This Week: May 16-20, 2016

Registration Open for Academy’s Annual Meeting and Public Policy Forum

Registration is open for the Academy’s 2016 Annual Meeting and Public Policy Forum, to be held in Washington, D.C., Nov. 3-4, just days before the presidential election.

The Academy’s annual signature event will give you an in-depth look at top public policy and professionalism issues facing the actuarial profession, and the opportunity to interact with policymakers and other stakeholders in a unique setting while experiencing a variety of perspectives on topics that matter to you, your professional work, and the public.

Program details will be released in the coming weeks, and the event—as always—will include a reception and dinner with entertainment, to be held on the evening of Nov. 3. The Annual Meeting page also includes highlights from the 2015 Annual Meeting and Public Policy Forum, which was held last November in conjunction with the Academy’s 50th anniversary.

Visit the Annual Meeting page to learn more about the event, how to register, and where to stay. Extra-early discounts end June 30, so register today for the lowest rates—we look forward to seeing you in the nation’s capital in November.

Academy Helps NYC Honor 100 Years of Actuarial Public Service and Professional Excellence

Academy President Tom Wildsmith participated in a New York City Office of the Actuary dedication ceremony on Monday commemorating the centennial of the city’s Pension Commission investigation, Report on the Pension Funds of the City of New York, Part II.

“The report we are commemorating was a remarkable technical achievement,” Wildsmith said. “But that’s not where its greatest significance lies. It is a landmark example of a dedicated actuary harnessing the tools and techniques of actuarial science in direct service to the public. It was a professional achievement, in all the best senses of that word.”

Other speakers included John Adler, director of the Mayor’s Office of Pensions and Investments and chief pension investment advisor; City Comptroller Scott Stringer; New York City Chief Actuary Sherry Chan; and representatives of other actuarial organizations. Two former chief actuaries, and family members of the city’s two deceased chief actuaries, were in attendance.

Wildsmith honored the chief actuaries and cited their work as an inspiring example of public service and professional excellence, and praised them for creating a “legacy of professionalism.” For additional coverage, see the forthcoming May Actuarial Update.

Actuaries Longevity Illustrator Draws 10,000+ Users

Within two weeks of its release in early May, the new Actuaries Longevity Illustrator—which was widely publicized by news stories in a host of media publications, including mentions by columnists this week in Time magazine and the Huffington Post—has logged more than 10,000 visits by users.

The Academy and the Society of Actuaries jointly developed and released the illustrator, an easy-to-use online tool to calculate longevity risk. Available to everyone, it provides the user with the likelihood of living various lengths of time, through which individuals and couples can better understand the risk of outliving their retirement income. It is available at www.longevityillustrator.org.

Committee on Qualifications Adds LTC Item to FAQs on U.S. Qualification Standards

The Committee on Qualifications has added a question on qualifications to issue statements of actuarial opinion with respect to long-term care policies to its frequently asked questions (FAQs) on the U.S. Qualification Standards (USQS). For more detail, see question 48 of the FAQs on the USQS webpage.

Upcoming Events

• Big Data Professionalism Webinar Set for June 28: The Academy will host a professionalism webinar on Tuesday, June 28, from noon to 1:30 p.m. EDT, on Big Data. The presenters—Academy President-Elect Bob Beuerlein; Ross Winkelman, a member of the Actuarial Standards Board; and Academy Senior Property/Casualty Fellow Jim MacGinnitie—will discuss professionalism aspects to the use of Big Data in the life, health, and P/C practice areas, and explore how actuaries can apply the Code of Professional Conduct, actuarial standards of practice, and other professionalism tools to address issues that may arise when working with Big Data. Click here for information and to register.

• Lowest Rates Available Now for Life and Health Qualifications Seminar: Register today for the lowest rates to attend this year’s 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. See why so many of your peers find this seminar the most effective way to acquire the required basic education and continuing education to sign the NAIC life and health annual statement actuarial opinions. It also serves as a basic education refresher or as a source of required continuing education for more experienced actuaries. Capacity is limited to the first 100 registrants. Register today to reserve your space.

Public Policy Activities

• The Solvency Committee, Health Solvency Subcommittee, Property/Casualty RBC Committee, and Life Capital Adequacy Committee submitted comments to the NAIC’s Investment Risk-Based Capital (E) Working Group on its “Way Forward” exposure document.

• The Life Reserves Work Group submitted comments to the NAIC’s Life Actuarial Task Force on the Minnesota Department of Commerce Amendment Proposal Form on post-level term profit assumptions.

In the News

• In addition to the Time magazine and Huffington Post stories (referenced above) about the new Academy/SOA Actuaries Longevity Illustrator being a useful and user-friendly tool to help people understand longevity and plan for retirement, MSN Money, CBS MoneyWatch, and MarketWatch reported on the illustrator this week.

• Senior Pension Fellow Ted Goldman is quoted in an Indianapolis Business Journal story about the value of defined benefits and the ERISA exemption of a religious pension fund that reports a high funding ratio.

• The Academy’s issue brief Drivers of 2017 Health Insurance Premium Changes was cited in a Center for Health Journalism commentary on a proposed Affordable Care Act alternative to establish high-risk pools to insure the sick.

• A PlanSponsor feature story on ethical considerations for pension professionals and actuaries illustrates how the Academy’s Code of Professional Conduct serves as a guide for plan actuaries facing an ethical dilemma. Academy members may request a complimentary pocket-sized copy of the Code.

• Deloitte’s highlights of the NAIC Spring 2016 National Meeting feature the Joint Academy Life Experience Committee and SOA Preferred Mortality Oversight Group comments on the removal of the provisions for unisex rates as applied to reserves.

Note: Some links in this email go to external websites and may require registration. The Academy is not responsible for the content of these websites. Links may expire.