NovaRest’s Donna Novak recently led a webinar on changes in the wake of the federal Affordable Care Act( ACA). About 360 people participated in the Society of Actuaries (SOA) webinar. During the well-attended event, Donna discussed new reserve requirements, premium rate development and rate increase reporting under ACA.
Donna also discussed how the state requirements are changing under ACA. Currently, a rate increase cannot be denied at the federal level. However, many states are increasing their legislative authority to control increases. “With the new reporting requirements, companies are going to have to prove the rate increases are necessary,” said Donna. “Companies will be required to submit justification for all assumptions and be prepared to allocate at a lower level, if necessary.“
During the webinar, Donna explained that it will be extremely important that companies requesting rate increase have flexible databases to accommodate the various state and federal reporting requirements.
The SOA indicated that in comparison to their other webcasts, this one was one that shouldn’t be missed. To receive a copy of the handouts, feel free to email Donna at Donna.Novak@Novarest.com.