Starting Monday, Aug. 26, members can vote for four regular directors. Please check for an email from Intelliscan (email@example.com), the Academy’s election vendor, for your online ballot. All members will be receiving the ballot information on Monday via email or, for those without email addresses, by regular mail sent on Monday. We encourage you to vote! To learn more about this year’s candidates, visit the Academy Board Election Center.
President Bykerk and other Academy members highlight Academy, ASB, ABCD work at Summer NAIC Meeting: As the National Association of Insurance Commissioners summer meeting kicked off in Indianapolis, Academy President Cecil Bykerk and other Academy members informed the nation’s insurance regulators about the professionalism work of the Academy, and the work of the Actuarial Standards Board and the Actuarial Board for Counseling and Discipline. Bykerk and other Academy representatives spoke at regulator meetings about professionalism topics ranging from the Academy’s ongoing outreach to regulators to the counseling and discipline process for actuaries. On Aug. 23, for example, Council on Professionalism Chair Karen Terry, ASB Board member Patricia Matson, and ABCD member Curtis Huntington made a presentation on actuarial professionalism to the Life Actuarial Task Force.
New Public Policy Activities
The Pension Committee published an issue brief addressing the Pension Benefit Guaranty Corporation’s deficit in its single-employer program. The issue brief concludes that the agency’s methods and assumptions have produced a reasonable representation of the PBGC single-employer program’s current obligation and deficit. The issue brief explains that while policymakers should explore new sources of income to address the deficit, immediate premium increases on plan sponsors are unnecessary and potentially counterproductive. Read the news release. Log in to read the member alert.
The Life Practice Council and its subgroups delivered several presentations, reports, and amendment proposals to the Life Actuarial Task Force on various topics at the Summer NAIC Meeting. They included:
Report and presentation on a potential reserve methodology for non-variable annuities in VM-22
Report on nonforfeiture treatment of certain fixed deferred annuities
Presentation of a recent survey conducted on modeling efficiency
Presentation updating the task force on progress made by the AOMR Communication Group
Aug. 22, Financial Reporting Implications under the ACA: Panelists from the Academy’s Health Practice Financial Reporting Committee presented an informational webinar on the financial reporting implications of several key provisions of the Affordable Care Act: premium stabilization programs, new taxes and fees, advanced payments, and existing actuarial liabilities.
Opportunities to Learn and Earn CE
Sept. 15–17, Casualty Loss Reserve Seminar: Attend this seminar to stay current with industry developments and learn from expert analysis of innovation in reserving. Practical sessions in estimating reserve risk and evaluating the effectiveness of various estimation techniques are offered, as well as professionalism sessions to help you comply with standards and communicate results.
Sept. 24–25, Life PBR—The New Valuation World Seminar: Don’t miss this seminar that combines instructor-led training with small-group discussions on the practical application of the principle-based reserving mechanics as outlined in VM-20. PBR experts will discuss the latest developments, including the new PBR actuarial standard of practice and PBR practice note—both expected to be completed this year.
Nov. 4, Academy Annual Meeting and Awards Luncheon: Join award-winning author, journalist, and radio and TV personality Stephen J. Dubner, co-author of the international bestsellers Freakonomics and Superfreakonomics, as he shares his wit and insight at this year’s event. The luncheon is being held in conjunction with the CAS Annual Meeting in Minneapolis. The Academy will hold its presidential transition and present the Academy member awards.
Nov. 11–14, Life and Health Qualifications Seminar: Register by Sept. 13 and receive $200 off the regular registration fee for this instructional seminar—a primary source of education for actuaries who wish to be qualified to issue actuarial opinions for either the NAIC Life and A&H Annual Statement or the NAIC Health Annual Statement but may not have met the specific knowledge requirements set forth in the U.S. Qualification Standards.
Nov. 13–14, P/C Effective Loss Reserve Opinions Seminar: Whether you’re an actuary who signs P/C loss reserve opinions or one who assists in preparing them, this hands-on seminar will offer you an opportunity to deepen your expertise, become more efficient in your work, and differentiate yourself from others in your field. Don’t miss this highly interactive and customized seminar!
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