The Academy hosted a successful, sold-out Life and Health Qualifications Seminar this week. Held virtually this year, the seminar is in its 20th year and its interactive case-study breakout sessions have long been highly valued by attendees, with many returning every few years to brush up on skills. Breakout rooms allowed for interactive discussion. Attendees gained required basic education and continuing education to be qualified to sign National Association of Insurance Commissioners (NAIC) Life and Health annual statements of actuarial opinion (SAOs), and a range of topics were discussed, including principle-based reserving, risk adjustment data validation, risk-based capital, and actuarial professionalism. Incoming Actuarial Standards Board Chairperson Darrell Knapp, who presented and moderated several sessions, chaired the committee that organized this year’s seminar.
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 on Thursday, speaking to her prepared comments previously submitted, covering 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.
Next Week—Pension Webinar on Modeling ASOP Practice Note
Register for December’s Virtual Seminar on Effective P/C Loss Reserve Opinions
Coming next month, the Academy’s Seminar on Effective P/C Loss Reserve Opinions will cover the latest requirements including regulatory guidance and actuarial qualification standards through intensive presentations, case studies, and open dialogue and Q&A. Seminar sessions—to be held on Dec. 9–10 and 14–15—will begin at 1 p.m. EST each of the four days and run through the afternoon. Daily and group registrations are available. Don’t miss out—register today.
Save the Date—Professionalism, Pension Webinars Set for December
Save the date for two Academy webinars next month:
Professionalism, Dec. 14—The Academy’s fourth professionalism webinar of the year will cover communications, disclosure, and documentation. It will be held on Monday, Dec. 14, at noon EST.
Pension, Dec. 15—Join the Academy’s Pension Practice Council for a webinar that will look at COVID-19’s impact on private, public, and multiemployer retirement plans. This webinar will be held on Tuesday, Dec. 15, at noon EST.
Registration for both webinars will open soon.
Public Policy Activity
The Casualty Practice Council (CPC) and the Committee on Property and Liability Financial Reporting (COPLFR) presented updates on their respective recent work to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF), including analysis of: pandemic risk insurance proposals, impact on workers’ compensation and automobile insurance from COVID-19, and information on a new cyber breach research report. A preview was also provided of December’s Seminar on Effective P/C Loss Reserve Opinions and the forthcoming 2020 Practice Note on SAOs on P/C Loss Reserves (December) and the P/C Loss Reserve Law Manual (January).
The Health Practice Council’s Individual and Small Group Markets Committee sent comments to the Center for Consumer Information & Insurance Oversight 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.
The Life Practice Council’s ASOP No. 2 Practice Note Task Forcesubmitted 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.
Advisor Magazine and Think Advisor reported on Tom Campbell becoming the Academy’s new president at last week’s Annual Meeting and Public Policy Forum.
A subscriber-only WorkCompCentral article cited comments from Dave Heppen, chairperson of the Workers’ Compensation Committee, on the uncertainty about what kind of impact presumptions of benefits will have on current workers’ compensation costs.
The Retirement Income Journal reported on a session from the Academy’s virtual Annual Meeting and Public Policy Forum in which experts discussed the implications of the SECURE Act on the life insurance industry. A Triple-I Blog post reported on another session from the Annual Meeting and Public Policy Forum about the impact of COVID-19 on auto insurance.