Academy Office Closed for Memorial Day
The Academy’s office will be closed Monday, May 30, in observance of Memorial Day. The Academy recognizes the U.S. military personnel who have died while serving our country, protecting the freedoms we enjoy as Americans. We hope all will join in observing their sacrifice on this holiday weekend.
Professionalism Webinar Examines Unfair Discrimination in Insurance
Schwarcz presenting on Thursday
The Academy’s Thursday webinar “What Is Unfair Discrimination in Insurance?” examined the current regulatory infrastructure related to unfair and unlawful discrimination in insurance and the challenges presented by the increased use of big data and artificial intelligence (AI)-enabled systems. Presenters were Daniel Schwarcz, an award-winning professor and scholar; former Illinois Director of Insurance Nat Shapo; and Brian Mullen, chairperson of the task force currently revising ASOP No. 12, Risk Classification (for All Practice Areas). General Counsel and Director of Professionalism Brian Jackson moderated.
Mullen gave background on ASOP No. 12. Schwarcz discussed prohibitions on “unfair discrimination”-which occurs when an insurer considers factors unrelated to actuarial risk-in rates and underwriting. Shapo gave an overview of the laws related to unfair discrimination and said insurance pricing is cost-based on an economic, not social, basis, but with a few exceptions that reflect public judgments about social fairness codified in state statutes. Slides and audio will be available soon.
ASOP No. 28 Professionalism Webinar Set for June-This webinar will cover recent changes to Actuarial Standard of Practice (ASOP) No. 28, Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities. Speakers will be ASOP No. 28 Task Force members Donna Novak and Zhe (Gigi) Li. Rick Lassow, past chairperson of the Actuarial Standards Board’s Health Committee, will moderate. The webinar is set for Thursday, June 30, from noon to 1:30 p.m. EDT. Register today.
DEIB Expert Facilitates Strategic Session With Academy Board
 Diversity, Equity, Inclusion & Belonging (DEIB) expert Jina Etienne presented to and facilitated a strategic discussion with the Academy’s Board of Directors on Tuesday. The session on DEIB was one of several strategic discussions in preparation for future-year planning and priority initiatives in support of the Academy’s mission.
LTC Actuarial Equivalence Issue Brief Released; Webinar Set for June 10
The Long-Term Care (LTC) Reform Subcommittee’s LTC Actuarial Equivalence Work Group released a public policy issue brief, “Value of Reduced Benefit Options in Long-Term Care Insurance Rate Increases,” which examines the relationship of benefits to premiums for reduced benefit options (RBOs) in the context of ongoing premium rate increases for LTC insurance. The Academy will host a health webinar of the same name on Friday, June 10, from noon to 1 p.m. EDT. Register today.
Health Webinar Looks at Health Spending in Wake of COVID-19
The Academy hosted a webinar, “Health Spending Projections in the Wake of COVID-19,” on Tuesday that featured presentations by COVID-19 subject-matter experts John Poisal, deputy director, National Health Statistics Group, Office of the Actuary, Centers for Medicare & Medicaid Services (CMS); and Regina Rosace, vice president medical director with SCOR Global Life Sciences. They offered information on how the pandemic has affected national health spending and is projected to affect near-term spending, including an overview of newly released CMS national health expenditure projections. Slides and audio will be available soon.
Public Policy Outreach
Academy Assistant Director for Research (Public Policy) Steve Jackson co-presented Wednesday on “Managing Climate-Related Financial Risks: Current Status and Future Trends,” along with Yue (Nina) Chen, executive deputy superintendent of the New York State Department of Financial Services’ Climate Division. They spoke at the Casualty Actuaries of Greater New York’s virtual spring meeting.
Nominations Time for Academy Directors, Service Awards
A reminder that nominations are open for Academy member-selected directors and for the Academy’s annual service awards.
Member-Selected Directors-Next Tuesday, May 31, is the deadline to submit nominations for member-selected directors. The Nominating Committee will meet thereafter to identify candidates in accordance with its guidelines. For criteria and how to submit nominations, visit the Board Election Center.
Academy Service Awards-Nominations are open for four Academy service awards, including the new Rising Actuary Award, which will recognize an actuary on their way up in the profession. The Jarvis Farley Service Award is a lifetime achievement award, the Robert J. Myers Award honors an actuary in public service, and the Outstanding Volunteerism Awards recognize volunteers who have made noteworthy contributions in the past year. Find out how to submit nominations here.
Public Policy in Focus
The P/C Extreme Events and Property Lines Committee submitted comments to the U.S. House Financial Services Committee’s Subcommittee on Housing, Community Development and Insurance on the National Flood Insurance Program (NFIP), in advance of the subcommittee’s hearing Wednesday on the NFIP. The Financial Reporting Committee’s IFRS 17 Work Group submitted comments to the International Financial Reporting Standards (IFRS) Foundation Interpretations Committee on the foundation’s tentative agenda decision, Transfer of Insurance Coverage Under a Group of Annuity Contracts (IFRS 17).
Visit the Public Policy page to stay on top of the latest news and activities.
Upcoming Events
In the News
Pensions & Investments quoted Joseph Hicks, vice chairperson of the Multiemployer Plans Committee, on the Pension Benefit Guaranty Corporation’s (PBGC) interim final rule concerning the federal assistance program for struggling multiemployer funds. The American Society of Pension Professionals & Actuaries reported on the Academy’s involvement in the February 2022 Intersector Group meeting with the PBGC. An Engineering News-Record story on the restoration of benefits for an ironworkers’ plan through the PBGC’s Special Financial Assistance program cited the Academy for history of the multiemployer system.
Coming Soon
Find out who has been nominated to be the Academy’s next president-elect, in the May Actuarial Update, out next Tuesday, May 31. A Contingencies web exclusive, “An Actuary Takes on Wordle,” also will be out next week, dropping in your inbox on Wednesday, June 1.
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