Keeping You in the Know—Recent Academy Activity, June 20–24, 2022
It’s time to catch up with the Academy’s “This Week … In a Minute” video. Watch a recap of the top stories from the week and subscribe to us on YouTube to receive alerts as new videos are released.
Access Issue Brief and Register for Virtual Briefing on 2023 Health Insurance Premium Drivers
The Individual and Small Group Markets Committee released an issue brief discussing the factors that may drive 2023 health insurance premium rate-setting in the individual and small group markets. The issue brief examines the such drivers as the impact of COVID-19, Medicaid redeterminations, and the expiration of enhanced premium subsidies under the American Rescue Plan Act, among other factors.
Infographic: The Academy released an accompanying infographic illustrating factors underlying premium rate-setting and highlighting major components driving changes for 2023.
News release: “Proposed health insurance premium rates reflect many factors, which can include the effects of legislative and regulatory changes,” said Academy Senior Health Fellow Cori Uccello. “This is especially true for 2023 rates, due to the possible expiration later this year of enhanced Affordable Care Act premium subsidies and of a key support of Medicaid coverage during the pandemic.” Read the news release.
Virtual Briefing July 5: Join the Academy for a virtual briefing webinar. Individual and Small Group Markets Committee members who developed the issue brief will cover factors actuaries might be considering in rate-setting for 2023 and will discuss the major reasons premiums could differ from those in 2022. Continuing education (CE) credit will be available. It will be held on Tuesday, July 5, from noon to 1 p.m. EDT. Register today.
Register for Next Week’s Professionalism/Health Webinar
Register for the Academy’s next professionalism webinar, “The Revised ASOP No. 28: What You Need to Know,” which will cover recent changes to Actuarial Standard of Practice (ASOP) No. 28, Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities, which takes effect July 1. The webinar will be held on Thursday, June 30, from noon to 1:30 p.m. EDT. Register today.
Next Month—‘What’s New’ With ASOP No. 22: The webinar series on recently revised ASOPs will continue in July with a look at ASOP No. 22, Statements of Actuarial Opinion Based on Asset Adequacy Analysis for Life Insurance, Annuity, or Health Insurance Reserves and Other Liabilities, which took effect June 1. Presenters involved in the revision will discuss new guidance on trends in assumptions and updated documentation and disclosure guidance. The webinar is July 28 from noon to 1 p.m. EDT. Register now.
Less Than a Week Left for Early Discounts to the 2022 LHQ Seminar
Next week is the deadline for discounted registration rates for the Academy’s 2022 Life and Health Qualifications Seminar, to be held Nov. 14–17 in Arlington, Va. Early registration will end next Thursday, June 30. Don’t miss out on the discounted rate—register today and save $200.
Deadline Approaching to Nominate Members for Academy’s Annual Awards
A reminder that nominations are open for four Academy annual awards, including the new Rising Actuary Award, which will recognize an actuary on their way up in the profession. The Jarvis Farley Service Award is a lifetime achievement award, the Robert J. Myers Award honors an actuary in public service, and the Outstanding Volunteerism Awards recognize volunteers who have made noteworthy contributions in the past year. The nominations deadline is July 8—find out more and how to submit nominations here.
Academy Delivers Essential Look at USQS, Bias Topics at Southeastern Club
Attendees of the Southeastern Actuaries Conference meeting in Sarasota, Fla., are keeping up to date on the changes to the U.S. Qualification Standards (USQS) that took effect Jan. 1, including gaining education on bias topics, newly required under the USQS. Committee on Qualifications member Kevin Russell and Data Science and Analytics Committee (DSAC) member Liaw Huang presented an in-person session on Wednesday, offering both an overview of the amended USQS and a focused discussion of bias in the context of data, models, and algorithms. Resources on both topic areas are available on the Academy’s USQS webpage and the DSAC webpage.
The National Association of Insurance Commissioners’ (NAIC) Life Actuarial (A) Task Force (LATF) adopted a new actuarial guideline (AG) on asset adequacy testing. Read the Academy alert.
Public Policy in Focus
The Climate Change Joint Task Forcesubmitted comments to the Securities and Exchange Commission (SEC) on the SEC’s request for public input on the proposed rule, the “Enhancement and Standardization of Climate-Related Disclosures for Investors.”
The LTC Valuation Work Grouppresented Friday to the NAIC’s Long-Term Care Actuarial (B) Working Group.
The Economic Scenario Generator WorkGrouppresented to LATF regarding a proposed schedule to develop acceptance criteria for stochastic sets of economic scenarios.
The Life Experience Committee and the Society of Actuaries’ Preferred Mortality Project Oversight Group made a presentation providing an update to LATF on Future Mortality Improvement Scale Development (VM-20).
The collaborative U.S.-based actuarial organizations’ Intersector Groupreleased notes from its May 18 virtual meeting with the IRS/Treasury Department.
Save the Date—A new webinar, “Correlation Versus Causation: Clarifying the Differences & Implications,” will be held on Tuesday, July 12, from noon to 1:30 p.m. EDT. Registration will open next week.
DSAC Presenting at CASTF ‘Book Club’—Related, members of DSAC will present findings from the soon-to-be-released issue brief, An Actuarial View of Correlation and Causation—From Interpretation to Practice to Implications, at the Casualty Actuarial and Statistical (C) Task Force “Book Club” meeting next Tuesday at 2 p.m. EDT. Academy members are encouraged to join this virtual event.
Member Value Survey Coming Next Week—The Academy is embarking on a renewed effort to better understand and respond to the evolving needs of its members, resulting in enhanced benefits, programs, and products across all Academy channels—all of which will contribute to greater value for our members. Watch for a member value survey next week inviting you to share your voice and perspectives with the Academy.