American Academy of Actuaries Honors Sheldon Summers with Myers Award

Former chief actuary for the California Department of Insurance recognized for regulatory contributions at the state and national levels

WASHINGTON -- Nov. 8, 2010 -- The American Academy of Actuaries honored Sheldon Summers with the 2010 Robert J. Myers Award for Public Service earlier today during its luncheon and annual meeting. Summers received the award in recognition of his contributions to the public good through his 31 years of service during his tenure with the California Department of Insurance, where he served as chief actuary from 2002 to 2009.

"As chief actuary for the state, Sheldon was responsible for every significant life actuarial policymaking decision in California," said Academy President Ken Hohman, who presented the award to Summers. "For more than 20 years, Sheldon provided actuarial leadership in the development of national insurance regulations through his involvement with the National Association of Insurance Commissioners."

Summers served as the vice chairperson of the National Association of Insurance Commissioner's (NAIC) Life and Health Actuarial Task Force from 1995 to 2001. Among other committees, he also served on the NAIC's Capital Adequacy Task Force, Life Risk-Based Capital Working Group and Life Insurance and Annuities (A) Committee.

Summers currently is a consulting actuary for Claire Thinking, Inc. He is a member of the Academy's Life Practice Council and the Life Financial Soundness and Risk Management Committee. He also is the chairperson of the Academy's Life Reinsurance Work Group. Summers is a graduate of Boston University and earned a Master of Business Administration degree from the University of Southern California.

The annual award is named after Robert J. Myers, who helped structure and fund the nation's largest social insurance program in history during his tenure as the chief actuary of the Social Security Administration from 1947 to 1970. The award was established in 1994 to honor Myer's lifelong commitment to public service. The award is bestowed upon an actuary who has distinguished himself or herself through many years of service in the public sector.

For more information or digital photos from the Academy's annual meeting and luncheon, please contact Andrew Simonelli, assistant director of communications for the American Academy of Actuaries, at 202.785.7872. For more information on the American Academy of Actuaries, please visit: www.actuary.org.

The American Academy of Actuaries is a 17,000-member professional association whose mission is to serve the public on behalf of the U.S. actuarial profession. The Academy assists public policymakers on all levels by providing leadership, objective expertise, and actuarial advice on risk and financial security issues. The Academy also sets qualification, practice, and professionalism standards for actuaries in the United States.

SOURCE: American Academy of Actuaries