The Academy made numerous presentations at the NAIC Spring 2017 National Meeting in Denver April 8–11. The Academy released a post-NAIC alert Friday covering the highlights of the meeting and related Academy public policy and professionalism activity.
Past President Mary D. Miller, Actuarial Board for Counseling and Discipline member Janet Carstens, Actuarial Standards Board Chairperson Maryellen Coggins, and Committee on Qualifications member Tom Campbell presented at the well-attended, regulator-only professionalism breakfast hosted by the Academy on April 8. They gave overviews of the Academy’s professionalism efforts in each of their groups and on the well-received Attestation Form that was released by the Academy last year.
The Health Practice Council (HPC) presented to NAIC’s Health Actuarial Task Force on potential legislative and administrative actions affecting Affordable Care Act (ACA) implementation, along with the actuarial considerations raised by those actions.
The HPC presented to NAIC’s Health Insurance and Managed Care Committee on potential legislative and administrative actions affecting ACA implementation, and related actuarial considerations.
The Longevity Risk Task Forcepresented an update on efforts to develop a methodology for recognizing longevity risk in statutory reserves and risk-based capital to NAIC’s Life RBC Working Group.
Lisa Slotznick, chairperson of the Academy’s Committee on Property and Liability Financial Reporting, provided NAIC’s Casualty Actuarial and Statistical Task Force (CASTF) with an update on recent committee activity. Jim MacGinnitie, Academy senior property casualty fellow, updated CASTF with a Casualty Practice Council report, including a preview of the Academy’s predictive modeling session at the NAIC’s upcoming Insurance Summit, the latest Actuaries Climate Index data, and the impending release of the Academy’s new flood insurance monograph.
Register for the Upcoming Post-NAIC Webinars
The Academy will host webinars over the next two weeks covering key life and property/casualty issues from the meeting. The post-NAIC life webinar will be held next week, on Thursday, April 20, from noon to 1:30 p.m. EDT; and the post-NAIC casualty webinar will be held on Tuesday, April 25, from noon to 1 p.m. EDT.
ASB Approves Exposure of Proposed ASOP on PBR
The Actuarial Standards Board (ASB) recently approved an exposure draft of a proposed new actuarial standard of practice (ASOP) titled Principle-Based Reserves for Life Products. The proposed ASOP will apply to actuaries when performing actuarial services on behalf of life insurance companies in connection with the calculation or review of reserves for individual life insurance policies subject to Chapter VM-20: Requirements for Principle-Based Reserves for Life Products of the Valuation Manual (VM-20).
The ASB approved a first exposure draft in 2013 and a second exposure draft in 2014. Changes to the second exposure draft were approved in 2015; however, since the draft involved compliance with a regulation that had not yet taken effect, the ASB issued a “pending draft,” to be updated when the Standard Valuation Law and the Valuation Manual describing the principle-based reserves for life products took effect.
The Valuation Manual has been modified by numerous amendments since the pending ASOP was issued. In light of these amendments, the pending ASOP was updated. In addition, minor clarifications and additional guidance also have been made to the draft ASOP. For these reasons, this draft ASOP is being exposed once again.
The comment deadline for the exposure draft is May 31, 2017. Information on how to submit comments can be found in the draft.
The April HealthCheck covers the Academy’s responses to recent Affordable Care Act and American Health Care Act legislative activity; the Medicaid Funding Work Group’s issue brief on proposed Medicaid funding approaches; Academy health presentations at the NAIC Spring 2017 National Meeting in Denver; and the March 24 global health webinar on long-term care approaches in the United States and Germany.
Next Week—Hotel Room Block Closes for PBR Boot Camp: The hotel room block for the Academy’s PBR Boot Camp will be held open through next Friday, April 21. Limited space remains. The intensive and interactive two-and-a-half-day seminar set for May 22–24 in Orlando, Fla., will feature insights from experts, many of whom were instrumental in shaping principle-based reserving. Attendees can earn up to 24 hours of organized-activity continuing education credit. Early registration will end on April 28, so register today and plan to join your fellow actuaries for this popular seminar that will keep you ahead of the PBR curve.
Extra-Early Registration for Annual Meeting and Public Policy Forum: The best discounts are available now for the Academy’s 2017 Annual Meeting and Public Policy Forum, to be held Nov. 14–15 at the Fairmont Hotel in Washington, D.C. This annual, exceptional event will give you a unique and in-depth look at the top public policy and professionalism issues facing the actuarial profession. Register now at the extra-early discounted rate to ensure you are there to get the information you need to stay on top of the issues that matter the most to you, your profession, and our nation.
Registration Open for LHQ Seminar: Registration is open for the Academy’s annual Life and Health Qualifications Seminar, to be held Nov. 12–16 in Arlington, Va. Offered annually by the Academy, this seminar is the most efficient way to acquire the basic and continuing education required to sign the NAIC life and health annual statement actuarial opinions. It also serves as a basic education refresher or as a source of required continuing education for more experienced actuaries. Attendees can earn up to 27 hours of organized-activity continuing education credit. Register now for the lowest rate.
In the News
A subscriber-only Bloomberg BNA story cited Individual and Small Group Markets Committee Chairperson Karen Bender’s comments at a health care summit sponsored by the Alliance for Health Reform on what will happen if insurers have to fund cost-sharing subsidies.
Longevity Risk Task Force Chairperson Tricia Matson’s presentation on annuity holder longevity risk was included in Think Advisor’s coverage of the NAIC Spring 2017 National Meeting in Denver.
Employee Benefit News reprinted an opinion piece on the aftermath of the failure to pass the American Health Care Act that points lawmakers to the Academy’s issue paper evaluating the health insurance individual market and reform options as a valuable resource for working on issues facing the market.
A CBS News story on Social Security’s financial condition referred readers to the Academy’s Social Security Game, which analyzes various potential changes to the system and calculates the effect that each change would have on its condition. The story was reprinted by WDEF News 12 (Chattanooga, Tenn.).
A PlanAdviser story reported on a new survey analysis from MetLife on consumer lifetime income decisions that cites the Academy’s “Pension Risk Transfer” issue brief.
The Daily Republic (Calif.) cited the Pension Practice Council’s comment letter to the Department of Defense regarding the use of personal discount rates to calculate lump-sum payments from military pensions in an article discussing the new Blended Retirement System. The article was reprinted by Stars and Stripes.
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