Keeping You in the Know—Recent Academy Activity, Dec. 6–10, 2021
Academy Hosts Successful P/C Loss Reserve Opinions Seminar
Seminar attendees prepare for a session
The Academy hosted a successful Seminar on Effective P/C Loss Reserve Opinions this week—a two-day hybrid event, with in-person sessions held in Chicago—that provided participants with information on the requirements and instructions for P/C actuaries working on reserve opinions. Sessions covered qualifications, reserve ranges, risk of material adverse deviation, relevant actuarial standards of practice (ASOPs), and responsibilities and recordkeeping. Interactive online discussions on case studies allowed remote participants to engage with and ask questions of the presenters.
Tuesday’s webinar—“What’s the Deal With Low Interest Rates? Are They Harming the U.S. Retirement System?”—included discussion of the implications of low interest rates and recent monetary policy. Presenters Evan Inglis and Jerry Mingione looked at how the past decade’s low interest rates have been driven by systemic factors such as low growth, aging demographics, and an economic shift toward technology and services, as well as aggressive monetary policy, which has been a key driver of both low rates and high capital asset values. Senior Pension Fellow Linda K. Stone moderated. Slides and audio will be available soon.
Save the date: The next pension webinar, “Funding Public Pension Plans—Theory and Practice,” will be held on Jan. 25, 2022. Registration will open soon.
Upcoming Professionalism Webinars to Look at ABCD, USQS
Join the Academy for two upcoming professionalism webinars that will look at issues related the Actuarial Board for Counseling and Discipline (ABCD), and the just-released, soon-to-be-effective revised U.S. Qualification Standards (USQS). Continuing education (CE) credits and continuing professional education (CPE) credits under Joint Board for the Enrollment of Actuaries (JBEA) rules will be available, as will group-registration options.
The popular “More Tales from the Dark Side” series returns to share more examples of ethical problems that are based on cases and requests for guidance that have been brought before the ABCD. Presenters will be ABCD Chairperson David Driscoll and members Albert Beer and Godfrey Perrott. The webinar will be held next Friday, Dec. 17, from noon to 1:30 p.m. EST. Learn how you can avoid the dark side—register today.
The amended USQS take effect Jan. 1. To help members prepare, the Academy will host “The Amended U.S. Qualification Standards,” in which members of the Committee on Qualifications (COQ) will examine the new standards. Presenters will be COQ Chairperson Katherine Campbell, and members Lisa Slotznick and Tom Terry, with Immediate Past President Tom Campbell moderating. The webinar will be held on Monday, Dec. 20, from noon to 1 p.m. EST. Register today.
Next Week—P/C Public Policy Webinar
Join the Academy next Thursday for the “P/C Public Policy Update” webinar, which will look at recent property/casualty issues, including Insurance regulatory developments surrounding diversity, equity & inclusion at the National Association of Insurance Commissioners (NAIC) and with state insurance departments; P/C risk-based capital (RBC); COVID-19’s impact on medical professional liability insurance; and a discussion on the past, present, and future effects of the opioid epidemic on workers’ compensation insurance. Panelists will be Medical Professional Liability Committee Chairperson Alison Milford, P/C RBC Committee Chairperson David Traugott, and Workers’ Compensation Committee Vice Chairperson Derek Jones. Casualty Vice President Lauren Cavanaugh will moderate. The webinar will be held on Dec. 16 from 2 to 3:30 p.m. EST. Register today.
Public Policy Outreach
Social Security Committee member Brian Murphy presented virtually on Wednesday to the California Association of Public Retirement Systems on “Social Security—Financial Challenges and Reform Options.” Murphy covered some of the committee’s key work, the Academy’s Social Security Game, Social Security program reform proposals, individual equity and social adequacy, and the program’s financial condition based on the 2021 Trustees Report.
Reminder—Health Equity Work Group RFI Deadline Approaching
A reminder that the Jan. 14, 2022, deadline is approaching for the Health Equity Work Group’s (HEWG) request for information (RFI) to solicit input to its work assessing whether and how health actuarial practices and methods affect health disparities. Comments should be submitted via email to healthequityRFI@actuary.org, include the phrase “HEWG Request for Information” in the subject line, and should not include any password-protected attachments. Comments may be sent via conventional mail to: Health Equity Work Group, American Academy of Actuaries, 1850 M Street NW Suite 300, Washington, DC 20036. Please contact Senior Health Policy Analyst Matthew Williams with questions—email@example.com.
Public Employment Opportunities
The Utah Insurance Department is seeking a Health Insurance Actuary to direct and enforce actuarial functions related to health insurance. The person in the position will apply advanced actuarial science, mathematical, and statistical methods for the review and approval of reports, financial statements, and rate filings, among other tasks. For more information and to apply, click here.
The U.S. Government Accountability Office (GAO) has an opening for a Senior Actuary, to be located either in GAO’s headquarters in Washington, D.C., or in GAO’s Atlanta or Seattle field office. Primary practice area should be retirement; experience in multiple practice areas is welcome but not required. The application deadline is Dec. 13; learn more about the position and how to apply via USA Jobs.
Former Academy Life Vice President Laura Hanson gave an update of Life Practice Council activities to the NAIC’s Life Actuarial (A) Task Force virtual meeting as part of the NAIC 2021 Fall National Meeting.
Casualty Practice Council (CPC) Vice Chairperson Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Derek Freihaut presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force on behalf of the CPC and COPLFR on recent publications and future work products expected for release in early 2022.
Learn more about how the Academy’s public policy efforts support the profession, our members, and the public.