Academy Hosts Successful Annual Meeting and Public Policy Forum
The Academy welcomed members this week to the 2019 Annual Meeting and Public Policy Forum, where D. Joeff Williams became the Academy’s 55th president, succeeding Shawna Ackerman. The meeting and forum, held in Washington, D.C., encompassed a day and a half of plenary and practice-area breakout sessions covering key casualty, health, life, and pension issues.
Pennsylvania Insurance Commissioner Jessica Altman gave an overview and analysis of state and federal health issues regarding the Affordable Care Act (ACA) and state health insurance exchanges. That was followed by a panel of two federal ACA experts, who looked at various possibilities of impending legislative, regulatory, and judicial changes to the 2010 law.
Award-winning personal finance journalist and founder and CEO of HerMoney Jean Chatzky gave the Nov. 6 plenary address on women’s financial security, which was followed by a panel discussion on the challenges facing women in achieving a secure retirement.
At the opening Nov. 5 plenary session, author and political satirist P.J. O’Rourke gave an insightful—and at times humorous and irreverent—analysis of the U.S. political situation headed into the presidential election year.
A professionalism plenary session offered attendees the ability to test their acumen (and obtain professionalism continuing education credits) on a range of professionalism issues from the Code of Professional Conduct and its Precepts, to actuarial standards of practice and the Actuarial Standards Board and Actuarial Board for Counseling and Discipline. Academy Past President Steve Alpert took top honors in the educational and entertaining session.
Plenary presenters in all sessions accepted questions from attendees, and the event also included a festive reception and presentation of the Academy’s annual service awards (see below). We’ve posted some photographs from the meeting—look for complete coverage of this marquee event in the November Actuarial Update later this month.
Volunteers, Service Award Winners Honored
The Academy presented its annual service awards at the Annual Meeting and Public Policy Forum. Mary D. Miller received the Jarvis Farley Service Award for making significant contributions during her long and distinguished record of Academy volunteerism, which began more than two decades ago and has spanned more than 35 service positions with the Academy, including as the Academy’s President and as chairperson of the Committee on Strategic Planning. After her presidential service, she was the Academy’ primary professionalism representative to the NAIC in all of its multifaceted work and review of the definition of “qualified actuary” and for the Academy’s interactions with NAIC commissioners and staff. Miller, who also served as chief actuary for the State of Ohio, received a standing ovation from attendees.
Carolyn Zimmerman, an actuary with the Internal Revenue Service based in Pittsburgh, received the Robert J. Myers Public Service Award. At the IRS, Zimmerman made exceptional efforts to have sound guidance issued that informs pension actuaries and protects pension benefits and beneficiaries. More recently, she put her vast knowledge to use by serving as a member of the Joint Board for the Enrollment of Actuaries, a position she holds today that affects all of those who are Enrolled Actuaries who work on ERISA plans, impacting the retirement security of millions of Americans.
Also, Ralph Blanchard, Seong-min Eom, Allan Kaufman, and Linda Lankowski received the annual Outstanding Volunteerism Awards.
Past Academy Board member Laurel Kastrup provided a “Professionalism Update from the Academy” at the Actuaries’ Club of the Southwest’s meeting Friday in Austin, Texas. The update focused on the Academy’s professionalism activities, qualification issues, actuarial standards of practice, discipline and counseling activity, and the professionalism resources available through the Academy, including the Academy’s new podcast series, “Actuary Voices,” which recently added a podcast with new Academy President D. Joeff Williams.
Webinar to Look at Qualified Actuary Requirements
Join the Academy for a Nov. 20 webinar, “P/C Qualified Actuaries: 2019 Changes to Instructions.” The NAIC Instructions to the P/C Statement of Actuarial Opinion have changed in 2019, with the most substantive change pertaining to the definition of a qualified actuary and associated documentation that the Appointed Actuary is required to provide to company boards. This webinar will address the changes and required documentation to try to assist Appointed Actuaries with meeting the new requirements. Presenters will include members of the Academy’s Committee on Property and Liability Financial Reporting who are familiar with the changes to the Instructions and corresponding Regulatory Guidance issued by the NAIC’s Actuarial Opinion Working Group. Register today.
Earn CE at December’s PBR Boot Camp
Space is still available for the Academy’s PBR Boot Camp, to be held Dec. 9–11 in Austin, Texas, just a month before the Jan. 1 deadline for companies to comply with the principle-based reserving (PBR) requirements under the Valuation Manual Section 20 (VM-20). Attendees will hear lessons learned from those who have already been at the forefront of PBR implementation for life insurance and variable annuity products to prepare for complying with the PBR requirements. Continuing education (CE) credit is available. Register today.
The Department of the Treasury and the IRS have proposed regulations based upon their recent review of currently available mortality data and determination that the tables should be updated to reflect current life expectancies. Read the alert here.