Members of the Financial Reporting Committee submitted fatal flaw comments to the American Institute of Certified Public Accountants (AICPA) regarding Issues 3 & 4CD (market risk benefits) as part of ongoing discussions at the Insurance Experts Panel. (January 15, 2021)
The latest issue of Casualty Quarterly leads with a Q&A with Casualty Vice President Lauren Cavanaugh on the Casualty Practice Council’s recent letters and testimony addressing race and insurance issues to both the National Association of Insurance Commissioners and National Council of Insurance Legislators. Also in the issue, the Committee on Property and Liability Financial Reporting released new FAQs on COVID-19, the Academy submitted testimony to the U.S. House of Representatives on pandemic insurance, the Cyber Risk Task Force sent a comment letter to the U.S. Treasury Department, and recent legislative and regulatory activity. (January 13, 2021)
The Committee on Property and Liability Financial Reporting issued an updated and expanded set of questions and answers concerning the impact of COVID-19 on p/c financial reporting. This supercedes the first edition, published in June 2020. (January 13, 2021)
The ERM/ORSA Committee's Climate-Related Financial Disclosures (CRFD) Work Group submitted comments to the International Association of Insurance Supervisors (IAIS) on its Application Paper on the Supervision of Climate-related Risks in the Insurance Sector. (January 11, 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. (January 08, 2021)
The Academy's Cyber Risk Task Force responded to the U.S. Treasury Department's questions about the applicability of the Terrorism Risk Insurance Act (TRIA) in cases of cyber-attacks that are aimed at targets outside the U.S. but cause insured losses in the U.S. The task force also noted the potential difficulty of meeting TRIA's requirement for an official finding that the source of an attack was a non-governmental terrorist organization. (January 07, 2021)
In the January/February issue of Contingencies, the cover story, “My Career as a Garbage Collector,” offers a behind-the-scenes look at one actuary’s experiences working at Warren Buffett’s Berkshire Hathaway—don’t miss this rollicking tale. Other features include “Is Data the Rx for Good Health Outcomes?”—which posits that the deluge of health data can be sifted into a treasure trove that drives better downstream medical decisions; and “Digital Decluttering”—which offers helpful tips to clean up your computer. Also, a President’s Message from Academy President Tom Campbell on new challenges in the New Year; how actuaries can bring their skills to the defined contribution world; and Up to Code tells you how the Actuarial Board for Counseling and Discipline lends a hand in your hour of need.
Academy members may change their mailing address or choose to receive Contingencies via mail or email in the Update Your Academy Profile section of the member login page. (January 04, 2021)
The Fall/Winter StateScan Quarterly recaps the latest quarter’s state legislation and regulation, with 10 legislatures still in session; several states have begun the process of prefiling legislation for the 2021 legislative session. After a spring and summer spent largely focused on COVID-19-related measures, jurisdictions were able to turn their attention to other matters—while keeping a watchful eye on how the coronavirus was unfolding—with states passing measures on prescription drugs, public pension plans, auto insurance, principle-based reserving, and reinsurance. (December 31, 2020)
The December Actuarial Update covers the Academy’s update of the “Professionalism First” website, which is now more mobile-friendly. Also in the issue: This month’s “Clear as a Bell” professionalism webinar examined the professionalism aspects of actuarial communications; The Academy presented to the National Council of Insurance Legislators and the National Association of Insurance Commissioners on issues including race and insurance, and climate risk; Remembrance of Arnold Dicke, recipient of this year’s Jarvis Farley Service Award; charter member Davis Roenisch; and Heather Jerbi, former Academy assistant director of public policy; Life and property/casualty public policy webinars are set for mid-January; The new “Member Spotlight” profiles the Health Practice Council’s John Robinson; and The “Professionalism Counts” column is “Precept 8: The Responsibility That Comes With Power.” (December 31, 2020)
Precept 8, Annotation 8-1 of the Code of Professional Conduct (the Code) observes that an actuarial communication prepared by you as an actuary “may be used by another party in a way that may influence the actions of a third party.” This is your power as an actuary. (December 31, 2020)
The Individual and Small Group Markets Committee and its Risk Sharing Subcommittee submitted comments to the Centers for Medicare & Medicaid Services (CMS) on the Proposed Notice of Benefit and Payment Parameters for 2022. (December 30, 2020)
The Intersector Group released its notes of a November 2020 conference call with the Pension Benefit Guaranty Corporation (PBGC). (December 29, 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. (December 18, 2020)
The fall issue of The Retirement Report has a Q&A with incoming Social Security Committee Chairperson Amy Kemp on the committee’s recent activity, including issue briefs on assumptions and immigration, and a look ahead at forthcoming issue briefs. Also in the issue, coverage of the Annual Meeting and Public Policy Forum’s pension breakout sessions; this month’s webinars on capital markets and COVID-19’s effect on retirement plans; an issue brief on the Pension Benefit Guaranty Corporation; and legislative and regulatory activity. (December 17, 2020)
The Life Practice Council's Life Underwriting and Risk Classification Work Group sent a letter to the NAIC Life Insurance and Annuities (A) Committee on state regulatory and legislative actions in regards to life insurance underwriting implications of COVID-19. (December 18, 2020)
