Recent Academy Activity, Dec. 24, 2018 – Jan. 4, 2019
Actuarial Update, Contingencies Released
The December Actuarial Update covers Academy webinars on Big Data and professionalism, with the professionalism webinar taking a look at the Actuarial Board for Counseling and Discipline (ABCD) and how the ABCD’s request-for-guidance process works. Among other items in this issue: a Q&A in the “Professionalism Counts” column by outgoing ABCD Chairperson Rick Block reflecting on his six years with the ABCD, including two years as chairperson; and the Health Practice Council comments on the Medicare Advantage program.
The cover story in the January/February issue of Contingencies, “The Game Behind the Game,” dives deep into the world of sports strategy and data analytics—is football behind the times? Among other features in this issue include “Demystifying The Art of War” and “The Case for the Bank Actuary”; plus, a President’s Message from new Academy President Shawna Ackerman on how the voice of the actuary has come to be recognized as the voice of a trusted adviser; the treasure trove of the Academy’s practice notes; and the latest in a series on managing catastrophic medical claims.
Review Your Membership Profile
To continue receiving Contingencies and other Academy publications on time, please make sure the Academy has your correct contact information. Academy members can update their member profile, subscribe to Academy alerts, and review archived professionalism and public policy webinars at the member login page, and conveniently pay membership dues.
Discounts Available for April PBR Boot Camp
Register today and join the Academy for the 2019 PBR Boot Camp, to be held April 8–10 in Orlando, Fla. Attendees will hear lessons learned from those who have been at the forefront of the implementation of principle-based reserving (PBR) for life insurance. The seminar will provide useful and practical information for all levels of familiarity with the PBR methodologies and reserve requirements. See the full agenda here; to obtain the best rates, register today.
Place Your Order for the Academy’s Life and Health Law, P/C Loss Reserve Manuals
The Life and Health Valuation Law Manual can now be ordered online. Updated annually, the manual is designed to help appointed actuaries know the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. The manual has been redesigned for 2019, streamlining the contents so actuaries can easily access information helpful to their work. Preorder your copy today.
Also available for preorder is the Academy’s P/C Loss Reserve Manual. Designed to help appointed actuaries know the NAIC annual statement requirements for statements of actuarial opinion, the manual contains a compilation of insurance laws relating to P/C loss and loss expense reserves for all 50 states; Washington, D.C.; and Puerto Rico. Place your order today.
Both manuals will be available for delivery soon.
Public Employment Opportunity
The U.S. Government Accountability Office (GAO) has a public employment opportunity for a senior property and casualty/general insurance actuary position. The incumbent, which will report to GAO’s chief actuary, will provide technical analysis and conceptual insight on actuarial aspects of federal programs and policies related to P&C / general insurance. Information is available by clicking here (general public) or here (qualified federal employees, veterans, or individuals with disabilities). The application deadline is next Friday, Jan. 11.
The Life Reserves Work Group submitted a comment letter regarding credited amounts for indexed accounts in the calculation of the deterministic reserve, outlined in amendment proposal form (APF) 2018-44, to the NAIC’s Life Actuarial (A) Task Force.
A federal judge for the U.S. District Court for the Northern District of Texas issued an order allowing the Affordable Care Act (ACA) to remain in effect following a Dec. 14 ruling in Texas v. Azar that declared the law invalid. The stay of that ruling is intended to prevent uncertainty regarding the ongoing administration and enforcement of the ACA, as the decision has been appealed to the U.S. 5th Circuit Court of Appeals. Read the Academy alert.
Casualty Loss Reserve Seminar (CLRS) & Workshops—Sept. 16–18, Austin, Texas
Annual Meeting and Public Policy Forum—Nov. 5–6, Washington, D.C.
Life and Health Qualifications Seminar—Nov. 10–14, Arlington, Va.
In the News / Media Activity
An Associated Press column cited the Academy’s Social Security Game, which provides an estimate of how changes to the program would affect its financial condition. The column was reprinted by more than 400 media outlets. Forbes also cited the Social Security Game.
AModern Healthcare subscriber-only story cited the Health Practice Employee Benefits Committee and Individual and Small Group Market Committee’s Dec. 13 comment letter on the proposed rule regarding Health Reimbursement Arrangements (HRAs).
The Ventura County Star (Calif.) noted the Academy’s analysis that pension plans should have the objective of accumulating assets equal to 100 percent of a relevant pension obligation.