The Longevity Risk Task Force sent a comment letter on the proposed longevity risk charge to the NAIC Life Risk-Based Capital (E) Working Group. (January 23, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (January 17, 2020)
Ahead of next month’s Iowa caucuses, the Academy published 2020 Making Issues Count, a nonpartisan guide offering voters background information on six issues areas in which actuaries have expertise: Social Security; Medicare and Medicaid; health insurance coverage; lifetime income and retirement risk; climate risk; and long-term care. Read the news release. (January 17, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (January 10, 2020)
The Intersector Group released the notes of its November 2019 meeting with the Pension Benefit Guaranty Corporation. (January 09, 2020)
The Intersector Group released the notes of its November 2019 meeting with the Treasury Department and Internal Revenue Service. (January 09, 2020)
The January HealthCheck covers the Risk Sharing Subcommittee’s comment letter regarding the Department of Health and Human Services’ white paper on risk adjustment validation (RADV). Also, legislative/judicial/regulatory developments on the Affordable Care Act, and a draft proposed federal rule that would allow states to import some prescription drugs from Canada. (January 09, 2020)
As part of its continuing public policy research program providing objective and independent information based on actuarial analysis, the American Academy of Actuaries today introduced the first model and results of the Actuaries Climate Risk Index (ACRI), which provides results associating dollar estimates of property losses in the United States with changes in extreme weather.
The Academy has long been the most reliable and credible source of objective, independent, and nonpartisan information about actuarial matters that can and do affect public policy decisions in the U.S. We are now releasing the ACRI to provide that objective and independent analysis to assist in answering the question: Are the extreme weather conditions that result from a changing climate producing increased property losses?
The findings contained in version 1.0 of the ACRI are the culmination of years of research. We are presenting them now in the spirit of objective, transparent scientific inquiry and statistical rigor. Read the report. (January 09, 2020)
The Committee on Property and Liability Financial Reporting has issued a practice note for Statements of Actuarial Opinion on P/C Loss Reserves (2019) It includes a new section on frequently asked questions about new requirements for Appointed Actuaries. (January 07, 2020)
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (January 03, 2020)
In the January/February issue of Contingencies, the cover story, “Is ‘Data Science’ an Existential Threat for Actuaries?” investigates what the hot new career trend can tell us about our profession’s future. Other features include “Predictably Irrational,” which looks at how we make decisions, and aims to apply behavioral economics to actuarial science; and “Calculating Death With Dignity,” which looks at the issue of more states legalizing medically assisted suicide and what that means for actuaries. Also in the issue, in his first President’s Message, Academy President D. Joeff Williams explains how the Academy lives up to its “effective” motto; why hygiene matters with data quality; and truth, advertising, and Precept 11. (January 02, 2020)
What happens during an Actuarial Board for Counseling and Discipline (ABCD) investigation? By providing guidance to actuaries with questions and by investigating possible material violations of the Code of Professional Conduct, the ABCD plays a vital role in the actuarial profession’s efforts to ensure that all members maintain our self-imposed high standards of practice, conduct, and qualification. (Actuarial Update, December 2019) (December 31, 2019)
The Principle-Based Approach Projections Practice Note is now available. This practice note contains questions and answers related to common practice for projecting future principle-based reserve and risk-based capital calculations. (December 30, 2019)
The December Actuarial Update covers Academy public policy and professionalism presentations at the NAIC Fall 2019 National Meeting in Austin, Texas. Also in the issue: The final professionalism webinar of 2019 looked at issues the Actuarial Board for Counseling and Discipline (ABCD) considers—and provided a few tales from the “dark side”; the latest “Actuary Voices” podcast offers highlights of the Annual Meeting and Public Policy Forum; the PBR Boot Camp covered key life topics; and the “Professionalism Counts” column looks at what happens during an ABCD investigation. (December 30, 2019)