The ERM/ORSA Committee submitted comments to the Actuarial Standards Board regarding the proposed revision of Actuarial Standard of Practice (ASOP) No. 7, Analysis of Life, Health, or Property/Casualty Insurance Cash Flow Risk. (May 31, 2024)
The results of two recent business ethics surveys make for disheartening reading. The 2023 Global Business Ethics Survey found that pressure to compromise workplace standards and the law hit exceedingly high levels during the pandemic that have yet to recede, and that workplace misconduct is at an all-time high. One bright spot is that the reporting of observed misconduct is at a record high. What does all this have to do with actuaries? (May 31, 2024)
The Prudential Regulation Committee sent a comment letter to the National Association of Insurance Commissioners (NAIC) Capital Adequacy (E) Task Force on the exposure draft of Risk-Based Capital Preamble, 2024-16-CA. (May 31, 2024)
The Retirement Practice Council and Pension Committee responded to a request for information (RFI) by the majority staff of the U.S. Senate Health, Education, Labor, and Pensions (HELP) Committee regarding ways to bolster the defined benefit pension system. (May 30, 2024)
The Asset Adequacy and Reinsurance Issues Task Force provided comments to the Life Actuarial Task Force (LATF) regarding LATF's “AAT Reinsurance Exposure 031724”. (May 17, 2024)
Academy Casualty Policy Analyst Rob Fischer, Senior Fellow Rich Gibson, and Will Davis of the South Carolina Department of Insurance presented at the Casualty Actuarial Society's Spring Meeting on current and future public policy considerations, covering how the current legislative and regulatory environment continues to evolve and respond to changes in actuarial practice and the broader insurance and financial environments. The presentation covered topics including the NAIC, homeowners insurance, AI governance, the National Flood Insurance Program, and bias. (May 08, 2024)
The Social Security Committee released Highlights from the 2024 Social Security Trustees Report, a one-page illustration detailing the latest annual report on the current and projected financial status of the trust funds. (May 09, 2024)
The Life Experience Committee released a resource and discussion guide, Utilization Assumptions of Guaranteed Living Benefits for Deferred Annuities. The guide suggests some reasons why there may be a cohort that never utilizes its guaranteed living benefits (GLBs). It also provides sources of information on how to develop reasonable assumptions regarding GLB withdrawals. (May 09, 2024)
The Medicare Committee released an issue brief, Medicare’s Financial Condition: Beyond Actuarial Balance, that examines the findings of the 2024 Medicare Trustees Report with respect to program solvency and sustainability. (May 08, 2024)
The Casualty Practice Council submitted comments on the exposure draft of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas). (May 01, 2024)
The ERM/ORSA Committee submitted comments to the Actuarial Standards Board regarding the proposed revision of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas). (May 01, 2024)
The Variable Annuity Reserves and Capital Subcommittee sent comments to the NAIC’s Variable Annuities Capital and Reserve (E/A) Subgroup on the exposure draft of APF 2024-07 that proposes updates to the VM-21 Standard Projection Amount assumptions. (May 01, 2024)
The Pension Committee submitted comments to the Actuarial Standards Board regarding the proposed revision of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas). (May 01, 2024)
The Health Practice Council submitted comments on the exposure draft of Actuarial Standard of Practice (ASOP) No. 12, Risk Classification (for All Practice Areas). (May 01, 2024)
Occasionally actuaries ask about the difference between practice notes and actuarial standards of practice (ASOPs). While practice notes and ASOPs both provide useful information to the actuary, only one of them is binding. A look at the differences. (April 30, 2024)
