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This webinar covers the short and long ranging impacts of COVID-19 on pension plans–private, multiemployer and public–and their sponsors, recognizing that much is still uncertain.
Committee Submits Comment Letter to Department of Labor on Lifetime Income Illustrations
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.
This Week: LHQ Seminar a Success; Academy Comments to NAIC Special Committee on Race and Insurance; Pension Webinar Next Week
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.
LPC Task Force Submits Comments to ASB on ASOP No. 2 Proposed Revision
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.
Academy Updates CASTF on Casualty Practice Council Activity
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.
Committee Comments on 2021 Actuarial Value (AV) Calculator
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.
Academy Comments to NAIC Special Committee on Race and Insurance
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.
