Academy News

The Academy’s Senior Property/Casualty Fellow Rich Gibson testified March 25 before the District of Columbia’s Department of Insurance, Securities and Banking on the use of predictive modeling in setting auto insurance rates. Read the full testimony. (March 25, 2019)

The ASB released its 2018 Annual Report. Last year the ASB adopted one new ASOP and two revised ASOPs, approved five exposure drafts for comment, and approved one proposal to revise one existing ASOP. In addition, the board presented a professionalism series webinar, “The Anatomy of ASOPs,” and provided content for several Actuarial Update Professionalism Counts articles. (March 25, 2019)

Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 22, 2019)

Registration is open for the Academy’s first professionalism webinar of 2019, “Promoting Ethical Decision-making: Rules, the Human Brain, and Unconscious Biases,” which will be held on Thursday, April 18. The webinar will feature an engaging discussion with a professor of business law and ethics who focuses on the fundamentals of behavioral decision-making and unconscious biases and how they affect judgment. Register today. (March 22, 2019)

The ABCD released its 2018 Annual Report. Last year the ABCD handled 148 cases, comprised of 109 requests for guidance (RFGs) and 39 inquiries, in line with the previous year. It received 13 inquiries and closed 22 inquiry cases. Of the closed inquiry cases, 13 were dismissed, seven resulted in counseling, and two were resolved with a recommendation for discipline. (March 22, 2019)

Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 15, 2019)

The March HealthCheck covers the Health Practice Council’s annual visits to Capitol Hill to meet with federal lawmakers and policymakers about health issues including two recent HPC publications on expanding access to public insurance plans, and Medicare and long-term care insurance. Topics including telehealth, Medicare Part D, and surprise billing also were discussed in many of the meetings. Also covered in this issue: Centers for Medicare & Medicaid Services’ regulatory and budgetary actions, and state and federal legislative, judicial, and regulatory activity. (March 13, 2019)

Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 08, 2019)

Academy Pension Vice President Josh Shapiro testified March 7 before the House Subcommittee on Health, Employment, Labor, and Pensions, providing written and oral testimony with a nonpartisan, objective, actuarial focus on the increasing financial risks facing some multiemployer plans and the PBGC’s multiemployer program. (March 07, 2019)

The Retirement Report winter issue includes a Q&A deep-dive into the Pension Practice Council’s (PPC) new practice note, Forecasting Investment Returns and Expected Return Assumptions for Pension Actuaries; the Pension Committee’s new lump sum practice note; PPC comments to the Bipartisan Policy Center; a preview of April’s Enrolled Actuaries Meeting; and recent legislative and regulatory activity. (March 05, 2019)

Proposals to expand access to public health insurance plans are being put forward as a way to supplement efforts to strengthen insurance markets under the Affordable Care Act (ACA) or to replace the ACA marketplaces and/or other health insurance programs altogether. Goals of these proposals vary and include increasing access to affordable coverage, exerting downward pressure on provider prices, increasing plan availability, and reducing the number of uninsured. This issue paper from the American Academy of Actuaries Health Practice Council briefly outlines four approaches aiming to achieve such goals and highlights the key design elements that would need to be specified for an approach to be fully evaluated and implemented. Read the news release. (March 04, 2019)

In the March/April issue of Contingencies, the cover story, “Fighting Fake News,” explores cognitive biases—what they are, how to recognize them, and how to avoid falling prey to their clarion call. This feature aims to provide some clear-headed tools that today’s reader can deploy to distinguish fact from fiction—and lays out how actuaries are in a unique position to help. Other features include “A Clear Target”—how the world might look in a new era of “targeted improvements” under generally accepted accounting principles (GAAP), and “Hitting the Wall,” which posits that the near future for the investing world is one of lower returns. Plus, a President’s Message from new Academy President Shawna Ackerman on doing well by doing good, and what the Code of Professional Conduct has to say about conflict of interest. (March 01, 2019)

Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (March 01, 2019)

In the February Actuarial Update, the Academy announced that members may begin nominating their colleagues to become Academy regular directors. Nominations are due May 1. Also in this issue, past President Tom Wildsmith was elected to the Academy Board to deepen our international focus; President Shawna Ackerman offered a message on the Academy’s public policy efforts in conjunction with the State of the Union address; a professionalism webinar set for March 21 will address professional judgment; and the “Professionalism Counts” column looks at the fourth exposure draft of a proposed Modeling actuarial standard of practice. (February 28, 2019)

The Medicaid and Long-Term Care Insurance Work Group of the American Academy of Actuaries has released a new issue brief, Medicaid and Long-Term Care Insurance. This issue brief explores the potential financial risks faced by older Americans who may incur catastrophic long-term care (LTC) costs. In addition, it provides an actuarial perspective on the issues related to funding both informal and formal LTC services and supports, with a particular focus on the complementary roles of Medicaid and private long-term care insurance (LTCI) within existing LTC financing systems. (February 28, 2019)