The ASB recently adopted its 50th ASOP, Determining Minimum Value and Actuarial Value under the Affordable Care Act. Although a practice note exists that provides information on the subject of determining minimum value and actuarial value under the Affordable Care Act (ACA), no guidance for actuaries on the subject existed other than the regulation , which prompted the ASB to request that its Health Committee explore a potential ASOP to provide guidance to actuaries performing these tasks. As a result, ASOP No. 50 was adopted as a standard that applies to actuaries performing professional services with respect to calculating actuarial values and testing minimum value requirements in accordance with the ACA and related regulations, specifically for purposes of (1) categorizing individual and small group health insurance plans into metal levels; (2) testing whether employer-sponsored health insurance plans meet the federal minimum value requirements; or (3) making any required certifications. The standard, which will be effective for any actuarial work product covered by its scope issued on or after Jan. 31, 2016, can be viewed in the “Current Standards (ASOPs)” section under the tab “Standards of Practice.”
