This Week, October 29- November 2, 2012

Announcement: Professionalism/Ethics Survey

• The Academy’s Council on Professionalism launched a survey to determine the landscape of professional and ethical issues that Academy members encounter. Members should have received the survey from “Karen Terry, Academy VP” earlier this week. We strongly encourage you to participate in this short survey to help the Academy better serve the actuarial profession and further our professionalism mission.

Recently Released Publications

• October Actuarial Update: This issue [2] features a recap of the Academy’s Annual Meeting and Awards Luncheon and profiles of the 2012 Myers and Farley award winners.
• October HealthCheck: Read about [3] recent health care reform activities in the latest edition.
• November/December Contingencies: Read about [4] Franz Kafka’s work at a Prague insurance company, wellness programs worldwide, using system dynamics to model obesity, and much more. Also check out Actuarial Software Now [5], a special supplement.

News from the Actuarial Standards Board

• Watch the ASB’s video on the importance of reading and understanding Actuarial Standards of Practice and you could win $100! Learn more [6].

Upcoming Events

• Don’t miss the Nov. 27 webinar, Social Security: Actuarial Status and Assumptions [7]. Presenters will offer an actuarial perspective on the 2012 Social Security Trustees Report and the assumptions used in determining Social Security projections. Social Security Administration Chief Actuary Steve Goss will provide additional comments and answer questions.

Website: New Postings

• The Academy released Determining the Impact of Climate Change on Insurance Risk and the Global Community [8], a joint report in a multiphase project commissioned by the Casualty Actuarial Society, Canadian Institute of Actuaries, Society of Actuaries, and the Academy’s Property/Casualty Extreme Events Committee. The report addresses the emerging risk of climate change and assesses the potential risk-management implications for the insurance industry.
• The Casualty Practice Council sent comments [9] to the NAIC’s Catastrophe Risk Subgroup on its proposed changes to the Risk-Based Capital formula spreadsheets to incorporate property catastrophe risk.

Member Alerts

• Life Insurance Issues: The NAIC’s Financial Condition (E) Committee voted to form the Emerging Actuarial Issues (E) Working Group to provide timely actuarial guidance for companies seeking to comply with the revisions to Actuarial Guideline 38 (AG 38) with respect to both in-force and prospective business. Log in [10] to read the full alert.

Recent Events

• Oct. 31, Understanding LTC Rate Stability Webinar [11]: Members of the Long-Term Care Practice Note Work Group discussed the process for pricing actuaries when completing an actuarial certification related to pricing long-term insurance policy forms under the rate stability provisions of the NAIC’s Long-Term Care Model Regulation. Download the slides [12].
• Nov. 1, IFRS Update: IASB/FASB Insurance Contracts Project Webinar [13]: Nearly 300 attendees tuned in to receive an overview of IASB’s work on Phase 2 changes to the International Financial Reporting Standard (IFRS) on insurance contracts, and potential changes to U.S. GAAP. Download the slides [14].

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