The July/August issue of Contingencies dives deep into the world of puzzles—thorny theoretical head-scratchers, real-life challenges, and statistical stumbling blocks. The cover feature story, “The World’s Most Challenging Math Problems,” looks at seven elusive puzzles have tormented mathematicians for years … do you have what it takes to solve them? In “Hurricane Season No. 39,” read about the human and logistical hurdles the author had to puzzle through after Puerto Rico was hit by back-to-back monster cyclones in 2017. Also, “How Not to Be Wrong,” a compendium of probabilistic and statistical fallacies, will show you some blind spots that may surprise you. And, our regular lineup of devilishly challenging original puzzles, a President’s Message from Tom Campbell on meeting your continuing education requirements, and an Up to Code piece on ethics as related to the Code of Professional Conduct. (July 01, 2021)
The June Actuarial Update covers the release of an exposure draft of the U.S. Qualification Standards (USQS), as approved by the Academy’s Committee on Qualifications. The exposure period ends Aug. 20. Also in the issue: Two vice president candidates and three regular director nominees were announced; raise your hand to serve the profession via the Academy’s Annual Volunteer Survey; pension volunteers and Academy staff met with Rep. Rick Allen, ranking member of the House Education & Labor Committee’s Health, Employment, Labor, & Pensions Subcommittee; Academy staff and leadership say farewell to Executive Director Mary Downs; the “Member Spotlight” features Nancy Behrens, chairperson of the Committee on Professional Responsibility; and the “Professionalism Counts” column delves into your role in standards-setting. (June 30, 2021)
The Actuarial Standards Board (ASB) has been very busy in recent months in the last year: About 20 of the 52 actuarial standards of practice (ASOPs) that are currently in effect are being revised. In addition, two new standards are being developed, and one actuarial compliance guideline will likely be converted into an ASOP. Most reading this are not a member of the ASB or one of its committees or task forces, but you should know you do have a role to play in this process. (June 30, 2021)
RMFRC’s Data Science and Analytics Committee (DSAC) submitted comments in response to a joint request for information and comment from several federal agencies regarding financial institutions’ use of artificial intelligence (AI) and machine learning. The DSAC letter provided actuarial insights into the use of AI in the insurance sector. The agencies making the request are the Office of the Comptroller of the Currency, the Federal Reserve’s Board of Governors, the Federal Deposit Insurance Corporation, the Bureau of Consumer Financial Protection, and the National Credit Union Administration. (June 30, 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. (June 25, 2021)
The Health Practice Council’s Individual & Small Group Markets Committee and Active Benefits Subcommittee sent a comment letter to the departments Health & Human Services, Labor, and the Treasury on prospective agency actions related to the recently enacted No Surprises Act regarding surprise medical billing. (June 25, 2021)
The Committee on Property and Liability Financial Reporting (COPLFR) sent a comment letter to the National Association of Insurance Commissioners (NAIC) Blanks Working Group on proposed changes to P/C annual statements. The letter addresses such areas as definition of exposure, calendar date alignment, and existing alternative data sources. (June 25, 2021)
Current Academy President Tom Campbell joins Actuary Voices, the Academy’s official podcast, and shares what led him to the profession, his unique experience as president during a pandemic, and his vision for the future of the Academy. Listen to the episode. (June 24, 2021)
The Climate-Related Financial Disclosures Work Group and the Actuaries Climate Index/Actuaries Climate Risk Index Work Group submitted comments to the New York State Department of Financial Services on financial risks related to climate change. (June 23, 2021)
The Pension Committee submitted comments to the Treasury Department and Internal Revenue Service providing suggestions for modification to the rules relating to the maintenance and application of funding balances. (June 21, 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. (June 18, 2021)
The Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ (NAIC) Life Actuarial Task Force (LATF) on a Valuation Manual amendment proposal form regarding asset adequacy testing for reinsurance requirements. (June 14, 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. (June 11, 2021)
The spring issue of The Retirement Report covers the Pension Practice Council’s (PPC) recent “Hill visits”—virtual visits with federal officials and Capitol Hill offices discussing a number of key pension topics pertaining to Social Security, multiemployer pension plans, lifetime income, and retirement security. Also in the issue, recent PPC issue briefs, one on the security of pension plan benefits and another on pooled employer plans; webinars on Social Security, multiemployer plans, and risk-sharing plan designs, and recent state and federal legislative activity. (June 11, 2021)
The Climate-Related Financial Disclosures Work Group and the Actuaries Climate Index/Actuaries Climate Risk Index Work Group jointly submitted comments to the Securities and Exchange Commission’s request for public input on climate change disclosures. (June 11, 2021)
