The C1 Work Group submitted a letter to the NAIC's Life Risk-Based Capital (LRBC) Working Group, including an update to previously proposed base bond factors and companion portfolio adjustment formula to reflect corporate tax rates enacted by the Tax Cuts and Jobs Act of 2017 for the LRBC formula. (March 11, 2021)

The C1 Work Group submitted comments to the NAIC's Life Risk-Based Capital (LRBC) Working Group on the exposed January 21, 2021 proposal to restate the capital requirements for real estate in the LRBC formula. (March 11, 2021)

The Long-Term Care (LTC) Reform Subcommittee released their issue brief on regulatory options for LTC insurance innovation. This issue brief examines some National Association of Insurance Commissioners (NAIC) proposed options specific to regulatory changes, and discusses recommended changes with actuarial implications.  (March 10, 2021)

The Academy’s Property and Casualty Risk-Based Capital Committee issued a report to the National Association of Insurance Commissioners’ (NAIC) Property and Casualty Risk-Based Capital (E) Working Group in which it presents indicated Line of Business Underwriting  Risk Factors for the P&C RBC Formula. (March 05, 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. (March 05, 2021)

Senior Casualty Fellow Rich Gibson presented at the Midwest Actuarial Forum’s Virtual Spring Meeting Webinar, giving an overview of recent property/casualty public policy developments. (March 05, 2021)

The Actuaries Climate Index has been updated with data for summer 2020, with the five-year moving average reaching a new high for the 10th consecutive quarter. Read the news release. (March 04, 2021)

The ERM/ORSA Climate-Related Financial Disclosures Work Group submitted comments to the NAIC Climate and Resilience (EX) Task Force's Climate Risk Disclosure Workstream related to ongoing discussions and work on the Climate Risk Disclosure Survey.  (March 02, 2021)

The Academy’s Cyber Risk Task Force sent a letter offering its assistance in relation to the challenges and opportunities present in the current system of regulating and overseeing responses to cyber breaches of personally identifiable information along with a copy of its report, Cyber Breach Reporting Requirements: An Analysis of Laws Across the United States, to Treasury Secretary Janet Yellen and the directors (or acting directors) of the Office of Terrorist Financing and Financial Crimes; the Federal Insurance Office; the Office of Domestic Finance; and the Consumer Financial Protection Bureau. (February 22, 2021)

In the March/April Contingencies, the cover story “Irrationally Yours—An Introduction to Logical Fallacies” offers a survey view of universal logical fallacies—thought distortions everyone falls victim to from time to time. Also, “Passport for Care—Patient Access, Quality, and Innovation Around the World” explores patient access, quality of care, and innovation in several countries; and “5G and Insurance—A Match for the Ages?” looks at how the latest wireless paradigm is expected to shake up the business landscape, including that of the insurance world. Plus, Tom Campbell’s President’s Message on reliance; Up to Code looks at the art of the possible; and the Actuarial Job Seeker supplement contains a new feature on the actuaries of the “Oregon Trail Generation”—look to this micro-generation for tech-savvy, adaptable leadership. (March 01, 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. (February 26, 2021)

The February Actuarial Update covers how the Academy has marked Black History Month, led by the reissue of The Magic School Bus Takes a Risk: A Book About Probability, which offers an opportunity to introduce young children—including those in traditionally underrepresented groups, who are featured as main characters—to actuaries and shows how math as a profession can take them on amazing journeys. Also in the issue, it’s time for members to offer recommendations for Academy regular directors; the Academy welcomed 338 new members in the second half of 2020; and the “Professionalism Counts” column looks at conflicts of interests in the context of transparency. (February 26, 2021)

Conflict of interest. We've all heard the term, but what exactly does it mean? And why is it important for actuaries to avoid a conflict of interest? It all goes back to the Code of Professional Conduct. (February 26, 2021)

Academy Senior Health Fellow Cori Uccello presented at a “Medicare Solvency Projections and Potential Policy Solutions” webinar sponsored by the Alliance for Health Policy. She set the stage for the discussion by providing basic program information, covering Hospital Insurance (HI) and Supplementary Medical Insurance (SMI), the projected depletion of the HI trust fund, and noted that Medicare’s sustainability challenges go beyond solvency. (February 25, 2021)

The Academy made three presentations  to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) webinar as part of CASTF’s “Book Club” series to facilitate regulator training and the sharing of expertise on predictive analytics on the topic of race and insurance. Academy presenters were Dorothy Andrews, chairperson of the Data Science and Analytics Committee (DSAC); Roosevelt Mosley, DSAC member and member of the Casualty Practice Council’s (CPC) Racial Equity Task Force; and Lauren Cavanaugh, CPC vice president. (February 23, 2021)