Academy Office Closed Monday for Presidents Day Holiday
The Academy’s office will be closed Monday, Feb. 17, in observance of Presidents Day.
ABCD Releases 2019 Annual Report
The Actuarial Board for Counseling and Discipline (ABCD) released its 2019 Annual Report. Last year the ABCD handled 138 cases, comprised of 104 requests for guidance (RFGs) and 34 inquiries, in line with the previous year. It received 17 new inquiries and closed 20 inquiry cases. Of the closed inquiry cases, 12 were dismissed, one was dismissed with guidance, five resulted in counseling, and two were resolved with a recommendation for discipline.
A chart showing the number of cases handled by the ABCD since its inception in 1992—including RFGs and inquiry cases—is included in the report.
‘Separate Account Products’ Life Webinar Will Look at NAIC Model Laws, Regulations
The Academy’s Life Practice Council (LPC) will host a webinar this month, “Separate Account Products,” which will offer attendees information about the use of separate accounts in insurance products. LPC Vice President Laura Hanson will moderate the discussion; presenters will be Academy President-Elect Tom Campbell and Antonio Rosa, director of external reporting, Talcott Resolution. Speakers will cover topics such as the history of separate account products, NAIC model laws and regulations applicable to separate account products, accounting and reporting practices for separate account products, and the effects of insulation in separate accounts. Continuing education credit will be available. The webinar will be held on Tuesday, Feb. 25, from 1 to 2:30 p.m. EST. New: Academy members can now register for the event and sign in by using their Academy member login.Register today.
The February issue of HealthCheck notes that the publication will become quarterly after this issue, to allow for a more in-depth look at health topics in each issue. Also, the Health Practice Council’s (HPC) annual “Hill visits” are set for later this month, at which HPC volunteers will meet with federal lawmakers and policymakers on Capitol Hill in Washington to discuss health issues including the Affordable Care Act, Medicare/Medicaid, long-term care, and more.
P/C Loss Reserve, Life and Health Law Manuals Available
The Academy’s two law manuals are available for immediate purchase and download in a variety of formats for single and multiple users, allowing you to select the version that best meets your needs.
The P/C Loss Reserve Law Manual is designed to help appointed actuaries and others know the requirements for specific statements of actuarial opinion. It contains a compilation of insurance laws relating to P/C loss and loss expense reserves for all 50 states, Washington, D.C., and Puerto Rico. Order today.
The Life and Health Valuation Law Manual contains information to help appointed actuaries and others know the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. Order today.
Public Policy Activities
The C-1 Work Group sent a comment letter on Friday to the NAIC’s Capital Adequacy (E) Task Force on its proposal to expand the number of bond factors in the Life Risk-Based Capital formula.
Public Employment Opportunities
The Connecticut Insurance Department is seeking a property/casualty insurance actuary and a life/health insurance actuary. Both roles will support the needs of the department in financial analysis, field exams, NAIC committees, and other product management support. For more information and to apply, click the links above. The P/C position application deadline is today, Feb. 14, and the life/health deadline is Feb. 27.
The Auburn Citizen (N.Y.) cited the Academy’s analysis of multiemployer pension plans in an article noting that New York lawmakers are urging congressional leaders to take action on the multiemployer crisis.