Registration Open for April 21 Professionalism Webinar
Registration is open for the Academy’s first professionalism webinar of the year, “How to Read an ASOP—and Other Nuggets From ASOP No. 1,” coming next month. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1, Introductory Actuarial Standard of Practice, explains concepts important to your work as an actuary. Join us to hear Actuarial Standards Board (ASB) Chairperson Darrell Knapp, along with ASB members Kevin Dyke and Cande Olsen, discuss aspects of this often-overlooked ASOP that every practicing actuary should know. Academy General Counsel and Director of Professionalism Brian Jackson will moderate. The webinar will be held on Wednesday, April 21, from noon to 1:30 p.m. EDT, and continuing education (CE) and Joint Board for the Enrollment of Actuaries (JBEA) continuing professional education (CPE) credit will be available. Register today.
Academy Unveils Webpage on Diversity, Equity & Inclusion
The Academy has published a webpage on diversity, equity, and inclusion to collect references and links to our many efforts to recognize the importance of a diverse and inclusive actuarial profession. Our efforts include examination of health and health insurance systems, focusing on health disparities and contributing factors, and recognition of Black History Month, Women’s History Month, and International Women’s Day. The Academy also supports efforts by the National Association of Insurance Commissioners, as the NAIC looks at ways to address practices that could create barriers to—or provide incentives to—inclusion.
Next Week—Pension Webinar to Look at Social Security Reform Options
There’s still time to register for next week’s pension webinar, “Social Security Reform Options Through the Lens of Individual Equity and Social Adequacy Considerations,” which will present analysis from the Academy’s Social Security Committee on three reform proposals from across the political spectrum that were designed to eliminate the existing program deficit. The webinar will focus on analysis from two pension publications released Friday—a monograph, Individual Equity and Social Adequacy in the U.S. Social Security System, and an issue brief, Individual Equity and Social Adequacy: A Principle-Based Study of Social Security Reform Proposals. Presenters will be Social Security Committee Chairperson Amy Kemp and past chairpersons Ron Gebhardtsbauer and Janet Barr. Senior Pension Fellow Linda K. Stone will moderate. CE and JBEA CPE credit are available. The webinar will be held on Tuesday, March 16, from noon to 1:30 p.m. EDT. Register today.
Save the Dates—Two Pension Webinars Set for April
Save the dates for two Academy pension webinars coming in April:
Registration for both webinars will open soon.
Congress passed the American Rescue Plan Act of 2021, a $1.9 trillion stimulus package that is part of the federal government's response to coronavirus pandemic. President Biden signed the measure into law on Thursday. In addition to funding for direct payments to individuals, unemployment benefits and COVID-19 vaccine supplies and distribution, the legislation includes Affordable Care Act and COBRA premium subsidies, and creates a financial assistance program for underfunded multiemployer pension plans. Read the Academy alert.
The Federal Emergency Management Agency informed insurers it plans to defer the implementation of new flood insurance rates through the National Flood Insurance Program’s Risk Rating 2.0 initiative. Read the Academy alert.
Academy Law Manuals Available for Order
Two Academy law manuals are available for order:
Public Policy Activity
The Long-Term Care (LTC) Reform Subcommittee released an issue brief on regulatory options for LTC insurance innovation. This issue brief examines some NAIC-proposed options specific to regulatory changes and discusses recommended changes with actuarial implications.
The C1 Work Group submitted a comment letter to the NAIC’s Life Risk-Based Capital (LRBC) Working Group, including an update to previously proposed base bond factors and companion portfolio adjustment formula to reflect corporate tax rates enacted by the Tax Cuts and Jobs Act of 2017 for the LRBC formula.
The C1 Work Group also submitted comments to the LRBC Working Group on the exposed Jan. 21 proposal to restate the capital requirements for real estate in the LRBC formula.
In the News
A CNBC story on the multiemployer provisions of the American Rescue Plan Act of 2021 cited the Academy’s June 2017 issue brief providing an overview of multiemployer pension system issues. The story was reprinted by NBC Los Angeles and NBC DFW.
MarketWatch and the Healthcare Financial Management Association quoted Senior Health Fellow Cori Uccello from the Feb. 25 webinar sponsored by the Alliance for Health Policy, “Medicare Solvency Projections and Potential Policy Solutions,” on the projected depletion of the Medicare Hospital Insurance Trust Fund.
A PlanSponsor article cited the Academy’s October 2015 issue brief Retiree Lifetime Income: Choices & Considerations.
Cancer Health quoted Health Practice Council member Susan Pantely on the increase of deferred preventive health care in 2020 due to COVID-19 and how that could affect cancer cases in 2021.
My Cowichan Valley Now cited the Actuaries Climate Index, jointly sponsored by the Academy and other actuarial organizations, which provides a quarterly gauge of changes in extreme weather events and sea levels.