The Actuaries Climate Index has been updated with data for spring 2020, with its key five-year moving average reaching a new high of 1.19. Read the news release. (December 01, 2020)
The November Actuarial Update covers the Academy’s successful Annual Meeting and Policy Forum, held as a virtual event near the end of a momentous year. Stories include Tom Campbell becoming the Academy’s new president; plenary sessions that covered topics such as race and insurance, the ongoing COVID-19 pandemic, political and historical analysis of this year’s elections, and the importance of professionalism in a time of uncertainty; and breakout sessions in the casualty, health, life, and pension practice areas. Also in the issue: at the meeting and forum, the Academy bestowed its annual service awards; the Academy hosted a successful Life and Health Qualifications Seminar, also held as a virtual event; a December professionalism webinar will cover actuarial communications; pension webinars on COVID-19 and capital markets are set for December; and the “Professionalism Counts” column is “Winter Is Coming … Have You Completed Your CE?” (November 30, 2020)
As this unusual year draws to a close it’s time to make sure you are on track to meet the continuing education (CE) requirements of the U.S. Qualification Standards (USQS) by the end of the year. (November 30, 2020)
The Social Security Committee published an issue brief on actuarial assumptions used by the Social Security Administration to make projections for and evaluations of Social Security’s financial condition. (November 23, 2020)
The Financial Reporting Committee and Life Financial Reporting Committee submitted comments to the Financial Accounting Standards Board (FASB) regarding indexing and modco embedded derivatives. (November 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. (November 20, 2020)
The Lifetime Income Risk Joint Committee submitted comments to the Department of Labor on an interim final regulation with request for comments regarding pension benefit statements and lifetime income illustrations. (November 18, 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. (November 13, 2020)
The Life Practice Council’s Task Force to Review ASOP No. 2 submitted comments to the Actuarial Standards Board on the second exposure draft of the proposed revision of ASOP No. 2, Nonguaranteed Elements for Life Insurance and Annuity Products. (November 13, 2020)
The Academy’s Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPLFR) presented an update on CPC and COPLFR activity to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF), including pandemic risk insurance, workers’ compensation, automobile insurance, and cyber risk, and gave a preview of December’s Seminar on Effective P/C Loss Reserve Opinions. (November 10, 2020)
The Individual and Small Group Markets Committee sent comments to the Center for Consumer Information & Insurance Oversight (CCIIO), expressing concerns on the claims data updates finalized in the 2021 Actuarial Value (AV) Calculator. The comments are for consideration in preparing the draft 2022 AV Calculator. (November 12, 2020)
Academy Casualty Vice President Lauren Cavanaugh addressed the NAIC’s Special Committee on Race and Insurance, speaking to her prepared comments previously submitted, which covered actuarial guidance, disparate impact, and data quality. She recommended consideration of independent organizations to examine and certify third-party data for hidden biases, accuracy, and relevance. She also described for commissioners and regulators several actuarial standards of practice (ASOPs) relevant to actuarial practice in areas being looked at by the special committee. (November 12, 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. (November 06, 2020)
States have moved to develop their own laws given there is a lack of federal regulation of notice requirements to consumers in the event of cyber breaches. The purpose of this paper is to provide a systematic comparison of the existing regulations with respect to data breaches involving personally identifiable information across the states. The National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law is also examined. (November 06, 2020)
In the November/December issue of Contingencies, the cover story, “On Chance and Intelligence,” asks whence success comes—by merit or by luck? This feature dives deep into the question. Other features include “Black Warrior: A Buffalo Soldier Looks Back”—a visit to the archives for this excerpt from Ivan Houston, who died this year at age 94; and “Stress”—an work of original fiction takes place within the confines of an actuarial exam. Plus a President’s Message from Academy President D. Joeff Williams on asking the right questions; meet contributor Daniel Skwire’s first boss in Commentary; and sharpen your No. 2 pencils for a pop quiz in Up to Code. (November 02, 2020)
