PPC Conducts Virtual ‘Hill Visits’ With Congressional Offices and Federal Agencies
Pension Practice Council (PPC) volunteers and Academy staff virtually visited with the offices of federal policymakers and regulators Monday and Tuesday during their “Hill visits,” discussing a number of key pension topics including Social Security, multiemployer pension plans, lifetime income, and retirement security, generally. Almost 20 Academy volunteers took part in about two dozen meetings with U.S. House and Senate committee staff members, and with representatives from federal agencies including the Treasury Department, Congressional Budget Office, and the Government Accountability Office.
“The visits provided an excellent opportunity for the PPC to highlight recently published and upcoming Academy publications and to discuss a number of recent legislative and regulatory developments,” said Tim Geddes, the Academy’s vice president, pension.
Registration Open for November’s LHQ Seminar
Registration is now open for the Academy’s Life and Health Qualifications Seminar, which will be held in person this year in Arlington, Va. (outside Washington, D.C.) on Nov. 15–18. This always popular event delivers the highest-quality and most efficient way to obtain needed basic education or relevant continuing education (CE) credit necessary to qualify to issue actuarial opinions for either the National Association of Insurance Commissioners (NAIC) Life and Accident & Health (A&H) Annual Statement or the NAIC Health Annual Statement. Discounted registration rates are available—register today.
Academy Submits Letter to NAIC Special Committee on Race and Insurance
Academy President Tom Campbell submitted a letter Friday to the NAIC Special Committee on Race and Insurance on proposed charges regarding P/C and life insurance issues related to Workstream Three (property/casualty) and Workstream Four (life insurance and annuities).
Update on Academy Executive Director Search
Executive search firm Korn Ferry has begun the search for the Academy’s next Executive Director. Those interested can find more information on the Korn Ferry website.
Pension Issue Brief Looks at Pooled Employer Plans
The PPC’s Retirement System Assessment and Policy Committee released an issue brief, Pooled Employer Plans—Employer Considerations. Pooled Employer Plans are a significant development that could reduce costs, complexity, fiduciary liability/risks, and administrative burdens for employers seeking to offer 401(k) retirement plans, and could simplify the process for smaller employers that do not currently offer such plans.
Spring CE Opportunities: Life and Health Webinars, PBR Boot Camp
Register for upcoming Academy events that offer CE credit opportunities:
Health Equity Webinar—The Academy’s Health Equity Work Group (HEWG) will present “Health Equity: An Actuarial Perspective,” which will offer a discussion of important issues involving health disparities facing our country and an update on the work group’s efforts to address those concerns. Wayne Rawlins, M.D., MBA, a national expert on health equity, will describe drivers of health disparities and strategies to address them, and will be followed by a panel discussion of HEWG leaders, who will discuss the work group’s goals and work thus far, including the recently issued discussion brief, Health Equity From an Actuarial Perspective: Questions to Explore. The webinar will be held on May 24, from noon to 1:15 p.m. EDT. Register now.
Life COVID-19 Webinar—The Life Practice Council will present “The Impacts of COVID-19 on the Life Insurance Industry,” which will look at the pandemic’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Insurance experts will discuss the impact of COVID-19 on financial results, explore COVID-19’s impact on mortality experience, and consider possible impacts on life insurance operations including underwriting and pricing. Academy Senior Life Fellow Nancy Bennett will moderate the discussion. The webinar will be held on May 25, from noon to 1:30 p.m. EDT—register now.
Virtual PBR Boot Camp—The Academy’s highly regarded PBR Boot Camp will be held June 7–9. This virtual event features an agenda that will cover a full range of life insurance and variable annuities topics designed especially for those who may be relatively new to principle-based reserving (PBR) and will provide comprehensive information on PBR requirements now that PBR is fully implemented. Daily rates are available for those who would like to focus on a specific aspect of PBR. Register now.
The ASB’s Spring Boxscore covers the adopted revision to ASOP No. 11; a revision to ASOP No. 18, Long-Term Care; the ASB’s annual report; a look ahead at future ASB activity, including at its upcoming June meeting; and a status report on ASB committee activity.
Academy Past President (2014) Tom Terry discussed “Emerging Professionalism Issues in 2021” in a presentation to the Actuaries’ Club of Boston/Actuaries’ Club of Hartford & Springfield joint virtual Spring 2021 Meeting on Wednesday. Among the topics covered were different approaches to regulation or self-regulation of actuarial professions globally and in the U.S., the resilience and continued applicability of the professionalism foundation housed in the Academy during times of change or crisis, and the top ethical challenges facing U.S. actuaries.
Public Policy Activity
The Health Practice Council’s Long-Term Care (LTC) Practice Note Work Group released a public policy practice note, Long-Term Care Insurance, to provide information to LTC actuaries seeking to better understand considerations in evaluating experience, setting assumptions, valuation, and financial reporting.