The Vice President of the Academy Pension Practice Council and the Chairperson of the Multiemployer Plans Committee submitted a comment letter to House of Representatives leadership regarding pension provisions of H.R. 6800, the Health and Economic Recovery Omnibus Emergency Solutions Act (“HEROES Act”). (May 15, 2020)
The Spring StateScan Quarterly highlights recent state legislation and regulation so far this year, as well as actions states are taking in response to the COVID-19 pandemic. For a more comprehensive look at state legislative and regulatory activity, log in to the StateScan portal, free for Academy members. (May 15, 2020)
Academy Senior Casualty Fellow Rich Gibson remotely presented an overview and updates on the Actuaries Climate Index and the Actuaries Climate Risk Index at the Casualty Actuarial Society’s Virtual Spring Meeting. (May 12, 2020)
The Committee on Property and Liability Financial Reporting submitted comments to the National Association of Insurance Commissioners Blanks Working Group, regarding proposed instructions for the 2020 P&C Statement of Actuarial Opinion. (May 11, 2020)
On May 11, 2020, Steve Jackson, the Academy’s Assistant Director for Research, presented on the Actuaries Climate Risk Index (ACRI) to the Actuarial Colloquium, a virtual conference sponsored by the International Actuarial Association and the French Institute of Actuaries. The ACRI is derived from a model of the statistical relationship between the weather components of the Actuaries Climate Index (ACI) and property damage caused by severe weather. The ACRI distinguishes the losses due to changes in weather from the larger set of losses due to increases in risk exposure. The resulting ACRI for the United States totals $24 billion during the post-reference period, 1991–2016, equal to approximately 5% of weather-related losses during that period. (May 11, 2020)
The Casualty Practice Council sent a comment letter to the U.S. House of Representatives Financial Services Committee on a proposed Pandemic Risk Reinsurance Program. Read the Academy news release. (May 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. (May 08, 2020)
The Life Illustrations Work Group sent a letter to the NAIC IUL Illustration (A) Subgroup regarding the illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline XLIX (AG 49), and the American Council of Life Insurers proposal for AG 49-A. (May 08, 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. (May 01, 2020)
In the May/June issue of Contingencies, the cover story, “Look Before You Leap,” investigates the persistent and arcane problem of leap seconds and what might be done about them. Other features include “Social Determinants of Health”—a timely look given the current world situation at how we might move toward a more holistic view of wellness; “It’s an Opioid World”—nations’ challenges, and successes, in the fight against opioid addiction; “Checking the Odometer on AVs”—checking in on the road to completely autonomous vehicles, and what they will mean for the future of insurance Also, Academy President D. Joeff Williams’ President’s Message on how the Academy adapts to changes over time; seeking truth in the shades of gray in “Up to Code”; and a Tradecraft piece about enterprise risk management and captives. (May 01, 2020)
The Academy’s first professionalism webinar of 2020 offered cross-practice context focused on the newest actuarial standard of practice (ASOP)—ASOP No. 56, Modeling. Featuring former members of the Actuarial Standards Board as well as speakers from the task force that drafted the standard, the webinar examined the scope of the standard, what constitutes a model, and the fundamental guidance given by the standard. (Actuarial Update, April 2020) (April 30, 2020)
With conferences and other in-person events canceled across the country due to the ongoing COVID-19 pandemic, the Academy offers many opportunities to earn relevant continuing education (CE) to fulfill your professionalism obligations, which are so important to maintaining the public’s trust in our profession. (Actuarial Update, April 2020) (April 30, 2020)
The April Actuarial Update covers the Academy’s four April webinars held during a time of social distancing and remote learning—including a professionalism webinar on the new modeling ASOP, and a cross-practice webinar on the impacts of the COVID-19 pandemic—that provided diverse opportunities for “organized” continuing education (CE) credit. Also, the Academy released The Record, covering our 2019 activity; the “Member Spotlight” interviews Risk Management and Financial Reporting Council Vice President Gareth Kennedy; and the “Professionalism Counts” column looks at the Academy’s many online CE opportunities. (April 30, 2020)
The Medicare Subcommittee released an issue brief on the fundamental long-range financing challenges facing the Medicare program. Read the news release. (April 28, 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. (April 24, 2020)
