The Academy’s Committee on Property and Liability Financial Reporting (COPLFR) sent two comment letters to the NAIC’s Casualty Actuarial and Statistical Task Force Actuarial Opinion Working Group (AOWG). The first letter was on the Regulatory Guidance on Property and Casualty Statutory Statements of Actuarial Opinion, Actuarial Opinion Summaries, and Actuarial Reports for the Year 2019, which was issued on Aug. 30. The letter asked questions and offered comments on qualification documentation and regulatory guidance, and suggested adding an FAQ section.
The second letter, also to the AOWG, was on the Sept. 17 revision of the guidance document. The revisions were in response to COPLFR’s original comments around the level of detail and duplication in the last few pages of the Regulatory Guidance, as well as a suggestion to reduce the amount of prescriptive language, the letter states. COPLFR suggested the Regulatory Guidance be modified to more directly follow the requirements of the NAIC Opinion Instructions.
CLRS Features Academy Presentations
Academy representatives gave presentations at the Casualty Loss Reserve Seminar and Workshops (CLRS), held this week in Austin, Texas, and jointly sponsored by the Academy and the Casualty Actuarial Society. Academy volunteers were on the CLRS program faculty. Kathy Odomirok, chairperson of the Academy’s Committee on Property and Liability Financial Reporting (COPLFR), held a workshop on writing Statements of Actuarial Opinion, at which COPLFR Vice Chairperson Derek Freihaut was a presenter.
Other presentations included:
Susan Forray, chairperson of the Medical Professional Liability (MPL) Committee, led a discussion of new developments in MPL insurance.
Senior P/C Fellow Rich Gibson and Deborah Rosenberg, vice chairperson of the Actuarial Board for Counseling and Discipline, led a session on the Code of Professional Conduct.
Ralph Blanchard, a longtime Academy volunteer, and COPLFR member George Levine presented at a session on reporting retroactive insurance, drawing heavily on the comment letter COPLFR sent to the NAIC earlier this year.
COPLFR members John Gleba and Michelle Iarkowski led a presentation on data and documentation, previewing a portion of the Academy’s annual P/C loss reserve opinions seminar.
Early Registration Now Available for December’s PBR Boot Camp
Early registration is open for the latest version of the Academy’s popular PBR Boot Camp, to be held Dec. 9–11 in Austin, Texas. Increasing interest in being fully prepared for the fast-approaching Jan. 1, 2020, mandatory implementation deadline for companies not otherwise exempt led to this latest iteration of the Academy’s PBR Boot Camp. The seminar will provide useful and practical information for individuals at all levels of familiarity with principle-based reserving (PBR) methodologies and reserve requirements. The agenda has been expanded to provide valuable updates on the recently adopted changes to variable annuity valuation, and attendees will hear lessons learned from those who have been at the forefront of PBR implementation for life insurance and variable annuity products. CE credit will be available. Early registration runs through Friday, Oct. 4—register today.
October Professionalism Webinar Will Look at ASB, ASOPs
The Academy’s third professionalism webinar of the year—“Reliance: ‘...A Little Help From My Friends’”—will focus on the Actuarial Standards Board’s (ASB) approaches to reliance in actuarial standards of practice (ASOPs) and offer mini-case studies in all practice areas. Presenters will be Academy President Shawna Ackerman and ASB members Cande Olsen and Barbara Snyder. Erica Kennedy, Academy assistant director of professionalism (actuarial standards), will moderate. The webinar will be held on Wednesday, Oct. 16, from noon to 1:30 p.m. EDT. Register today.
Public Policy Activity
The Pension Practice Council released an issue brief Friday, Pension Plan Maturity—Why Big Plans Mean Big Risk, that reviews measures of plan maturity, examines the resulting challenges, addresses potential strategies to ensure benefit security, and provides a framework to mitigate the risks associated with a mature plan.