The Committee on Professional Responsibility released a new professionalism discussion paper, Professionalism for the Solo Actuary. The ideas and suggestions offered in the paper are intended to assist solo practicing actuaries or actuaries practicing in small firms with respect to situations that they may encounter in providing actuarial services. (May 25, 2021)
The Long-Term Care (LTC) Reform Subcommittee submitted a comment letter to the National Association of Insurance Commissioners (NAIC) Long-Term Care (EX) Task Force regarding the April 9 exposure draft of the Long-Term Care Insurance Multi-State Rate Review Framework. (May 24, 2021)
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. (May 21, 2021)
The Spring Life Perspectives has an inside look at the Academy’s VM-22 In Brief document, by Donna Claire, chairperson of the PBR Implementation Work Group, and chairperson of the VM-22 Subgroup. Also in the issue, previews of the upcoming PBR Boot Camp, recent Life Practice Council work group comments to the NAIC, and life-practice federal and state legislative and regulatory activity. (May 21, 2021)
Academy President Tom Campbell submitted a letter to the NAIC Special Committee on Race and Insurance on proposed charges regarding P/C and life insurance issues related to Workstream Three (property/casualty) and Workstream Four (life insurance and annuities). (May 14, 2021)
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. (May 14, 2021)
The Long-Term Care (LTC) Practice Note Work Group released the Long-Term Care Insurance public policy practice note to provide a source of information to practicing long-term care (LTC) actuaries seeking to better understand the considerations in evaluating experience, setting assumptions, valuation, and financial reporting. (May 14, 2021)
The Retirement System Assessment and Policy Committee released an issue brief detailing considerations employers might take in determining whether to participate in a PEP or select a provider. (May 14, 2021)
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. (May 07, 2021)
The Financial Reporting and Solvency Committee sent a comment letter to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force regarding the definition of “actuarial assets” in the revised proposed instructions for the Health Statement of Actuarial Opinion. (May 07, 2021)
The May/June Contingencies leans in with a focus on infrastructure. The cover feature story, “Our Nation’s Neglected Infrastructure,” grades the current state of U.S. infrastructure—while some improvement has occurred in recent years, more work remains to be done. And get ready to go vertical in “What’s in Your Airspace?”—the skies are about to get a lot more crowded. Plus, a President’s Message from Academy President Tom Campbell on how the Academy built and maintains the infrastructure of professionalism that the profession relies on; and an Up to Code piece on following the actuarial standards of practice. (May 03, 2021)
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. (April 30, 2021)
The Health Practice Council submitted a comment letter on a revised draft of Colorado Senate Bill 21-169, dated April 21, 2021, aimed to protect consumers from unfair discrimination in insurance practices. This letter follows up on previous Health Practice Council comments on the introduced version of the bill, submitted on March 29, 2021, and again focuses on the potential impact to health insurance. (April 30, 2021)
The April Actuarial Update covers the Health Practice Council’s (HPC) virtual “Hill visits” with federal policymakers to discuss key health public policy issues, and this month’s professionalism webinar on Actuarial Standard of Practice No. 1. Also in the issue, an Academy scalars methodologies research paper was released this month; the “Member Spotlight” column features John Purple, a member of P/C and professionalism committees; the latest “Actuary Voices” podcast features HPC member Julia Lerche; and the “Professionalism Counts” column looks at exercising professional judgment. (April 30, 2021)
Professional judgment is core to an actuary’s work; it comes into play when determining whether an actuary is qualified to take on an assignment, which actuarial standards of practice (ASOPs) to use when performing an assignment, and how to interpret those ASOPs. But the ability to exercise sound professional judgment isn’t magically bestowed when an actuary earns their credential—it is developed over years of training and experience. (April 30, 2021)
