This Week, September 30 – October 4, 2024

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MEMBERSHIP

Academy Outlines New Membership Requirements

As outlined by President Lisa Slotznick in the September Actuarial Update, new Academy membership requirements scheduled to take effect in January 2026 are aimed at reinforcing the high standards of the U.S. actuarial profession and the Academy’s ongoing commitment to professionalism. These updated requirements will only apply to candidates seeking to join the Academy after January 2026 and will not affect current Academy members. Read Slotznick’s president’s message.

PROFESSIONALISM

New Video Launched-Professionalism and the Academy

Being an actuary isn’t just a job-it’s a profession. A new Academy video takes a look at the various elements of professionalism that guide actuaries, the standards they hold themselves to, and the various ways the Academy helps serve their professionalism needs. Watch the video on the Academy’s YouTube channel and leverage it to spread the word on the importance and role professionalism plays in reinforcing what it means to be an actuary.

• Like/share on LinkedIn-Like the video? Share it with your professional network-if you’re on LinkedIn, click here to like and share the Academy’s post.

ASB Approves ASOP Revision, Draft

The Actuarial Standards Board (ASB) announced the release of two actuarial standards of practice (ASOPs):

• ASOP No. 24-The ASB adopted a revision of ASOP No. 24, now titled NAIC Life Insurance Illustrations Model Regulation. The effective date is Dec. 1, 2024.

• ERM ASOP Draft-The ASB also approved a second exposure draft on a proposed new ASOP, Enterprise Risk Management (ERM). The comment deadline is Nov. 1, 2024. Information can be found in the exposure draft.

OUTREACH & NEWS

Contingencies, Actuarially Sound Kick Off Cybersecurity Awareness Month; Webinar to Look at Cyber Risk

October is Cybersecurity Awareness Month, and a new Contingencies web exclusive, “Cyber Awareness: It’s Everyone’s Responsibility,” reflects on the cyber risk landscape in a wide-ranging interview with Committee on Cyber Risk Chairperson Wanchin Chou, who offers insights into the evolving state of cybersecurity as digital threats become increasingly sophisticated.

• Blog post-An Actuarially Sound blog post, “Don’t Be Scared! Cybersecurity Awareness Month Serves as a Reminder of Threats,” highlights government and Academy initiatives undertaken to help protect the nation’s cybersecurity.

• Cyber Risk Webinar-Chou and committee members will present in an Oct. 30 webinar on updates to the committee’s Cyber Risk Toolkit, including personal cyber, cybersecurity requirements set by the Securities and Exchange Commission, and an overview of the global cyber reinsurance market. Register today.

In the News

• CNBC presidential election coverage included a story citing comments by Academy Social Security Committee Chairperson Sam Gutterman on the issue of immigration and Social Security, following the committee’s recent issue brief on the subject.

• A Think Advisor story on COVID-19’s effect on mortality rates regarding life insurance mentioned the Academy’s work on the topic.

EDUCATION AND EVENTS

Envision Tomorrow is less than two weeks away-if you can’t make it in person to the Academy’s annual meeting Oct. 15-16 in Washington, D.C., a Digital Pass registration allows access to all general sessions and select practice-area breakout sessions.

PUBLIC NOTICES

JBEA Seeks Actuarial Examination Advisory Committee Members

The Joint Board for the Enrollment of Actuaries (JBEA) is seeking applications for the Advisory Committee on Actuarial Examinations for a term from March 1, 2025, to Feb. 28, 2027. The committee plays an integral role in assisting the JBEA in offering examinations that test the knowledge necessary to qualify for enrollment.

• Applications/information-For information on how to apply, visit the IRS/JBEA public webpage.

Public Employment Opportunity-FEMA Seeks Chief Actuary

The Federal Emergency Management Agency (FEMA) is seeking a chief actuary for the Federal Insurance Directorate. As a member of the senior management team, the chief actuary will support the assistant administrator of federal insurance and assist senior executives for federal insurance on all actuarial matters, and serve as an adviser to the FEMA administrator when necessary. For more and to apply, visit USAJOBS.

• The Academy supports government employers who are seeking to hire qualified actuaries. For more, see our Public Employment Opportunity Posting Policy.

PUBLIC POLICY

Public Policy in Brief

• The Life Practice Council provided comments to the Scope and Aggregation sections of the NAIC’s Life Actuarial Task Force exposure, AAT for Reinsurance Actuarial Guideline Draft.

Visit the Public Policy webpage to stay on top of the latest news and activity.

EVENTS CALENDAR

• Oct. 15-16 [Annual Meeting] Envision Tomorrow 2024; Washington, D.C.

• Oct. 30 [Webinar] Navigating the Cyber Risk Landscape: New and Emerging Work

• Nov. 4-7 [Seminar] Life and Health Qualifications Seminar; Arlington, Va.

• Nov. 12 [Professionalism/Health webinar] Ethical Dilemmas Facing Health Actuaries: Insights and Case Studies

• Dec 3 [Webinar] Retirement Capital Markets Update

• Dec. 6 [Professionalism webinar] Tales From the Dark Side 2024

• Dec. 12 [Webinar] Surplus Considerations for Public Pension Plans

• Dec. 9-10 [Seminar] Seminar on Effective P/C Loss Reserve Opinions; New Orleans

Visit the Events Calendar for a complete listing of Academy events, including links to post-webinar slides and recordings.

Next Week-Retirement Report Q&A on Immigration & Social Security

The Fall Retirement Report, out next week, will feature a deep dive Q&A with Social Security Committee Chairperson Sam Gutterman on Immigration and Social Security, a recently released issue paper that discusses the importance of immigration to the financial evolution of Social Security.