Academy News | American Academy of Actuaries

Committee Releases Exposure Draft of Practice Note on ASOP No. 56

The Pension Committee released an exposure draft of a practice note providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling. Please send comments to the pension policy analyst of the American Academy of Actuaries at pensionanalyst@actuary.org by January 31, 2021. (October 06, 2020)

This Week: Two New Plenary Speakers for Annual Meeting and Public Policy Forum; Professionalism Webinar Set for Oct. 30

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. (October 02, 2020)

Academy Releases Essential Elements Paper on Wildfire Risk in the United States

The Academy has released a new Essential Elements paper: “Wildfire Risk in the United States.” The paper discusses where and when wildfires occur, the rising property/casualty costs from wildfire damage, the importance of wildfire modeling, and ways to address wildfire risk. Essential Elements, a series of concise and informative papers developed by the Academy, is designed to provide a quick and easy-to-understand overview of key public policy issues of interest to Academy members, policymakers, and the general public. (October 01, 2020)

Professionalism Counts, September 2020

Following up the August professionalism webinar, “In Times of Uncertainty, Professionalism Is Certain,” this month’s column answers overflow questions that were not addressed in the webinar. (September 30, 2020)

Flood Insurance Monograph Updated

The Extreme Events and Property Lines Committee has updated its monograph on the National Flood Insurance Program and related issues, including new data from the 2019 hurricane season. (September 30, 2020)

Actuarial Update, September 2020

The September Actuarial Update covers the recipients of this year’s Jarvis Farley Service Award, Robert J. Myers Public Service Award, and Outstanding Volunteerism Awards, who will be honored at the Academy’s premier annual event—the Annual Meeting and Public Policy Forum, Nov. 5–6. Also in the issue: a Capitol Forum webinar looks at health equity issues; an update to the Academy’s Social Security election issue guides; NAIC President-Elect David Altmaier will speak on the NAIC’s race and insurance initiative at the Academy’s Annual Meeting & Public Policy Forum; the Academy hosted a successful Virtual PBR Boot Camp; Academy President D. Joeff Williams wrote to the NAIC on diversity and inclusion; a new version of “Tales From the Dark Side” professionalism webinar is set for Oct. 30; the “Member Spotlight” profiles the Health Practice Council’s Mitchell Momanyi; and the “Professionalism Counts” column answers overflow questions from August’s professionalism webinar. (September 30, 2020)

This Week: Issue Brief on COVID-19 and Pension Plans; JBEA Seeks Applications for Advisory Committee; P/C Loss Opinion Seminar Registration Open

Financial Reporting Committee Submits Comments to AICPA

The Financial Reporting Committee submitted comments to the American Institute of Certified Public Accountants (AICPA) regarding Long-Duration Contracts Implementation Issue 11AC (ceded reinsurance), to be included in the Audit and Accounting Guide: Life and Health Insurance Entities. (September 23, 2020)

Committee Releases Issue Brief on the Impact of COVID-19 for Pension Plans

The Pension Committee published an issue brief considering the near-term and long-term effects of COVID-19 on pension plans, mortality, and other assumptions. (September 22, 2020)

COPLFR Paper Addresses Audit Committees and Loss Reserve Expertise

The Committee on Property and Liability Financial Reporting has issued a new public policy paper, An Overview for P/C Insurers' Audit Committees: Effective Use of Actuarial Loss Reserve Expertise. This document replaces an earlier publication on the same subject. (September 21, 2020)

This Week: Academy 2020 Award Recipients; Health Equity and ASOP No. 6 Practice Note Webinars; Virtual PBR Boot Camp

Academy Announces 2020 Farley, Myers, and Outstanding Volunteerism Award Recipients

The Academy announced the recipients of its two most prestigious annual awards—the Jarvis Farley Service Award and the Robert J. Myers Public Service Award—and four 2020 Outstanding Volunteerism Award recipients. They will be recognized during our virtual Annual Meeting and Public Policy Forum, held Nov. 5–6. Read the news release. (September 17, 2020)

This Week: Academy Letter to NAIC on Diversity and Inclusion; Health Equity Webinar Monday; Board Election Concludes; PBR Boot Camp Registration Ends Today

NAIC Approves Health Solvency Subcommittee Request on Incorporating Investment Income Into RBC Formula

The NAIC’s Health Risk-Based Capital (E) Working Group approved a request to the Academy’s Health Solvency Subcommittee for Analysis to Incorporate Investment Income into the Underwriting Risk Component of the health risk-based capital (RBC) formula. The working group requested a response from the subcommittee by Oct. 21. (September 11, 2020)

C-2 Work Group Presents Update to NAIC's Life Risk-Based Capital (E) Working Group

C-2 Mortality Work Group presented an update to the NAIC's Life Risk-Based Capital (E) Working Group reviewing the C-2 overall approach and current risk-based capital (RBC) factors. (September 11, 2020)