Regulators and other attendees at the NAIC summer meeting had an opportunity to talk one-on-one with representatives of the ASB, ABCD, COQ, and Council on Professionalism during a breakfast and office hours hosted by the Academy’s Council on Professionalism on Aug. 11. Topics of discussion included qualifications, use of “professional judgment” as provided in ASOPs, and the movement within the profession to risk-focused analysis. The breakfast also featured a slide presentation on professionalism.
The Health Practice Council and the Committee on Qualifications sent a letter to all state insurance commissioners and chairs of each state house and senate insurance committee regarding the appropriate definition of "Qualified Actuary" as it relates to the Affordable Care Act's rate review provision. Under the Affordable Care Act, the Centers for Medicare and Medicaid Services (CMS) is authorized to determine whether health insurance rate increases filed with states are “unreasonable.” As of September 1, 2011 rate increases equal to or greater than 10 percent may be reviewed by states that have been determined by CMS to have an effective rate review program; otherwise, increases in excess of 10 percent will be reviewed by CMS to determine whether such rate increases are “unreasonable.” As a result, many states are in the process of drafting regulatory language that would create their own rate review program. In the past few months, an inconsistency in the definition of “qualified actuary” in some state regulations has come to the attention of the American Academy of Actuaries. The letter provides recommended language regarding the appropriate definition of qualified actuary as states move to implement the Affordable Care Act’s rate review provision.
A valuable benefit of Academy membership is free and unlimited access to the Council on Professionalism’s entire—and growing—library of professionalism webinars, which date back to September 2007. Academy members can earn continuing education (CE) credits by listening to these pre-recorded webinars. These credits can be counted toward the annual required three hours of continuing education on professionalism topics, as detailed in the U.S. Qualification Standards (Section 2.2). Click here to see a list of professionalism webinars and to access the links for the recorded presentations and audio files.
In this webinar, Council on Professionalism members Curtis Huntington and Godfrey Perrott discuss the International Actuarial Association and how its activities potentially affect U.S. actuaries. Presenters also discuss why actuaries should keep up with current international events and stay informed of proposed changes.
The Academy's Council on Professionalism has published a discussion paper entitled Conflicts of Interest When Doing Volunteer Work. This paper is intended to assist current and future Academy volunteers in identifying and resolving potential conflict of interest issues that may arise when providing volunteer services to the Academy. This paper is also incorporated into the revised Academy conflict of interest policy.