Agenda at a Glance
All times are Eastern.
Thursday, Nov. 5, 2020
|Noon to 12:30 p.m.||
Welcome, Annual Meeting, and Presidential Transition
Award Presentation: Jarvis Farley Service Award
|12:30 to 1:30 p.m.||Plenary: Charlie Cook|
|1:30 to 1:45 p.m.||Break|
|1:45 to 3 p.m.||
Practice-Specific Breakout Sessions
[Casualty] Presumptive Benefits in Workers' Compensation: Emerging Issues Before and During COVID-19
Presumptive benefits were already a hot topic in workers’ compensation, and then came the pandemic. In response to the COVID-19 outbreak, states and local jurisdictions have been extending benefits to first responders, health care professionals, and other essential workers. What has been the immediate effect of this and what are the long-term implications?
[Health] A Tour of Health Care Funding Around the World
Health care is back at the top of the national agenda. All countries fund health care, but the manner they approach this challenge 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.
[Life] 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.
[Pension] PBGC—A Tale of Two Funds
The PBGC multiemployer and single-employer funds came into 2020 in vastly different positions. The short-term and longer-term economic effects of the pandemic create uncertainties for the future of both funds. The session will provide an update on the forecasted solvency of both funds, the potential participant impact of the funds’ circumstances, and legislative efforts that could affect PBGC. The session will also touch on new reports recently published by PBGC on risk transfers and multiemployer plan provisions.
|3 to 3:15 p.m.||Break|
|3:15 to 4:45 p.m.||
Professionalism Plenary: Keynote Speaker Sheila Bair and Panel Discussion
Sheila Bair, former chairman (2006–2011) of the Federal Deposit Insurance Corporation during the 2007–08 financial crisis and the founding chair and current member of the Systemic Risk Council, will deliver a keynote address leading into our professionalism plenary panel discussion on uncertainty, sharing insights on weighing professional, ethical, public responsibility, and institutional considerations to take ethically and professionally grounded action in times of disruption and uncertainty.
Friday, Nov. 6, 2020
|11 a.m. to Noon||Plenary: Michael Beschloss|
|Noon to 1:15 p.m.||
Practice-Specific Breakout Sessions
[Casualty] 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?
[Health] COVID-19 and the Future of Health Care Delivery and Payment
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.
[Life] 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 reveal themselves, 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 the life insurance industry will need to adapt in the post-pandemic environment.
[Pension] 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.
|1:15 to 1:30 p.m.||Break|
|1:30 to 2:15 p.m.||
Award Presentation: Robert J. Myers Public Service Award
Plenary: David Altmaier, Florida insurance commissioner and National Association of Insurance Commissioners (NAIC) president-elect, will discuss the NAIC’s initiatives about race and insurance and the outlook for NAIC in the time of COVID-19.
|2:15 to 2:30 p.m.||Break|
|2:30 to 3:45 p.m.||
Practice-Specific Breakout Sessions
[Casualty] Cyber Risk
Coverage continues to expand, the threat continues to evolve, and questions are raised about the Terrorism Risk Insurance Program.
[Health] Regulating the Health Insurance Markets: What’s New for 2021
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 provide an update on regulations governing coverage in the Affordable Care Act (ACA) marketplaces, as well as how COVID-19 has affected the Medicaid and Medicare programs.
[Life] 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.
[Pension] Social Security—Reinforcing the Foundation of U.S. Retirement in a Time of Uncertainty
Social Security is the first layer of most 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 projected 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 projections of Social Security solvency, the impact that select proposals could have on solvency, and a discussion of other potential paths forward.
|3:45 to 4 p.m.||Break|
|4 to 5 p.m.||
Award Presentation: Outstanding Volunteerism Awards
Public Policy Plenary: Anand Parekh, M.D., the Bipartisan Policy Center’s chief medical advisor, will provide perspectives on the response to COVID-19 and share his insights on where we are in terms of the progression of the virus, new treatments and vaccines, and lessons learned.