It’s time once again to make sure you are on track to complete your continuing education (CE) requirements by the end of the year. Because 2023 is the first year for which actuaries must meet the recently revised Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (USQS), it’s worth taking a closer look at the requirements. (September 30, 2022)

Comment letter from the Casualty Practice Council, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 20, Discounting of Property/Casualty Unpaid Claim Estimates. (September 30, 2022)

Comment letter from the Committee on Property and Liability Financial Reporting, submitted to the Actuarial Standards Board (ASB) on the exposure draft of ASOP 36, Statements of Actuarial Opinion Regarding Property/Casualty Loss and Loss Adjustment Expense Reserves. (September 29, 2022)

The Academy’s Annuity Reserves and Capital Work Group, Variable Annuity Reserves and Capital Work Group, and Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on APF 2022-04 Swap Spreads and the transition from LIBOR to SOFR. (September 29, 2022)

The Academy’s Economic Scenario Generator Work Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force Subgroup on Economic Scenario Generator (ESG) Stylized Facts for Equities. (September 27, 2022)

The Academy’s Index-Linked Variable Annuity Work Group submitted comments to the National Association of Insurance Commissioners’ Index-Linked Variable Annuity (A) Subgroup on its fifth exposure draft of the proposed Actuarial Guideline ILVA, Nonforfeiture Requirements for Index Linked Variable Annuity Products. (September 16, 2022)

The Medicaid Committee released a public policy issue brief providing an overview of Medicaid managed care state-directed payments. The brief discusses: how these payments have evolved from supplemental and pass-through payments; recent changes to federal guidance governing them; and recommendations from the Medicaid and CHIP Payment and Access Commission (MACPAC). (September 16, 2022)

The Academy's Lifetime Income Risk Joint Committee released an issue brief that that provides a discussion of a variety of approaches for adding annuity options to defined contribution (DC) plans providing for insured lifetime income that begins immediately, is deferred, or is provided under an accumulation product that converts funds to lifetime income. (August 31, 2022)

The Academy's Lifetime Income Risk Joint Committee released an issue brief that provides a discussion of the various types of insured annuities available to individuals and their potential uses, as well as some relevant tax implications. (August 31, 2022)

The Academy's Lifetime Income Risk Joint Committee released an issue brief providing a discussion of Qualifying Longevity Annuity Contracts (QLACs), which are insured annuities paid out one or more years after purchase, possibly starting at an advanced age. (August 31, 2022)

The Academy’s Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force and its Indexed Universal Life (IUL) Illustration (A) Subgroup regarding the August 15, 2022 Indexed Universal Life (IUL) Illustration (A) Subgroup Indexed Universal Life Exposure. (September 06, 2022)

The Individual and Small Group Markets Committee and its Risk Sharing Subcommittee submitted a letter to the CCIIO on cost-sharing reduction (CSR) premium load factors. The letter was also submitted to state regulators and legislators. The letter first discusses using actual experience data/issuer pricing models to develop the load factor. It then discusses a method using federal actuarial value (AV) levels to develop the load and potential drawbacks of this approach. (September 08, 2022)

The Academy has received questions about where members can obtain continuing education (CE) on bias. As a reminder, the revised U.S. Qualification Standards released last fall requires 1 hour of continuing education (CE) each year on bias topics. Here are some places to find it. (September 07, 2022)

The Academy's Social Security Committee released an issue brief that explores a wide variety of proposals made over the years for changing the formulas for determining benefits by members of Congress, government-appointed panels and commissions, and outside experts, with an eye toward how the proposed changes would affect the balance between individual equity and social adequacy. (August 31, 2022)

The Academy's Social Security Committee released an issue brief that explores a wide variety of proposals made over the years for increasing the system’s revenue by members of Congress, government-appointed panels and commissions, and outside experts. (August 31, 2022)