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Webinar Examines Revised ASOP No. 2 on Life Nonguaranteed Elements (NGEs)
The Academy hosted the first in a series of webinars on recently revised actuarial standards of practice (ASOPs) on Tuesday. “The Revised ASOP No. 2: What You Need to Know” examined the revised ASOP No. 2, Nonguaranteed Elements for Life Insurance and Annuity Products, which will take effect June 1. Presenters were Gabriel Schiminovich, chairperson of the ASOP No. 2 Task Force, and task force members Brian Lessing and Lance Schulz. Academy General Counsel and Director of Professionalism Brian Jackson moderated. The revision “clarifies that this ASOP applies to guidance when providing actuarial services with respect to the determination of NGEs [and] … clarifies that it applies to life and annuity products, including any riders attached to those products,” Schiminovich said. A recording of the webinar (slides and audio) is available free to logged-in Academy members-and viewing the recorded webinar can be counted toward the annual required three hours of continuing education (CE) on professionalism topics.
Upcoming Webinars on ASOP Nos. 4, 11: The next webinar in the series is “The Revised ASOP No. 4: What You Need to Know”-an examination of ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. This webinar will be held on April 22 from noon to 1 p.m. EDT. Register today. The third-“The Revised ASOP No. 11: Understanding Important Changes”-will look at the recently revised ASOP No. 11, Financial Statement Treatment of Reinsurance Transactions Involving Life or Health Insurance. It will be held on May 12 from noon to 1:30 p.m. EDT; register now.
Academy Attends NAIC Spring National Meeting
 Academy Director of Public Policy Craig Hanna attended the National Association of Insurance Commissioners’ (NAIC) Spring National Meeting in Kansas City, Mo. Discussion issues included diversity, equity & inclusion; cyber risk; AI/machine learning including the inaugural meeting of the new Innovation, Cybersecurity, and Technology (H) Committee overseeing its Big Data and Artificial Intelligence Working Group’s ambitious work streams; and international outlook. Other significant developments include the adoption of the Life Accelerated Underwriting Education Paper and at Friday’s Executive/Plenary session the Long-Term Care Insurance (LTCI) Multistate Review Framework-on which the Academy provided significant input-and the new state-based climate risk financial disclosure survey were approved.
The Academy regularly attends and presents at NAIC meetings and provides analysis and input because that 150-year-old organization provides model laws and model regulations for the states-and in the U.S., insurance is regulated at the state level. Engaging with the NAIC is an efficient way for the Academy to impact insurance regulation.
Next Week-Health Webinar to Examine Hospital Price Transparency
Register for next week’s virtual briefing and webinar, “Hospital Prices: Can Greater Price Transparency Drive Lower Prices and Reduce Price Variation?” In addition to inviting a discussion with public policy stakeholders, presenters will provide an overview on issues involving hospital pricing, referencing the Academy’s recent issue brief, Implications of Hospital Price Transparency on Hospital Prices and Price Variation. CE credit is available. The webinar is next Thursday, April 14, from 1 to 2 p.m. EDT. Register today.
Pension Committee Seeks Subject Matter Expertise on Church Plans
The Pension Committee is planning to develop an issue brief on church pension plans. The committee would like to hear from members who have experience with church plans-if you are interested in participating, please contact Pension Policy Analyst Philip Maguire at maguire@actuary.org.
Public Employment Opportunity
The New Mexico Office of the Superintendent of Insurance is seeking a full-time actuary with expertise in health insurance. A minimum of 5 years of applicable actuarial experience is required. To apply, visit the New Mexico State Personnel Office website (“Job Opportunities” tab; Job ID 122925). Questions-email Anna.Krylova@state.nm.us.
The Academy has long supported government employers that are seeking to hire qualified actuaries. For more information, see our Public Employment Opportunity Posting Policy.
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Academy Social Security Committee Chairperson Amy Kemp penned an op-ed published by MarketWatch describing the availability of public policy options to address the longevity impact on the program, drawing from the Academy’s issue brief on increasing the Social Security normal retirement age. Advisor Magazine and a RedState opinion piece also cited the issue brief.
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