The Flood Insurance Work Group released a new public policy monograph, The National Flood Insurance Program: Challenges and Solutions. It provides objective information to policymakers on differing approaches to premium setting and program financing for the National Flood Insurance Program, including both public and private financing mechanisms.
The monograph, released Wednesday, examines improvements in flood risk assessment and modeling that are reducing the uncertainties surrounding flood coverage and could lead to greater market participation by private insurers and reinsurers. Read the Academy’s news release.
It’s time once again to nominate a deserving colleague or respected mentor for one of the Academy’s prestigious annual awards, either for public service or for a lifetime of service to the actuarial profession and the Academy, as described below.
The Robert J. Myers Public Service Award honors an actuary who made an exceptional contribution to the common good, specifically through a single noteworthy public service achievement or a career devoted to public service.
The Jarvis Farley Service Award is a lifetime achievement award presented to an actuary whose volunteer efforts on behalf of the Academy have made significant contributions to the advancement of the profession through a lifetime of service.
The deadline for nominations is June 30, and the awards will be presented at the Academy’s Annual Meeting and Public Policy Forum Nov. 14–15 in Washington.
ASB Approves Exposure Draft of a Revision of ASOP No. 17
The Actuarial Standards Board (ASB) recently approved an exposure draft of a revision of Actuarial Standard of Practice (ASOP) No. 17, Expert Testimony by Actuaries. The proposed revised standard will apply to actuaries who are qualified as experts under the evidentiary rules applicable in a forum when they provide testimony in court hearings, dispute resolutions, depositions or other adversarial proceedings, and in rate hearings. The comment deadline for the exposure draft is June 30, 2017. Information on how to submit comments can be found in the exposure document.
Post-NAIC Life Webinar
The Academy hosted a post-NAIC life webinar on Thursday, in which panelists discussed key life issues from the NAIC Spring 2017 National Meeting in Denver earlier this month. Presenters covered principle-based reserving, risk-based capital, reinsurance, and other life-related issues, and highlighted some of the Academy’s presentations at the meeting. Slides and audio are available on the Academy’s webinar page.
SVL Work Group Seeks Volunteers for Interest-Rate Project
The SVL Interest Rate Modernization Work Group is looking for volunteers to work on a project related to the SVL interest rates for fixed annuities, excluding single premium immediate annuities. For the purposes of this project, the work group expects to focus initially on fixed indexed annuities with guaranteed living benefits (FIA GLBs). In particular, it is looking for expertise on FIA GLBs but is open to any volunteers interested in participating in the group. The work group generally meets weekly on Wednesdays from 3 to 4 p.m. Eastern and asks that volunteers generally be able to devote at least one hour per week outside of that for the project. If interested, please contact Heather Jerbi, assistant director of public policy, at firstname.lastname@example.org.
Committee on Qualifications Chairperson Keith Passwater delivered a professionalism presentation to an audience of 75 people at the Columbus (Ohio) Actuarial Club’s meeting on Tuesday. “This was a great refresher on the topic of professionalism,” said club Vice President Bethany Coffey. “The presentation and speaker were highly engaging ... well-organized ... a productive dialogue.”
Academy Participates in FASB Roundtable on Insurance Accounting
Leonard Reback, a current member and past chairperson of the Financial Reporting Committee (FRC), participated in a Financial Accounting Standards Board (FASB) public roundtable meeting Wednesday on proposed improvements to insurance accounting. He provided further background regarding the FRC’s December comments on FASB’s Proposed Accounting Standards Update on long-duration contract disclosures.
Actuaries Climate Index Webinar Announced: The Academy will co-host a webinar in May, “An Introduction to the Actuaries Climate Index.” The Actuaries Climate Index (ACI) was designed to provide actuaries, public policymakers, and the general public with objective data about changes in the frequency of extreme climate events over recent decades. The webinar, which will give an overview of the ACI and a discussion of its goals and future improvements, will be held on Thursday, May 18, from noon to 1:30 p.m. EDT. It is being sponsored by the Academy, the Canadian Institute of Actuaries, the Casualty Actuarial Society, and the Society of Actuaries. Register today for this free webinar, in which attendees will get a behind-the-scenes look at the ACI from those who were involved in its development and launch.
P/C Post-NAIC Webinar Next Week:Join us next Tuesday, April 25, from noon to 1 p.m. EDT as the Casualty Practice Council presents a high-level overview of some of the key P/C issues discussed at the NAIC Spring 2017 National Meeting. Speakers will provide an account of the Casualty Actuarial and Statistical (C) Task Force meeting, and report on activity in other groups including risk-based capital, flood insurance, the sharing economy, and other major topics. Attendees will learn about relevant NAIC issues that may impact their day-to-day work. The registration fee is $50 for Academy members. Register now.
Limited Space Remains in PBR Boot Camp: Very limited space remains in the Academy’s room block for the PBR Boot Camp, to be held May 22–24 in Orlando, Fla. The hold for the block ends today, Friday, April 21, and early registration ends next Friday, April 28. Register today and plan to join your fellow actuaries for this popular seminar that will keep you ahead of the PBR curve.
Best Discounts Available Now for Annual Meeting and Public Policy Forum: Extra-early registration rates are now available for the e Academy’s 2017 Annual Meeting and Public Policy Forum, to be held Nov. 14–15 at the Fairmont Hotel in Washington, D.C. Register now to ensure you are there to get the information you need to stay on top of the issues that matter the most to you, your profession, and our nation.
Registration Open for LHQ Seminar: Registration opened this month for the Academy’s annual Life and Health Qualifications Seminar, to be held Nov. 12–16 in Arlington, Va. Considered by many to be the most efficient way to acquire the basic and continuing education required to sign the NAIC life and health annual statement actuarial opinions, this seminar also serves as a basic education refresher or as a source of required continuing education for more experienced actuaries. Attendees can earn up to 27 hours of organized-activity continuing education credit. Register now for the lowest rate.
The Principle-Based Reserve (PBR) Model Governance Practice Note Work Group released a new practice note, Model Governance: Some Considerations for Practicing Life Actuaries, to provide additional information for practicing life actuaries seeking to better understand models, model risks, model governance, and related issues as they implement PBR.
The ERM/ORSA Committeegave a presentation Friday at the ERM Symposium in New Orleans on its 2016 practice note, Quantifying Risk Exposures for Own Risk and Solvency Assessment Reports.
Rep. Jeb Hensarling (R-Texas), chairman of the U.S. House Financial Services Committee, released a discussion draft of the Financial CHOICE (Creating Hope and Opportunity for Investors, Consumers, and Entrepreneurs) Act of 2017, which would repeal several key provisions of the 2010 Dodd-Frank financial reform law.
In the News
A subscriber-only Bloomberg BNA story on FASB’s proposed accounting rules quoted Leonard Reback, a current member and past chairperson of the Financial Reporting Committee, on how the proposed rules will be beneficial for users and preparers.