Keeping you in the know—the latest news from the Academy
RECENT ACADEMY ACTIVITY | Jan. 16–20, 2023
This Week … In a Minute
Have a minute? Catch up on the week’s top stories with the latest “This Week … In a Minute” video. Subscribe to our YouTube channel to receive alerts as new videos are released.
President-Elect Lisa Slotznick Engages with Canadian Actuarial Students
Academy President-Elect Lisa Slotznick presented last Saturday to Canadian university actuarial students regarding requirements for actuarial practice in the United States as part of the Actuarial Students National Association (ASNA) annual convention in Toronto. Slotznick and Academy Senior Governance Analyst Claire Mickelson answered questions from students at the first in-person ASNA convention in three years. The event was attended by about 650 students and by representatives of the Canadian Institute of Actuaries (CIA)—including CIA President Hélène Pouliot and Executive Director Michel Simard—and the Society of Actuaries and the Casualty Actuarial Society.
Senior Pension Fellow Discusses Social Security in National TV Interview
Senior Pension Fellow Linda K. Stone offered an actuarial perspective on the future of Social Security in a national TV news story, explaining in an interview what the program’s projected shortfall in 2035 could mean for beneficiaries, absent reforms. Prompted by recent Social Security reform proposals from lawmakers of both major political parties, the “National Desk” segment aired on more than 80 stations.
Cyber Risk Toolkit Updated With Revised Ransomware Section
The latest update to the Committee on Cyber Risk’s Cyber Risk Toolkit includes a revised section on ransomware. The toolkit, released originally in 2021, is updated regularly with the latest information on cyber risk and cybersecurity-related developments.
Pension Webinar to Examine ARPA, Multiemployer Plans
Webinar price adjustments take effect Feb. 1—As part of an ongoing investment in the Academy’s technology platform and strengthening educational programs offered by the Academy, prices for webinars will be adjusted to $55 for members ($110 for nonmembers) and $500 for groups. The changes will take effect Feb. 1. On-demand recordings for all Academy webinars will continue to be made available free of charge for Academy members. Visit the Events Calendar for the latest updates to past and upcoming Academy offerings.
Order Your Copy Today—Life & Health, P/C Law Manuals Available
Life & health and property/casualty law manuals are now available. Make sure you have these useful reference tools.
Life & Health—The 2023 Life and Health Valuation Law Manual is available for order. It 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. Order today.
P/C—The P/C Loss Reserve Law Manual is designed to help appointed actuaries know the requirements for 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.
ICYMI: COPR Discussion Paper on Actuarial Models
The Committee on Professional Responsibility (COPR) released an updated discussion paper, The Roles of the Actuary in the Selection & Application of Actuarial Models. In preparing to update the paper, originally released in 2006, COPR recognized there is likely a wide range of experience and opinion within the profession concerning the nature of actuarial models and the various roles actuaries play in selecting and applying them. Members are encouraged to share comments on the paper to facilitate improvements in any future releases on this topic, via email@example.com.
Public Policy in Brief
The Annuity Reserves and Capital Work Group submitted a comment letter to the National Association of Insurance Commissioners’ VM-22 (A) Subgroup on the October 2022 exposure, Requirements for Principle-Based Reserves for Non-Variable Annuities.
The Pension Committee released a public policy practice note, Selecting and Documenting Mortality Assumptions for Measuring Pension Obligations, updating a 2015 practice note revised to reflect updated actuarial standards of practice (ASOPs), including changes in ASOP No. 35, Selection of Demographic and Other Noneconomic Assumptions for Measuring Pension Obligations, that are effective for actuarial reports issued on or after Aug. 1, 2021.
The Pension Committee also updated and finalized a previously exposed draft public policy practice note, Modeling—for Pension Actuaries, providing background and ideas about how a pension actuary might comply with ASOP No. 56, Modeling.
The P/C Committee on Equity and Fairness sent a comment letter to the District of Columbia Department of Insurance, Securities and Banking (DISB) on the DISB’s request for comment on its draft data call to support their study of unintentional bias in automobile insurance.
A Plan Sponsor story on actuarial changes of note for public pension plans in 2023 spotlighted the revised ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, whose effective date is Feb. 15.
[Annual Meeting] Nov. 13–14: Academy 2023 Annual Meeting Washington, D.C.
Coming Soon—COI/CE Acknowledgments for Academy Volunteers
Academy members who serve on boards, councils, committees, subcommittees, task forces, and work groups are required to annually acknowledge the existing Conflict of Interest (COI) policy that applies to all who participate in Academy work. In addition, volunteers must attest that they meet the continuing education (CE) compliance requirements of the U.S. Qualification Standards. Volunteers should be on the lookout for an email to submit this year’s required acknowledgment in the next few weeks.
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