ASOP Nos. 20 & 36: Proposed Changes
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Actuaries who led the drafting effort discussed why the standards are being revised and the proposed changes, many of which are significant.
Professionalism Webinar Recordings Available to Members
A valuable benefit of Academy membership is free and unlimited access to the Council on Professionalism’s entire—and growing—library of professionalism webinars, which date back to September 2007. Academy members can earn continuing education (CE) credits by listening to these pre-recorded webinars. These credits can be counted toward the annual required three hours of continuing education on professionalism topics, as detailed in the U.S. Qualification Standards (Section 2.2). Professionalism credits under the U.S. Qualification Standards are not required to be from “organized activities”; so while listening to recorded webinars will not count as an organized activity it still will satisfy the professionalism requirement.
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The Revised ASOP No. 22: What You Need to Know
Actuaries involved in the revision discussed changes to the ASOP, including new guidance on trends in assumptions, assumption margins, discount rates, sensitivity testing, reinsurance ceded, the use of cash flows from other financial calculations, separate account assets, and changes in methods, models, or assumptions.
(July 28, 2022)The Revised ASOP No. 28: What You Need to Know
The revised ASOP No. 28, Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities, takes effect July 1, 2022. Speakers, who were involved in the revision, discussed changes that practitioners should be aware of.
(June 30, 2022)What Is Unfair Discrimination in Insurance?
The standard rating law holds that insurance rates shall not be “excessive, inadequate, or unfairly discriminatory.” But what exactly does “unfairly discriminatory” mean? Our presenters—award-winning teacher and scholar Daniel Schwarcz, former Illinois Director of Insurance Nat Shapo, and Brian Mullen, chairperson of the task force currently revising ASOP No. 12, Risk Classification (for All Practice Areas)—discussed the current regulatory infrastructure relating to unfair and unlawful discrimination in insurance and the challenges presented by the increased use of “big data” and AI-enabled systems.
(May 26, 2022)The Revised ASOP No. 11: Understanding Important Changes
The revised ASOP No. 11, Treatment of Reinsurance or Similar Risk Transfer Programs Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports, takes effect Dec. 1, 2022. The presenters, who participated in the revision, discussed why the standard was revised and highlighted changes practitioners need to be aware of, including the expanded scope and new and expanded guidance on financial reporting aspects of nonguaranteed reinsurance elements, retained risks, modeling, counterparty risk, and health benefit plans.
(May 12, 2022)The Revised ASOP No. 4: What You Need to Know
The revised actuarial standard of practice (ASOP) No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, takes effect Feb. 15, 2023. Our presenters discussed why the Actuarial Standards Board (ASB) decided to revise the ASOP, gave an overview of the scope, and highlighted changes practitioners should be aware of, including new guidance on amortization methods, low-default-risk obligation measures, and output smoothing methods.
(April 22, 2022)The Revised ASOP No. 2: What You Need to Know
The revised ASOP No. 2, Nonguaranteed Elements for Life Insurance and Annuity Products, will take effect June 1, 2022. During this webinar, our speakers, who were involved in the revision, discussed what practitioners should know about the changes, including the introduction of the concept of the NGE framework and expanded guidance regarding the determination policy, NGE scales, and policy classes.
(April 05, 2022)The Amended U.S. Qualification Standards
During this webinar, members of the Committee on Qualifications (COQ) will discuss the changes to the USQS that every actuary practicing in the United States needs to know.
(December 20, 2021)More Tales From the Dark Side Professionalism Webinar
Back by popular demand, Tales From the Dark Side will explore examples of ethical problems based on cases and requests for guidance that have been brought before the Actuarial Board for Counseling and Discipline (ABCD).
In the course of performing their work, actuaries may be confronted with ethical issues that are difficult to resolve. Inspired by their experiences on the ABCD, our presenters—all of whom are ABCD members—will discuss the professionalism aspects that actuaries should look to in each case to stay on the right side of the Code of Professional Conduct. They also will also discuss some of the guidance provided through the ABCD’s request for guidance process. Join us for this professionalism webinar and learn how to avoid the dark side.
(December 17, 2021)Professionalism Webinar: Self-Regulation and the Actuarial Profession
During this webinar, learn why self-regulation is important to the actuarial profession and what you can do to help ensure it continues. Members of the Committee on Professional Responsibility (COPR) will discuss the importance of upholding the profession’s standards of conduct, qualification, and practice, as well as how to explain the requirements—and benefits—of actuarial professionalism to principals.
(November 11, 2021)
