The Life Financial Reporting Committee released a white paper, FASB Long-Duration Targeted Improvements—A Discussion of Enhanced Disclosures, which focuses on certain considerations in implementing FASB’s required enhanced disclosures around LDTI. (March 09, 2023)
The Actuarial Board for Counseling and Discipline (ABCD) released its annual report, highlighting the important activities throughout 2022 of this entity housed within the Academy. The Annual Report 2022 notes that last year the ABCD handled 118 cases—96 requests for guidance and 12 inquiries. (February 01, 2023)
The Life Practice Council, Health Practice Council, and Casualty Practice Council submitted a joint comment letter to the Colorado Division of Insurance on its recent exposure of a draft regulation on Governance and Risk Management Framework Requirements for Life Insurance Carriers’ Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models: the first exposed implementation regulation for Colorado Revised Statute (C.R.S.) § 10-3-1104.9, signed into law on July 6, 2021. (March 06, 2023)
The actuarial profession is self-regulated—it has created its own standards of conduct, qualifications, and practice, and enforces them through its own disciplinary process. But in the day-to-day practice of professionalism, much is left to you, the actuary, to be a beacon for the profession and everything it stands for in service to our many stakeholders. (February 28, 2023)
The P/C Committee on Equity and Fairness released an issue brief that provides a survey of methods aimed at helping to identify and/or mitigate bias in rating for property and casualty lines. (February 28, 2023)
The Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners' (NAIC) LATF on the proposed changes to VM-20 outlined in APF 2023-03. (February 21, 2023)
The Health Practice Council’s Financial Reporting and Solvency Committee sent a comment letter to the National Association of Insurance Commissioners (NAIC) Long-Term Care Actuarial (B) Working Group inquiring if the Working Group might issue an accounting interpretation for the interaction between Actuarial Guideline LI (AG 51) and Appendix A-010. (February 23, 2023)
The Life Practice Council and the Casualty Practice Council submitted a joint comment letter to the National Association of Insurance Commissioner’s Big Data and Artificial Intelligence (H) Working Group on its Artificial Intelligence/Machine Learning Model and Data Regulatory Questions Exposure. (February 13, 2023)
The C1 Work Group submitted a comment letter to the National Association of Insurance Commissioners (NAIC) VOS on the proposed methodology for collateralized loan obligations (CLOs). (February 14, 2023)
The Health Solvency Subcommittee sent a comment letter responding to a request from the NAIC’s Health Risk-Based Capital (E) Working Group to provide additional investment return scenarios within the subcommittee’s summary of the Investment Income Adjusted Health H2 Experience Fluctuation Risk Factors. (February 02, 2023)
The Public Plans Committee published a practice note detailing considerations for working with public defined benefit pension plans that use fixed rate funding. (February 09, 2023)
The C1 Work Group submitted a comment letter to the National Association of Insurance Commissioners (NAIC) RBCIRE WG to follow up on their presentation on collateralized loan obligations (CLOs) given to the RBCIRE WG at the NAIC’s Fall 2022 National Meeting. (January 31, 2023)
Two actuaries involved in the Committee on Professional Responsibility’s latest discussion paper, Professionalism Considerations for Working in Developing Areas of Actuarial Practice, offer insight in a deep-dive Q&A on the paper. (January 31, 2023)
The C2 Mortality Work Group submitted a presentation to the National Association of Insurance Commissioners (NAIC) LRBCWG on their the working group’s proposal for life C-2 structural and instruction updates and a new financial statement note. (January 26, 2023)
The Health Practice Council’s Individual and Small Group Markets Committee and Risk Sharing Subcommittee submitted a comment letter to the Centers for Medicare & Medicaid Services’ (CMS) proposed rule for the 2024 Notice of Benefit and Payment Parameters (NBPP). (January 30, 2023)
