Registration Open for August Professionalism Webinar
Join members of the Committee on Qualifications (COQ) on Aug. 12 for “U.S. Qualification Standards: Second Exposure Draft and More,” a webinar that will explore important aspects of the current U.S. Qualification Standards (USQS). The committee has spent much of the past year developing a second exposure draft, which is now open for comment until Aug. 20. During this webinar, COQ members will review some of the changes proposed in the second exposure draft. They will also discuss what constitutes a statement of actuarial opinion, basic education and experience requirements, and continuing education requirements.
We believe in good faith that attendees will have the opportunity to earn up to 1.8 organized and professionalism continuing education (CE) credits, as well as 1.8 noncore continuing professional education (CPE) credits under Joint Board for the Enrollment of Actuaries rules.
Panelists include Katherine Campbell, COQ chairperson, and committee members Lisa Slotznick, and Tom Terry. Academy President Tom Campbell will moderate. The webinar will take place from noon to 1:30 p.m. EDT on Aug. 12—register now.
ASB Adopts Final Revision of ASOP No. 28, Approves Exposure Draft of ASOP No. 24
The Actuarial Standards Board (ASB) recently adopted a final revision of Actuarial Standard of Practice (ASOP) No. 28, now titled Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities. The ASOP provides guidance to actuaries when performing actuarial services with respect to issuing or reviewing a statement of actuarial opinion regarding health insurance assets and liabilities. The revised standard is effective for work performed involving statements of actuarial opinion regarding health insurance assets and liabilities issued on or after July 1, 2022.
The ASB also approved an exposure draft of a proposed revision of ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation. The proposed ASOP would provide guidance to actuaries when performing actuarial services with respect to applicable law (statutes, regulations, and other legally binding authority) based on the National Association of Insurance Commissioners (NAIC) Life Insurance Illustrations Model Regulation and related NAIC actuarial guidelines or when performing actuarial services with respect to illustrations represented to be in accordance with the model and related NAIC actuarial guidelines. The comment deadline for the exposure draft is Sept. 30, 2021. Information on how to submit comments can be found in the exposure draft.
Discussion Brief Focuses on Health Plan Benefit Design
The Academy Board regular director election is right around the corner. Academy members will receive an email on Aug. 3 from Intelliscan (firstname.lastname@example.org), our election vendor administering the election. Please be sure to add it to your safe senders list and to check your junk folder to make sure you receive it.
Remember also to check the Academy’s Board Election Center, which includes links to the candidates’ information, bios, and candidate statements. Further information will be posted as it becomes available.
We encourage you to take part in selecting the next Academy leaders.
Early Rates End Next Week for LHQ Seminar
Do you issue actuarial opinions following either the NAIC Life and Accident & Health (A&H) Annual Statement or the NAIC Health Annual Statement? The Academy’s Life and Health Qualifications (LHQ) Seminar provides the basic education or relevant CE credit you need. There is just over a week left to get an early registration rate—register now for the best rates to attend this highly regarded event. Early discounts are available through July 31—register today.
Have You Taken the Annual Volunteer Survey Yet?
It’s not too late to raise your hand and serve the profession through the Academy’s public policy and professionalism mission. If you would like to join your colleagues in volunteering, please login in to take the Academy’s Annual Volunteer Survey, which will close on July 30. The survey should take no more than 5-10 minutes to complete. If you have any questions about volunteering or the survey, please contact the Academy’s director of membership, Kasha Shelton, by email at email@example.com.
Public Policy Activity
The Annuity Reserves and Capital Work Group submitted a proposed draft of revised NAIC VM-22 requirements for a fixed annuity principle-based reserving framework.
The Multiemployer Plans Committeesubmitted comments to U.S. Department of the Treasury and Internal Revenue Service (IRS) relating to implementation of the multiemployer pension plans temporary funding relief provisions of the American Rescue Plan Act of 2021 (ARPA).
The Pension Committeesubmitted comments to the Department of the Treasury and the IRS providing suggestions on guidance relating to the implementation of the single-employer pension plan funding relief provisions enacted under ARPA.
The annual update to the Academy’s Interest Rate Generator, which is currently used in some regulatory reserve and capital calculations, is now available. A corresponding frequently asked questions document has been updated to reflect changes for 2021. Read the Academy alert.
The Multiemployer Plans Committee released notes from its Oct. 9, 2020, meeting with officials of the departments of the Treasury and Labor and the Pension Benefit Guaranty Corporation on applications by plans in critical and declining status to suspend benefits or partition liabilities as permitted under the Multiemployer Pension Reform Act of 2014 (MPRA).