The Medicare Committee released an issue brief on the financing challenges facing the Medicare program based on the 2022 Medicare Trustees Report. (June 03, 2022)
The American Academy of Actuaries’ Cyber Risk Toolkit, developed by the Academy’s Cyber Risk Task Force, is comprised of a series of papers addressing issues pertinent to cyber risk insurance and cyber exposure. This document has been updated to include the “Autonomous Vehicles and Cyber Risk” section. The toolkit will continue to be updated periodically to reflect new and emerging work from the task force. (June 03, 2022)
The Casualty Practice Council submitted comments to the Actuarial Standards Board (ASB) on the exposure draft of ASOP No. 29, Expense Provisions. (May 31, 2022)
The Academy’s Economic Scenario Generator Work Group ESG Field Test Subgroup submitted an updated spreadsheet to the National Association of Insurance Commissioners’ Life Risk-Based Capital (E) Working Group that expands the 2015 C-3 Phase 1 Field Test Spreadsheet to accommodate more scenarios. (June 02, 2022)
The Academy’s Life Experience Committee and the SOA’s Preferred Mortality Project Oversight Group submitted a presentation to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on Future Mortality Improvement Scale Development (VM-20). (June 02, 2022)
The Academy’s Life Experience Committee submitted a Presentation and a Discussion Brief to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force regarding COVID-19 in Life Insurance Mortality Improvement. (June 02, 2022)
The May “Professionalism Counts” column, “In ‘Interesting Times,’ the Code Is Essential,” explores the importance of the Code of Professional Conduct. (May 31, 2022)
The May Actuarial Update leads with longtime Academy volunteer Lisa Slotznick being nominated to be the Academy’s next president-elect. Slotznick, a former casualty vice president, has served in many volunteer positions, including her current role as vice chairperson of the Committee on Qualifications. Also in the issue: nominations are open for the Academy’s annual service awards, which include this year a new Rising Actuary Award; the Academy joined the International Association of Black Actuaries’ Corporate Advisory Council; the Casualty Practice Council and Risk Management and Financial Reporting Council (RMFRC) held joint virtual ‘Hill Visits’ with federal lawmakers and policymakers on Capitol Hill in Washington; a plethora of Academy volunteers gave presentations around the country on public policy and professionalism issues; the May/June Contingencies’ cover story looks at how the COVID-19 pandemic has affected, and will continue to affect, the life insurance industry; the “Member Spotlight” profiles RMFRC Vice President Seong-min Eom; and the “Professionalism Counts” column on “In ‘Interesting Times,’ the Code Is Essential.” (May 31, 2022)
Extreme Events Committee comments to the House Financial Services Subcommittee on Housing, Community Development, and Insurance on the committee's proposed reauthorization and reforms of the National Flood Insurance Program, in advance of the congressional hearing. (May 24, 2022)
The Long-Term Care (LTC) Reform Subcommittee’s LTC Actuarial Equivalence Work Group released the public policy issue brief, Value of Reduced Benefit Options in Long-Term Care Insurance Rate Increases. This issue brief examines the relationship of benefits to premiums for reduced benefit options (RBOs) in the context of ongoing long-term care insurance (LTCI) premium rate increases. (May 25, 2022)
The IFRS 17 Work Group of the Financial Reporting Committee submitted comments to International Financial Reporting Standards (IFRS) Foundation Interpretations Committee Chairperson Bruce Mackenzie on the foundation’s tentative agenda decision Transfer of Insurance Coverage under a Group of Annuity Contracts (IFRS 17). (May 23, 2022)
The IFRS 17 Work Group of the Financial Reporting Committee submitted comments to International Financial Reporting Standards (IFRS) Foundation Interpretations Committee Chairperson Bruce Mackenzie on the foundation’s tentative agenda decision Transfer of Insurance Coverage under a Group of Annuity Contracts (IFRS 17). ()
Read the latest issue of This Week—the Academy's end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (May 20, 2022)
The ERM/ORSA Committee's comments submitted to the IAIS as part of the association's Public Consultation on the Development of Liquidity Metrics: Phase 2. (January 24, 2022)
Cyber Risk Task Force comments to the U.S. Department of the Treasury and Federal Insurance Office (FIO) request for comment (RFC) on the effectiveness of the cyber considerations of the Terrorism Risk Insurance Program, originating from the Terrorism Risk Insurance Act of 2002. (May 16, 2022)
