It may have been a while since you last looked at Actuarial Standard of Practice (ASOP) No. 1, Introductory Standard of Practice, but ASOP No. 1 is a tool to help you understand all the other ASOPs—a kind of guide or roadmap. Unlike any other standard of practice, it defines terms that are used across the ASOPs

Last year, the Committee on Qualifications (COQ) released completed revisions of the U.S. Qualification Standards (USQS). Since then, the COQ has updated the Frequently Asked Questions (FAQs) on the USQS twice—once in February and once in May. The May release added five new questions to the FAQs, many of which are based on questions and comments received on the draft USQS.

The Long-Duration Contracts Work Group of the Academy’s Risk Management and Financial Reporting Council released the practice note exposure draft Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP, which covers aspects of the application of Accounting Standards Update 2018-12, Targeted Improvements to the Accounting for Long-Duration Contracts, published in August 2018 by the Financial Accounting Standards Board. The comment deadline for this exposure draft is November 21, 2022.

Academy Health Equity Committee Chairperson Annette James gave a presentation on equity considerations for barriers to care and health plan benefit design to the National Association of Insurance Commissioners (NAIC) Special (EX) Committee on Race & Insurance Workstream #5.

The Casualty Practice Council submitted written comments to the Washington, D.C. Department of Insurance, Securities and Banking's (DISB) Request for Comments on evaluating unintentional bias in private passenger automobile insurance. The letter expanded on the Academy's previous comments to the DISB on recommended actuarial considerations for determining unintentional bias in auto insurance.