting that on Sept. 4, 2018, the Academy’s Board of Directors, after careful deliberation, voted to amend the Academy’s Bylaws to change the composition of the Academy’s Selection Committee that appoints members of the ASB and the ABCD. Read Academy President Steve Alpert’s letter here.

Election of Regular Directors Concludes

The Academy’s annual online election of regular directors for the Academy Board completed last Friday, Aug. 31. The new directors will be Lauren Cavanaugh, Andy Ferris, Tim Geddes, and Kenneth Kasner. Their terms will begin at the conclusion of the Academy’s Annual Meeting on Nov. 1. For more information about the Nominating Committee guidelines and other details, please visit the Board Election Center.

Travel Insurance Monograph Released

The Casualty Practice Council’s Travel Insurance Task Force published a monograph, Travel Insurance: An Actuarial Perspective, which provides information on the manner in which travel insurance is designed, filed, priced, sold, and serviced. “Travel insurance has a number of unique aspects compared to personal automobile or homeowners insurance,” said Rade Musulin, the Academy’s vice president of casualty issues. Read the Academy news release.

Senior Health Fellow Uccello Named to CBO Health Insurance Panel

Academy Senior Health Fellow Cori Uccello was named to the Congressional Budget Office’s (CBO) Technical Review Panel for the Health Insurance Simulation Model. CBO Director Keith Hall announced the members Thursday. The panel will provide feedback on the next generation of CBO’s health insurance simulation model, which is being developed and tested.

Auto-Enrollment Issue Brief Released

A new Individual and Small Group Markets Committee issue brief, Auto-Enrollment Into Individual Market Health Insurance Coverage, provides insights on the potential and challenges of using auto-enrollment in the individual health insurance market. In particular, the issue brief details current uses of auto-enrollment and the measures that would be needed to implement auto-enrollment in the individual market.

CLRS Sessions Feature Academy Presentations

Several Academy representatives gave presentations at this week’s Casualty Loss Reserve Seminar (CLRS) in Anaheim, Calif., co-hosted by the Academy and the Casualty Actuarial Society. A number of Academy volunteers were on the faculty for the CLRS program. Kathy Odomirok, chairperson of the Academy’s Committee on Property and Liability Financial Reporting (COPLFR), presented at a Wednesday workshop on “Effective P&C Opinions,” and Academy Committee on Qualifications member Chad Wischmeyer spoke Thursday afternoon at a panel discussion on “Business Skills and Our ASOPs” (actuarial standards of practice).

Registration Open for October Professionalism Webinar, “The Anatomy of the ASOPs”

Registration opened this week for the Academy’s professionalism webinar, “The Anatomy of the ASOPs,” which will dissect and examine key issues related to the ASOPs promulgated by the Actuarial Standards Board (ASB). Presenters will be ASB Chairperson Beth Fitzgerald, ASB Vice Chairperson Kathy Riley, and ASB member Cande Olsen. The webinar will be held on Oct. 17, from noon to 1:30 p.m. EDT. Register today.

Check Out New Photos of ‘Magic School Bus’ Readers

The Academy has posted new photos to the Magic School Bus page. If you’ve given a copy to someone in your life, send a photo of your youngster in action to MSB@actuary.org. We’ll post a photo album on the Magic School Bus page on the Academy website (along with as much, or as little, information about your young reader as you’re comfortable with). The Academy thanks our members for supporting our efforts at promoting interest in the possibilities of being an actuary in school-age children.

Public Policy Activity

 

  • The Individual and Small Group Markets Committee and its Risk Sharing Subcommittee submitted comments on the Centers for Medicare & Medicaid Services’ and Department of Health and Human Services’ (HHS) Aug. 10 proposed rule regarding the adoption of methodology for the HHS-operated permanent risk adjustment program.

  • The RBC Tax Reform Work Group submitted a guidance document to the NAIC on the interpretation of life risk-based capital results in light of the 2017 Tax Cuts and Jobs Act.

  • The ERM/ORSA Committee submitted comments to the NAIC’s Financial Regulation Standards and Accreditation (F) Committee on the ORSA Analysis Timing Guidelines exposure.

Upcoming Events

In the News

  • In a Plan Adviser story, Senior Life Fellow Nancy Bennett discussed factors that are considered when pricing an annuity.

  • An opinion piece published by Pensions & Investments noted the Actuarial Standards Board’s (ASB) soon-to-be effective Actuarial Standard of Practice No. 51, Assessment and Disclosure of Risk Associated with Measuring Pension Obligations and Determining Pension Plan Contributions.

  • A Broker World Magazine article on retirement planning cited Academy research on longevity risk.

  • A Nasdaq story cited the Academy’s issue brief, The 80% Pension Funding Standard Myth.

 
 
 
 
 
 
 

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2018 Annual Meeting and Public Policy Forum