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Name: |
Henry Siegel |
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Practice Area: |
Life, Financial Reporting |
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Employer Name: |
New York Life |
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Employer City/State: |
New York, N.Y. |
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Credentials: |
MAAA, FSA |
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Academy Experience
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Board of Directors, Vice-President Risk Management and Financial Reporting, 2009-2011
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Risk Management and Financial Reporting Council Member: 2003-2012
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Chairperson, Financial Reporting Committee, 2006-2009; Vice Chairperson, 2003-2006; Member, 2009-2012
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International Accounting Standards Task Force, 2007; Member, 2009-2012
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Chairperson, International Accounting Standards Task Force, 2007; Member, 2009-2012
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Member, Public Interest Committee, 2010-2012
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Member, Litigation Review Committee, 2009-2012
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Member, Federal Agenda Task Force, 2009-2010
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Member, Risk Margin Task Force, 2007-2009
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Member, Financial Regulatory Reform Task Force, 2008-2009, 2012
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Member, Strategic Planning Committee, 2009
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Member, Committee on Qualifications, 2001-2007
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Member, Life Practice Council, 1996-2003
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Member, Committee on Life Insurance, 1996-1999
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Member, Public Relations Committee, 1985-1986
Current/Recent Positions at SOA-CAS-CCA-ASPPA (ACOPA)
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SOA, Member and Chair of the Financial Reporting Council
Candidate Biographical Sketch
I have been a VP at New York Life for the past 19 years. My responsibilities have included M&A, Financial Reporting, and general oversight of actuarial functions in the business units. Part of this function has included performing audits of actuarial functions for our businesses worldwide (Mexico, India, China, Korea, Taiwan, Great Britain, Thailand, and Hong Kong, at various times).
Prior to this, I was at the Equitable Life Assurance Society of the United States for 23 years. I worked in all the major business areas on financial reporting and product development functions. I spent 2+ years in Japan as CFO at Equitable’s Japanese start-up Life Insurance Company, where I was responsible for oversight of all actuarial and financial functions.
For the past 10 years I have been particularly active on international accounting and solvency issues, working on Academy and industry committees on those topics. I have made presentations in front of the FASB and the IASB as well as the Geneva Association and meetings of committees of the International Association of Insurance Supervisors and National Association of Insurance Commissioners. In recognition of my effectiveness on the issue of financial reporting, I was appointed to the Insurance Working Group of the International Accounting Standards Board, which advises on accounting standards for insurance contracts.
I write a quarterly column for the Financial Reporter and have spoken frequently on the topic at actuarial meetings worldwide.
As noted earlier in this statement, from 2009-2011 I was VP for Risk Management and Financial Reporting at the Academy. In recognition of the work cited earlier, I received the Jarvis Farley Award in 2008 for my activities as an Academy volunteer.
In 2006 I was President of the Actuarial Society of Greater New York.
I am currently Treasurer of the Group of North American Insurance Enterprises, a group consisting of the CFOs of 17 large insurers from the U.S., Canada, and Bermuda focused on insurance accounting and solvency issues. In this role and on committees I have worked closely with many actuaries and accountants worldwide.
Candidates for regular Director will normally have served the Academy or the actuarial profession by:
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Serving on Academy committees or task forces;
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Serving on the ABCD, or on the ASB or an ASB Committee;
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Serving on the Boards or committees of other actuarial bodies;
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Attainment of important stature in the insurance business, in actuarial consulting or in some other field of actuarial work, such as teaching.
How I meet the qualifications for the position of Regular Director on the Academy Board of Directors
I have been very active on Academy committees and task forces for the past 30 years. I was VP for Risk Management and Financial Reporting from October 2009 to October 2011 but have not otherwise been a regular director of the Academy.
During my tenure as Vice President I was responsible for establishing many important initiatives that enhanced the Academy’s reputation and influence, including establishing the committees on ERM and Reinsurance and the task force on federal financial reform. This latter group established our initial, well-received contacts with the Federal Insurance Office.
I have worked effectively on many industry groups, both as chair and member, fostering cooperation and discussion and enabling actuaries from a variety of backgrounds and practice areas to work together effectively.
Why I want to serve on the Academy Board of Directors
I have seen the important contributions that the Academy makes in representing the profession on policy issues. I believe we can be even more effective in these activities. I hope that with my experience in working effectively with diverse groups of actuaries I can help make all the Academy’s functions more effective and efficient.
Furthermore, the increasing globalization of many issues makes a broad perspective extremely important. My background will enable me to make that perspective part of the Board’s discussion in a way that will enhance the Academy’s influence worldwide.
What I believe are the most important issues facing the American Academy of Actuaries
The most important issue facing the Academy is to effectively work within the growing internationalization of the insurance industry and particularly of insurance regulation. Whereas once it was enough to work with the NAIC on accounting and solvency matters, it is now necessary to work with international organizations that are not limited to insurance-focused groups. We need to find the most effective ways to get U.S. actuarial viewpoints heard in international forums.
Next we need to find a way to make our members feel more invested in the Academy. There are too many members who don’t participate in Academy activities or appreciate the importance of those activities. We need to expand the number of webcasts and other communication activities we do so that members will want to participate in Academy committees, task forces, and work groups. We need to work to have as many voices heard in policy decisions as possible.
Finally, the growing concern over the cost and future of health insurance and pensions is an area where the Academy needs to maintain its loud voice. The difficulty lies in achieving a consensus for the voice to articulate. This continues to be a great challenge for our profession and one I would hope to help with as a board member.
Additional Comments
An effective Academy is the most important way to have a nationally and internationally well-recognized and respected profession. I see the job of the Board as identifying areas of policy where more can be done and making sure that it happens in all areas of the Academy’s work. I believe my experiences will enable me to make significant contributions to this.
