COPR Releases Paper on Professional Standards in International Practice
The Committee on Professional Responsibility (COPR) of the Academy’s Council on Professionalism has released a new discussion paper, Considerations of Professional Standards in International Practice. As actuarial work crosses national borders, actuaries are becoming exposed to a variety of laws and professional standards from different jurisdictions. Consequently, questions frequently arise about the professional requirements that apply in international situations. This discussion paper identifies and explores some of these issues.
ASB Approves Exposure Draft of Proposed ASOP No. 24 Revision
The Actuarial Standards Board (ASB) has approved an exposure draft of a proposed revision of ASOP No. 24, Compliance with the NAIC Life Insurance Illustrations Model Regulation. ASOP No. 24 was revised in 2007 to be consistent with the current ASOP format and to update and reflect current, appropriate actuarial practices with respect to illustrations prepared in compliance with the Life Insurance Illustrations Model Regulation. The NAIC released Actuarial Guideline 49 (AG 49) in 2015 to clarify certain requirements of the model related to policies with index-based interest credits, and the ASOP is being revised to reflect changes in guidance as a result of AG 49 and, in particular, to add clarification regarding requirements to prevent lapse-supported illustrations. The comment deadline for the exposure draft is Sept. 30.
Public Employment Opportunities Posting Policy
Public service is a rewarding career path, and the Academy has long supported government employers who are seeking to hire qualified actuaries. Upon request, the Academy may share employment opportunities with its membership in fields related to public policymaking and at regulatory bodies through This Week, Actuarial Update, and via our regular job posts at contingencies.org. Please visit our “Public Employment Opportunity Posting Policy” page for more information on how to submit a request.
Registration Open for December P/C Opinion Seminar:Register now for the 2016 “Seminar on Effective P/C Loss Reserve Opinions” which will be held Dec. 6-7 in Chicago. Actuaries who prepare or sign NAIC annual statement actuarial opinions on P/C loss reserves, or those who assist in preparing them, should plan to attend this seminar, which will offer attendees the opportunity to gain an understanding of regulatory perspectives and expectations, stay up-to-date on the latest regulations and standards, and earn valuable continuing education credit.
ORSA Webinar Set for July 20:Register today for the ERM/ORSA Committee’s interactive webinar, “Putting a Price on Risk: Quantifying Risk Exposures for ORSA Reports,” on July 20, from noon to 1 p.m. EDT. Members of the committee’s Risk Exposures Subgroup will provide an overview of the just-released practice note, Quantifying Risk Exposures for Own Risk and Solvency Assessment Reports.
Capitol Forum Webinar on Driverless Cars and Insurance:Join the Academy on July 27 from noon to 1 p.m. EDT for the webinar, “Driverless Cars Are Here: Implications for Policy and Insurance.” Prominent federal and state regulators will discuss recent and next-generation advances in technology and safety systems, lessons learned from road tests, regulatory issues to be resolved, expected changes in accidents and claims, and more.
Early Discounts Available Through July for Annual Meeting and Public Policy Forum:Register now for the Academy’s 2016 Annual Meeting and Public Policy Forum, to be held in Washington, D.C., Nov. 3-4. The Academy’s annual signature event will give you an in-depth look at top public policy and professionalism issues facing the actuarial profession. Speakers include former Sen. Chris Dodd, who will give the keynote address. Early registration discounts are available through Aug. 1.
CLRS Seminar Registration Open: The 2016 Casualty Loss Reserve Seminar (CLRS) and Workshops, jointly sponsored by the Academy and the Casualty Actuarial Society, will be held Sept. 18-20 in Chicago. Learn from expert analysis of innovation in reserving. For registration information, email arc@casact.org or visit the CLRS website.
LHQ Seminar Set for November: Register today to reserve your space. The lowest registration rates are available for the 2016 Life and Health Qualifications Seminar, to be held Nov. 13-17 in Arlington, Va. (Washington, D.C., metro region). Seminar topics will include health insurance valuation; premium, loss, expense, and contingency reserves; risk-based capital; and professionalism.
Alerts
The U.S. Court of Appeals for the District of Columbia Circuit ruled in an opinion in the Central United Life Insurance v. Burwell case that the U.S. Department of Health and Human Services overstepped its authority in a rule not allowing consumers to buy fixed indemnity insurance that does not meet the standards of the Affordable Care Act.
Subscribe to Member Alerts: Subscribers to the Academy’s alerts are notified by email when a new alert is posted in their area(s) of interest. The alerts are available in five areas of focus: casualty, health, life, pension, and cross-practice issues. Academy members may subscribe to any or all of them free of charge as a member service after signing in to the member section of the website.
Public Policy Activities
The Committee on Property and Liability Financial Reporting sent a comment letter to the NAIC noting certain inconsistencies in the instructions for certification of loss reserves for international insurers.
The Life Reserves Work Groupsubmitted comments to the NAIC’s Life Actuarial Task Force on the exposed NAIC staff Amendment Proposal Form (APF) on VM-20 product aggregation.
In the News
The Detroit Free Press, Reno Gazette-Journal, and almost 100 other outlets across the country have published last week’s USA Today story on retirement planning that notes the Academy/SOA Actuaries Longevity Illustrator “could greatly affect your financial planning.” The website of nationally syndicated TV host Clark Howard also has an article about the illustrator, noting that “Tools like this can help you plan better for the future and help you ensure you’ll have enough money in retirement.”
A Bloomberg / Washington Post story that investigates how U.S. life insurers have adjusted their asset risk profiles given the current low-interest-rate environment cites the C1 Work Group’s report on investment risk factors for fixed-income assets in the NAIC’s Life Risk-Based Capital (RBC) formula. The story is also available Yahoo! Finance and other websites.
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