A Tour of Health Care Funding Around the World (Thursday, Nov. 5 | 1:45 to 3 p.m. EST)
Health care is back at the top of the national agenda. All countries fund health care, but how is very different. The Academy’s Health Practice International Committee (HPIC), the SOA International Section, and the International Actuarial Association Health Section (IAAHS) have been compiling schematic diagrams to capture the main features of health financing systems for around 30 countries. This session will present our findings, reviewing how healthcare systems are different and similar. In addition, details of specific country funding schemes will be explored.
COVID-19 and the Future of Health Care Delivery and Payment (Friday, Nov. 6 | Noon to 1:15 p.m. EST)
This session will explore whether COVID-19 will result in long-term changes to health care delivery and payment. Such changes could include an increase in the use of telehealth, greater provider openness to capitation, and provider consolidation.
Regulating the Health Insurance Markets: What’s New for 2021 (Friday, Nov. 6 | 2 to 3:45 p.m. EST)
Each year federal and state regulations are revised to reflect changes in the law and other policy changes. This year includes additional changes precipitated by the COVID-19 pandemic. In this session, panelists will discuss the latest regulatory changes affecting coverage in the Affordable Care Act (ACA) marketplaces, Medicare, and Medicaid.
Implications of the SECURE Act
The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed by Congress and signed into law in December 2019. This far-reaching bill provides significant opportunities that increase access to tax-advantaged accounts in order to help prevent older American from outliving their assets. During this session, experts will discuss the implications of the SECURE Act on the life insurance industry and explore how the new law will impact defined contribution plans and annuities.
Regulation Best Interest and Annuity Suitability Model
In recent years, the Securities and Exchange Commission adopted Regulation Best Interest, the National Association of Insurance Commissioners adopted changes to the Suitability in Annuity Transactions Model Regulation (#275), and the New York State Department of Financial Services revised Insurance Regulation 187. In this session, experts will discuss the implications of these regulations on the life insurance industry and the role of the actuary in complying with the regulations.
Effects of COVID-19 on the Life Insurance Industry
The COVID-19 pandemic has impacted nearly every aspect of global business. While the long-term effects of this pandemic will take months to come to fruition, this session will focus on what is currently known on the impacts to the life insurance industry. Speakers will focus on the potential financial impacts and ways that the life insurance industry will need to adapt in the post-pandemic environment.
Retirement in the 21st Century—Individual Responsibility in the Age of the 401(k)
The retirement landscape has changed dramatically over the past three decades. Defined contribution plans now dominate as the primary retirement vehicle in the private sector. The SECURE Act made much-needed progress enabling reliable income solutions for participants in defined contribution plans, but employers must decide to implement the options the Act offers. The session will discuss potential response to the SECURE Act by financial providers, employers, and participants. The session will also consider potential further enhancements that could form a part of SECURE 2.0 to further improve access to reliable retirement income from these plans.
Social Security—Reinforcing the Foundation of US Retirement in a Time of Uncertainty
Social Security is the first layer of the majority of Americans’ retirement strategies. For many Americans, Social Security can be the only source of reliable income in retirement. Yet, trustees’ reports consistently show the existing financing under current law is forecasted to be insufficient to fund scheduled benefits. A wide variety of proposed changes to Social Security aim to modify benefits and address the shortfall in some way. This session will discuss forecasts of Social Security solvency, the impact that select proposals could have on solvency, and a discussion of other potential paths forward.
PBGC—A Tale of Two Funds
The PBGC multiemployer and single employer funds came into the economic crisis in vastly different positions. The decline in economic activity, expected rise in bankruptcies, deterioration of equity values, and even lower interest rates are all likely to negatively impact both funds. The session will provide an update on the forecasted solvency of both funds, the potential participant impact of the funds’ circumstances, and the legislative efforts affecting PBGC.
COVID-19: Issues in Workers’ Compensation
Massive unemployment, millions working from home, presumptive benefits for first responders and essential workers. What does all this mean for the Workers’ Compensation system and what are the public policy issues to be addressed?
Coverage continues to expand, the threat continues to evolve, and questions are raised about the Terrorism Risk Insurance Program.
COVID-19: Impact on Auto Insurance
Millions of workers stayed home, others were laid off, miles driven fell dramatically, the number of accidents dropped sharply, and insurers gave billions of dollars in rate rebates. Are these just temporary adjustments due to the pandemic or will we see long-term changes to the automobile insurance business?