John Miller and Matt Coleman, co-chairpersons of the Annuity Reserves Work Group, presented an update to the Life Actuarial (A) Task Force on their annuity exclusion test efforts.  (August 01, 2018)

Chris Conrad, vice chairperson of the SVL Interest Rate Modernization Work Group, presented an update to the Life Actuarial (A) Task Force.  (August 01, 2018)

Mary Bahna-Nolan, chairperson of the Life Experience Committee, presented an update to the Life Actuarial (A) Task Force on the Delphi Study, Accelerated Underwriting, and VM-51 data elements.  (August 01, 2018)

The Joint P&C/Health Bond Factors Analysis Work Group Report to the NAIC Investment Risk-Based Capital (E) Working Group, Health Risk-Based Capital (E) Working Group, and Property and Casualty Risk- Based Capital (E) Working Group on indicated bond risk factors for the Property Casualty Risk Based Capital Formula (P&C RBC Formula) and the Health Risk Based Capital Formula (Health RBC Formula). (July 29, 2018)

The July Actuarial Update covers the Academy’s pension forum in Washington on retirement policy issues, and notes the impending July 31 deadline for comments to the Actuarial Standards Board on three pension actuarial standards of practice. Also covered: responses to the volunteer survey are due Aug. 7; the Academy commented to the NAIC on several of NAIC’s Casualty Actuarial and Statistical Task Force proposals; orders remain strong for the Academy-sponsored ‘Magic School Bus’ book introducing actuarial work to grade-school children; and  the “Professionalism Counts” column, written by current members of the Committee on Qualifications, looks at the U.S. Qualification Standards 10 years after the current version came into effect in 2008. (July 27, 2018)

The Extreme Events and Property Lines Committee issued a monograph, Uses of Catastrophe Model Output, on the development of catastrophe models and the uses of catastrophe model output in actuarial tasks. (July 24, 2018)

Past Academy President Mary D. Miller submitted a letter with comments from the Academy to the National Association of Insurance Commissioners raising several concerns over a revised attestation proposal released for exposure on June 25 by the NAIC’s Casualty Actuarial and Statistical Task Force (CASTF). (July 24, 2018)

With close to 20,000 members, the Academy appreciates the active participation of more than 1,000 volunteers from every practice area who lend their skill, knowledge, and experience to the Academy's work on public policy issues and professionalism. All members are being invited to complete the Academy's Annual Volunteer Survey via individual email. The survey is also available in the members-only section of the Academy website through Tuesday, August 7. (July 23, 2018)

The Extreme Events & Property Lines Committee submitted a paper to the NAIC highlighting regulatory questions that arise if the flood insurance market transitions from relying upon the National Flood Insurance Program to a greater role for private-market coverage. (July 19, 2018)

Past Academy President Mary D. Miller submitted a letter with extensive comments from the Academy to the NAIC responding to an exposure draft that the Casualty Actuarial and Statistical Task Force (CASTF) issued on a CAS/SOA proposal regarding CASTF’s “Continued Competence” charge. This is a significant proposal that would affect many actuaries. Comments are due by Monday, July 23. Those interested may wish to consider filing their own comments. (July 19, 2018)

The C1 Work Group submitted a comment letter to the Investment Risk-Based Capital (E) Working Group on alternative C1 bond factors for different levels of statutory reserve offset.  (July 16, 2018)

The AG43/C3 Phase II Work Group submitted a comment letter to the Variable Annuities Issues Working Group on proposed policyholder behavior assumptions.  (July 15, 2018)

The AG43/C3 Phase II Work Group submitted a comment letter on the May 31 exposure of the Variable Annuities Issues Working Group Framework.  (July 12, 2018)