This Week, Jan. 29-Feb. 2, 2018

Read the latest news from the Academy.

Recent Academy Activity, Jan. 29–Feb. 2, 2018

Volunteer Action Required: Commitment to Objectivity

Committing on an annual basis to professional objectivity is required to perform volunteer work for all those who participate in Academy committees. D. Joeff Williams, vice president of the Academy’s Council on Professionalism, emailed Academy volunteers this week with a request of all volunteers to submit a conflict of interest (COI) acknowledgement and continuing education attestation. Williams also wrote an article in the January Actuarial Update outlining the policy. Interested parties must also acknowledge the COI policy. To comply, follow the instructions in the email or on the membership page under “Volunteer Acknowledgements.”

Order Today—Academy Law Manuals Available

The latest editions of the Life and Health Valuation Law Manual and the Property/Casualty Loss Reserve Law Manual are available. Order your copy today.

  • The Life and Health Valuation Law Manual is designed to help appointed actuaries know the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation.

  • The Property/Casualty Loss Reserve Law Manual is designed to help appointed actuaries know the NAIC Annual Statement requirements for statements of actuarial opinion.

Both manuals are available in a variety of formats, allowing to you to select the version that best suits your work.

Recently Released

The January Actuarial Update covers the Jan. 17 webinar—the first in the joint series by the Academy and the Canadian Institute of Actuaries—that outlined the organizations’ roles in their respective countries. Also in this issue, the Academy released its year-in-review legislative and regulatory alert; a federal court dismissed a lawsuit against the Academy in a discipline case; and the “Professionalism Counts” column, “New Standards for the New Year,” by Actuarial Standards Board Chairperson Beth Fitzgerald, highlights several new actuarial standards of practice in the pension, life and casualty practice areas.

Updated Board and Committee Meetings Policy

At its January meeting, the Academy Board of Directors updated its existing meetings policy to ensure that the objectivity and independence of the Academy continue in our public policy and professionalism work. The work of Academy volunteers and committees needs to be done in a deliberative environment that is robust, frank, and considers diverse sources of information and different perspectives, free from any specific interests of the employers of its members or of any other special interest group or organization. The revised policy will clarify and strengthen the Academy’s efforts to continue the quality of work on which our reputation is built with the integrity that is expected. The updated policy has been posted to the Academy Policies and Guidelines section of our website.

Life Reinsurance Practice Note Released

The Credit for Reinsurance Subgroup of the Academy’s Reinsurance Committee released a new practice note, Credit for Life Reinsurance in U.S. Statutory Financial Statements. The practice note is intended to provide actuaries with information on current and emerging practices used to determine the credit for reinsurance that may be taken on statutory financial statements. Read the Academy alert.

Public Policy Activities

  • The Annuity Illustration Work Group submitted a comment letter to the NAIC’s Annuity Disclosure (A) Working Group regarding proposed changes to the Annuity Disclosure Model Regulation (#245).

  • The Solvency Committee submitted comments to the International Association of Insurance Supervisors on the revised Insurance Core Principle (ICP) Enterprise Risk Management for Solvency Purposes and ComFrame material integrated with ICP 16 consultation package dated Nov. 8, 2017.

Upcoming Events

  • Enrolled Actuaries Meeting—April 8–11, Washington, D.C.

  • Annual Meeting and Public Policy Forum—Nov. 1–2, Washington, D.C.

  • Life and Health Qualifications Seminar—Nov. 4–8, Arlington, Va.

In the News

  • An editorial in the Journal Gazette (Ind.) cited the cover story, “Autonomous Vehicles—Next Steps in the Hands-Free Revolution,” from the January/February 2018 issue of Contingencies.

  • A HealthPayer Intelligence story reported on an Academy news release that offered public policymakers actuarial expertise on health insurance, Social Security, retirement income, financial services, the National Flood Insurance Program, and other issues ahead of this week’s State of the Union speech, the first by President Trump.

  • A Vox story fact-checking the president’s comments about the individual mandate during the State of the Union speech cited the Individual and Small Group Markets Committee and the Medicaid Subcommittee’s comment letter to U.S. House of Representatives leadership on H.R. 1628, the American Health Care Act.

 

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