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Happy Fourth of July to All
The Academy wishes all members a very happy and safe Fourth of July. Academy offices will be closed tomorrow, July 3, in observance of the holiday.
Contingencies, Actuarial Update Now Available
The July/August issue of Contingencies includes a cover feature on Big Data that explores how an actuarial alternative can help business leaders make better decisions. Also in this issue, learn how developers create games by weaving mathematical modeling with thematic design, dive into the murky waters of settlement annuities and factoring, and more.
The June issue of Actuarial Update leads with a story on the Academy’s 50th anniversary celebration—registration is now open. Other topics covered this month include the Academy’s new Task Force on Aging, a call for nomination for regular director positions, and a spotlight on the Academy’s professionalism outreach.
Now Accepting Nominations for Academy Regular Directors
Academy members are invited to nominate themselves or others for consideration as a candidate to be a regular director on the Academy’s Board of Directors. Simply submit your nomination to the Academy’s Nominating Committee through the 2015 Election Center.
The Nominating Committee may also be reaching out directly to members and asking them to seek election to the board as a regular director. Anyone who would like to be considered for a regular director position is encouraged to let the Nominating Committee know by completing the online form.
Register Now for the Academy’s 50th Anniversary Celebration
Registration is under way for the Academy’s Annual Meeting and Public Policy Forum, to be held Nov. 12-13 in Washington, which will also mark the Academy’s 50th anniversary. The event offers an unparalleled opportunity to celebrate the actuarial profession in the United States and to help you stay current in your practice area with cross-practice and practice-specific sessions on professionalism and public policy topics that offer continuing education (CE) credit. A discounted extra-early registration rate is available through July 17.
We will celebrate the contributions of past presidents, recognize charter members, and look forward to the Academy’s future. A 50th Anniversary Gala Dinner, to be held the evening of Nov. 12 at the National Museum of Women in the Arts, is included in both the two-day and the Nov. 12 registration fee. Dinner tickets may be purchased separately as well.
Make plans now to attend.
From the Actuarial Standards Board (ASB)
Reminder: ASB to Hold Hearing on Public Pension Plans: The ASB will hold a public hearing on the need for new or revised actuarial standards of practice (ASOPs) applicable to actuarial work regarding public pension plans on July 9 at the Ronald Reagan Building and International Trade Center in Washington. Read more here. Capital Adequacy Assessment for Insurers, a discussion draft developed by the Enterprise Risk Management (ERM) Committee of the ASB, is available for comment. The ERM Committee seeks input on a proposed ASOP that will provide guidance to actuaries involved in the preparation or review of capital adequacy assessment work for life or health insurers, property and casualty insurers, and similar entities, including the preparation or review of an Own Risk and Solvency Assessment (ORSA) report. Please send comments by July 15.
Newly Released
In the summer 2015 issue of PBA Perspectives, read about the NAIC Life Actuarial Task Force’s (LATF) consideration of mortality tables in conjunction with principle-based reserving (PBR) for life insurance in advance of the NAIC’s Summer 2015 National Meeting in August. Also read recaps of other PBR issues before LATF, view upcoming events, and stay up to date on PBR progress at state legislatures.
Public Policy Activities
Upcoming Events
Register Now for Professionalism Webinar on Modeling: Almost all actuarial work involves modeling of some type. Recognizing that the number and importance of modeling applications in actuarial science is increasing, the ASB has developed two exposure drafts of an ASOP intended to address modeling applications in all practice areas.
Join the Academy on July 22 when expert presenters will engage in a mock debate to provide different perspectives on issues raised in the comments on the draft modeling standard. Presenters include ASB Chairperson Patricia Matson; Shawna Ackerman, vice president for casualty and chairperson of the ASB Catastrophe Modeling Task Force; and Mary Simmons, member of the ASB General Committee and member of the ASB Data Quality Task Force. Academy General Counsel and Director of Professionalism Keith Jones will moderate. Webinar: More Details on International Insurer Capital Standards: Join us on Aug. 4 as members of the Academy’s Solvency Committee provide a detailed look at the International Association of Insurance Supervisors’ (IAIS) insurer capital standard, including the finalized basic capital requirement, the proposed insurance capital standard, and the proposed higher loss absorbency requirement.
The IAIS is developing group solvency and capital standards that could have a profound effect on global systemically important insurers and internationally active insurance groups, including several U.S. insurers.
The webinar will provide an overview of the Solvency Committee’s basic solvency principles for domestic and international policymakers developing capital standards and an in-depth examination of the IAIS’s activities related to insurer capital standards. Ned Tyrell, international technical policy advisor of the NAIC, joins fellow members of the Solvency Committee Novian Junus and Henry Siegel as presenters. Solvency Committee Chairperson Elizabeth Brill will moderate. Register now. Save the Date—VM-20 Seminar: Make plans to attend this seminar on implementation of life principle-based reserve requirements, to be held Sept. 2 in Boston. “Vrmm, Vrmm, VM-20—Start Your Engines, The Race to the PBR Finish Line Is On!” will offer practical examples of how to implement the new requirements; sessions outlining the basics of performing a VM-20 calculation, ideal for those with little to no understanding of the VM-20 requirements; and advanced sessions focusing on complex VM-20 requirements and strategies to successfully implement VM-20. The seminar follows the 2015 Valuation Actuary Symposium, also in Boston.
Recent Events
The Profits Followed by Losses Subgroup held a webinar on July 1 to discuss its new practice note. Chairperson Robert Frasca of the subgroup and member Charles Chacosky provided background on the Accounting Standards Codification (ASC) 944-60 Premium Deficiency and Loss Recognition guidance, which provides the accounting foundation for situations of profits followed by losses; the identification of profits followed by losses and common situations in which they are encountered; and actuarial approaches that may be considered to address situations of profits followed by losses in GAAP-basis financial statements.
The robust question-and-answer period featured a discussion of long-term care products and how they may be affected by situations of profits followed by losses, as well as implications of non-GAAP accounting for profits followed by losses in long-duration contracts. For slides from the webinar, click here.
Last Chance in 2015 to Nominate Members for Academy’s Highest Awards
In the News
Bloomberg BNA reported on the June 25 Capitol Hill panel discussion, “ACA Premiums For 2016: What’s the Deal?” hosted by Third Way at which Senior Health Fellow Cori Uccello represented the Academy. The subscriber-only story quotes Uccello on continuing uncertainty in premium rate setting due to incomplete market information. “Although plans have information on their 2014 experience, they don’t have information on the experience of the market as a whole,” said Uccello. “They still didn’t have that information, so there’s still uncertainty.” An opinion piece in The Gazette (Janesville, Wis.) cites the Academy’s issue brief, Implications of Proposed Changes to the ACA in Response to King v. Burwell, in its analysis of the political impact of King v. Burwell in Wisconsin.
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