Candidate Information: Patricia E. Matson

Candidate for Regular Director Term
Ending in 2020

Name: Patricia E. Matson
Practice Area: Life
Employer: Risk & Regulatory Consulting, LLC
City, State: Farmington, Conn.
Credentials: MAAA, FSA

Candidate Biographical Sketch

Tricia is a past chairperson of the Actuarial Standards Board; chairperson of the Academy’s Longevity Risk Task Force; and has served as a member of several Academy committees related to financial reporting, risk-based capital, and risk management. She was awarded the Academy’s Outstanding Volunteerism Award in 2015.

Tricia has spent over 20 years in the insurance industry in a diverse range of roles. She has experience in individual and group life and annuity products; disability income, long-term care, small and large group medical, and postretirement health benefits; as well as statutory, Generally Accepted Accounting Principles, and International Financial Reporting Standards financial reporting; demutualization; captive transactions; rate filing reviews; economic capital analysis; principle-based reserves and capital; and actuarial examinations and training for insurance departments. Tricia is a subject matter expert in enterprise risk management and Own Risk and Solvency Assessment.

Tricia is a partner at Risk & Regulatory Consulting in Farmington, Conn., where she leads the firm’s actuarial team, which includes oversight of actuaries working on risk-focused examinations, market conduct and rate filing projects, captive reviews, and other special projects. Prior to Risk & Regulatory Consulting, she served as vice president of enterprise risk management at MassMutual Financial Group, principal at Deloitte Consulting, and senior manager at Arthur Andersen LLP. She is also an author and speaker on financial reporting and risk management topics.

Tricia holds a Bachelor of Science degree in mathematics, magna cum laude, from the University of Connecticut.

The Academy’s mission is to serve the public and the U.S. actuarial profession. My service on the Board will allow me to further the Academy’s mission of public policy and professionalism by:

supporting the key mission of the Academy in serving the public. Unlike many professions, our Code of Professional Conduct creates minimum standards for our work that enable the public to place trust in actuarial work from which they receive benefit. In addition, the work of Academy committees and volunteers help to advance actuarially informed perspectives that will benefit the public good, such as for lifetime income, pension funding, and health care reform. I want to support Academy efforts to maintain a sustainable volunteer group to continue this mission into the future. Outreach by the Academy and its current volunteers to encourage inclusion of volunteers with a broad range of backgrounds, including those with limited experience volunteering or who are relatively new to the profession, is key. I believe that some great potential volunteers are dissuaded from contributing because they believe they have insufficient experience to do so, and I look forward to supporting efforts to develop an inclusive structure to reduce that risk.

Academy Service

Chairperson, Aggregate Margin Task Force, 2012–16
Chairperson, Actuarial Standards Board, 2014-15; Member, 2010–14
Chairperson, Life Capital Adequacy Subcommittee, 2011–13
Chairperson, ERM/ORSA Committee 2014-16; Member, 2013–14 and 2016–Present
Chairperson, Life Financial Reporting Committee, 2008-09; Member, 2002–07
Chairperson, ORSA Subgroup, 2012–14
Chairperson, Longevity Risk Task Force, 2016–17
Secondary Liaison, ASB Casualty Committee, 2010-15; Member 2016–17
Secondary Liaison, ASB Life Committee, 2010–15
ASB Liaison, ASOP No. 10, 2010–11
Member, C3 Life & Annuities Work Group, 2013
Member, CSO Implications Work Group, 2001–02
Member, Committee on Federal Life Insurance, 2000–02
Member, Financial Reporting Council, 2013–16 and 2007–09
Member, Financial Reporting Committee, 2007–09
Member, International Accounting Standards Task Force, 2009–10
Member, Life Financial Soundness/Risk Management Committee, 2004–08
Member, Life Financial Reporting Committee Practice Note, 2005–09
Member, Life Practice Council, 2007–09 and 2011–Present
Member, Life Products Committee, 2001–02
Member, Life Valuation Committee, 2001–02
Member, Council on Professionalism, 2014–15
Member, SVL 2 Work Group, 2004–14
Member, Role of the Actuary in ORSA Subgroup, 2014
Member, Life Practice Council Committee and Work Group, 2016–Present