The Lifetime Income Risk Joint Committee submitted comments to the Department of Labor on an interim final regulation with request for comments regarding pension benefit statements and lifetime income illustrations. (November 18, 2020)
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. (November 13, 2020)
The Life Practice Council’s Task Force to Review ASOP No. 2 submitted comments to the Actuarial Standards Board on the second exposure draft of the proposed revision of ASOP No. 2, Nonguaranteed Elements for Life Insurance and Annuity Products. (November 13, 2020)
The Academy’s Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPLFR) presented an update on CPC and COPLFR activity to the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF), including pandemic risk insurance, workers’ compensation, automobile insurance, and cyber risk, and gave a preview of December’s Seminar on Effective P/C Loss Reserve Opinions. (November 10, 2020)
The Individual and Small Group Markets Committee sent comments to the Center for Consumer Information & Insurance Oversight (CCIIO), expressing concerns on the claims data updates finalized in the 2021 Actuarial Value (AV) Calculator. The comments are for consideration in preparing the draft 2022 AV Calculator. (November 12, 2020)
Academy Casualty Vice President Lauren Cavanaugh addressed the NAIC’s Special Committee on Race and Insurance, speaking to her prepared comments previously submitted, which covered actuarial guidance, disparate impact, and data quality. She recommended consideration of independent organizations to examine and certify third-party data for hidden biases, accuracy, and relevance. She also described for commissioners and regulators several actuarial standards of practice (ASOPs) relevant to actuarial practice in areas being looked at by the special committee. (November 12, 2020)
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. (November 06, 2020)
States have moved to develop their own laws given there is a lack of federal regulation of notice requirements to consumers in the event of cyber breaches. The purpose of this paper is to provide a systematic comparison of the existing regulations with respect to data breaches involving personally identifiable information across the states. The National Association of Insurance Commissioners (NAIC) Insurance Data Security Model Law is also examined. (November 06, 2020)
In the November/December issue of Contingencies, the cover story, “On Chance and Intelligence,” asks whence success comes—by merit or by luck? This feature dives deep into the question. Other features include “Black Warrior: A Buffalo Soldier Looks Back”—a visit to the archives for this excerpt from Ivan Houston, who died this year at age 94; and “Stress”—an work of original fiction takes place within the confines of an actuarial exam. Plus a President’s Message from Academy President D. Joeff Williams on asking the right questions; meet contributor Daniel Skwire’s first boss in Commentary; and sharpen your No. 2 pencils for a pop quiz in Up to Code. (November 02, 2020)
The October “Professionalism Counts” column looks at “Must, Should, May: When Do You Need to Disclose a Deviation From an ASOP?” (October 30, 2020)
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. (October 30, 2020)
The October Actuarial Update previews the high-profile plenary speakers and practice-area breakout sessions at next week’s Annual Meeting and Public Policy Forum, a virtual event that will take place Nov. 5–6. There’s still time to register for the Academy’s marquee annual event. Also in the issue, coverage of the Oct. 30 professionalism webinar, “Tales From the Dark Side: Trick or Treat!”; the incoming chairpersons and new members of the Actuarial Board for Counseling and Discipline and the Actuarial Standards Board; a life work group released a white paper on the 2017 Tax Cuts and Jobs Act; a November pension webinar will look at an exposure draft of a practice note on Actuarial Standard of Practice (ASOP) No. 56, Modeling; and the “Professionalism Counts” column looks at “Must, Should, May: When Do You Need to Disclose a Deviation From an ASOP?” (October 30, 2020)
Academy President D. Joeff Williams’ Oct. 29 letter to members announced the membership renewal period and includes a link to “The Meaning of Your Membership,” which highlights the many mission-critical aspects of the Academy’s work in 2020. To pay your annual dues directly, please log in to the Academy’s website. (October 29, 2020)
The Academy’s Principle-Based Reserving (PBR) Analysis Templates Task Force published six templates to assist users when performing PBR analysis or preparing PBR Actuarial Reports required by the National Association of Insurance Commissioners Valuation Manual (VM-31). (October 29, 2020)
Actuarial Memorandum Practice Note Work Group of the American Academy of Actuaries’ Health Practice Council released the Actuarial Memorandum Practice Note. The purpose of this practice note is to provide information that can be useful for appointed actuaries dealing with the challenges of producing an Actuarial Memorandum in support of the Actuarial Opinion filed as part of the Health Annual Statement Blank (often referred to as the Health Blank or the Orange Blank). However, the concepts covered in this practice note could be useful for other situations requiring documentation for health business. (October 29, 2020)
