This Week, March 5 - 9, 2018

Read the latest news from the Academy.

Recent Academy Activity, March 5–9, 2018

Health Volunteers Visit Capitol Hill to Discuss New Issue Brief on Prescription Drug Costs

The Academy’s Health Practice Council (HPC) gave a briefing Friday on Capitol Hill to policymakers and congressional and federal agency staff, offering an actuarial perspective on prescription drug costs in the U.S. health care system and highlighting the Prescription Drug Work Group’s new issue brief on the subject, released this week.

The briefing capped the HPC’s spring visits to House, Senate, and federal agency offices on Thursday and Friday. The annual Capitol Hill event by Academy health volunteers was well-received by about 40 congressional staff members and agency officials.

The HPC has undertaken a multiyear study of various cost components of the U.S. health care system, and its members provided expertise on the drivers of growth in drug expenses; benefits versus costs for new treatments; the impact of high and increasing prescription drug costs on payers; and options to address spending. The briefing on Capitol Hill spotlighted the Academy’s research on the complicated topic.

Next Week—Professionalism Webinar to Explore the USQS

Have an in-depth look at the U.S. Qualification Standards (USQS) during “A Guided Tour of the U.S. Qualification Standards,” which will be held next Thursday, March 15, from noon to 1:30 p.m. EDT. Committee on Qualifications members Hal Tepfer (vice chairperson), Keith Passwater (former chairperson), and Tom Campbell (Academy Secretary-Treasurer) will discuss questions frequently asked about the USQS provisions, including statements of actuarial opinion, experience requirements, the “look in the mirror test,” cross-border practice, and qualifications needed to enter new practice areas. They will also highlight the many Academy tools available to aid in understanding and to help document compliance with the USQS. Register today.

Academy Responds to NAIC on Attestation and Experience Questions

Past Academy President Mary D. Miller submitted two letters from the Academy to the NAIC this week—one responding to NAIC’s Casualty Actuarial and Statistical Task Force’s (CASTF) request for comments on the appointed actuary’s public attestation and supporting confidential documentation, and a second responding to CASTF’s request for proposals on the three-year experience period.

Video Highlights Women Actuaries

March is Women’s History Month, and Thursday, March 8, was International Women’s Day. Check out this Academy video with leading women actuaries reflecting on their experiences in the profession. Please share it on your own social media channels.

Public Employment Opportunity

The Texas Department of Insurance has a public employment opportunity for a life and health actuary to work in principle-based reserving (PBR). The position involves actuarial analysis of PBR, asset adequacy analysis, and other requirements for life and health insurance companies as provided in the Valuation Manual adopted by the department. See the full job description on the department’s website.

The Academy has long supported government employers who are seeking to hire qualified actuaries. See our Public Employment Opportunity Posting Policy for more information.

Public Policy Activities

  • The Individual and Small Group Markets Committee sent comments to the U.S. Department of Labor on proposed rules regarding the definition of ‘‘Employer’’ under section 3(5) of the Employee Retirement Income Security Act of 1974 (ERISA)—association health plans.

  • The Intersector Group released the notes of its October meetings with the Pension Benefit Guaranty Corporation and the IRS and Treasury Department.

Upcoming Events

In the News


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