Former Life Vice President Laura Hanson presented an update of Life Practice Council activities to the Life Actuarial (A) Task Force at the National Association of Insurance Commissioners 2021 Virtual Fall National Meeting. (December 08, 2021)
Casualty Practice Council (CPC) Vice Chairperson Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Derek Freihaut presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on behalf of the CPC and COPLFR on recent publications and future work products expected for release in early 2022. (December 07, 2021)
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. (December 03, 2021)
The Life Underwriting and Risk Classification Work Group submitted comments to the NAIC’s Accelerated Underwriting (A) Working Group on its paper summarizing the output of the working group’s recommendations and assessment to understand the current state of the life insurance industry and its use of accelerated underwriting. (December 03, 2021)
A Life Practice Council ad-hoc task force submitted comments to the NAIC’s Life Actuarial (A) Task Force (LATF) on a proposed actuarial guideline (AG) regarding asset adequacy testing. (December 02, 2021)
The Variable Annuity Reserves and Capital Work Group (VARCWG) submitted comments to LATF on amendment proposal form (APF) 2021-11 regarding the proposed assumption disclosure requirements in VM-31.
(December 01, 2021)
Casualty Vice President Lauren Cavanaugh presented to the NAIC’s Special Committee on Race and Insurance (SCORI) Workstream 3 (Property and Casualty) on behalf of the Academy’s Racial Equity Task Force (RETF) on the work RETF has completed and is currently doing; she also provided comments to SCORI Workstream 3 on proxy discrimination and disproportionate impact. (December 01, 2021)
The latest Contingencies web exclusive—“What the Hack?”—explores cyber risk, cybercrime, and cybersecurity, addressing the current state of play of the cyber threat landscape and how insurers are keeping up with ever-evolving capabilities of motivated hackers—and the role actuaries play in pricing and mitigating threats. Also, be sure to listen to the interview with Norman Niami, chairperson of the Academy’s Cyber Risk Task Force, who offers his on-the-ground perspectives on this timely topic. (December 01, 2021)
The November Actuarial Update supplement covers all aspects of the Academy’s successful Annual Meeting and Public Policy Forum, which was held Nov. 4–5 in the nation’s capital as a hybrid event. It featured high-profile speakers including authors Robert Costa and Cathy O’Neil; Maryellen Coggins succeeding Tom Campbell as the Academy’s 57th president; plenary sessions on professionalism, COVID-19, big data and algorithms, insurance regulation, and diversity, equity & inclusion; presentation of the Academy’s annual service awards; and property/casualty, health, life, and pension breakout sessions. (November 30, 2021)
The November Actuarial Update covers the revised Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (USQS), which will replace the existing qualification standards as of Jan. 1. Also in the issue, the Life and Health Qualifications Seminar returned as a live event; the Council on Professionalism added “Education” to its name—reinforcing education’s role in its mission; the latest “Actuary Voices” podcast episode features Christian Benjaminson, an active pension volunteer; and the “Professionalism Counts” column offers “More About ASOPs—Disclosures, Notable Changes, and Handling of Comments.” And, read all about the Academy’s outstanding Annual Meeting and Public Policy Forum, held in early November, in a special supplement to Actuarial Update. (November 30, 2021)
The Long-Term Care Valuation Work Group presented results of the Long-Term Care Insurance Mortality and Lapse Study to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force. (November 29, 2021)
Academy Health Practice Council (HPC) Vice Chairperson, Barb Klever, provided an update on the 2021 HPC activities to the National Association of Insurance Commissioners (NAIC) Health Actuarial (B) Task Force. (November 29, 2021)
The Risk Sharing Subcommittee submitted comments to the Centers for Medicare & Medicaid Services (CMS) Center for Consumer Information and Insurance Oversight (CCIIO) on the HHS-Operated Risk Adjustment Technical Paper on Possible Model Changes, exposed for comment on Oct. 26, 2021. (November 24, 2021)
The Academy, which sets standards for qualification, practice, and conduct for actuaries practicing in the United States, has revised the standards defining the qualifications for actuaries who issue statements of actuarial opinion (SAOs) in the United States. The revised Qualification Standards for Actuaries Issuing Statements of Actuarial Opinion in the United States (USQS) will replace the existing qualification standards as of Jan. 1, 2022. Changes to the USQS include a new requirement for one CE hour of bias education annually, important clarifications regarding qualifying to issue SAOs in particular subject areas, and changes related to non-U.S. actuaries and to Enrolled Actuaries issuing SAOs in the United States. Read the news release. (November 30, 2021)
Read Academy President Maryellen Coggins’s Thanksgiving message to Academy members, wishing you well and thanking you for their membership. (November 23, 2021)
