Public Policy Webinars

Tales From the Dark Side 2023

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This latest iteration of our popular “Tales from the Dark Side” webinar explores examples of ethical problems based on cases and requests for guidance that have been brought before the Actuarial Board for Counseling and Discipline (ABCD).

To perform their professional duties effectively, actuaries must enjoy the trust and confidence of the public. This trust—and the standing and reputation of the actuarial profession—depends on the judgment and conduct of each individual actuary, and the rigor with which actuaries bring honesty, integrity, and competence to their work—especially when confronted with ethical issues that are difficult to resolve.

Our presenters—all of whom are ABCD members—will use case studies to discuss the professionalism aspects that actuaries should consider to stay on the right side of the Code of Professional Conduct. Join us and learn how to avoid the dark side!

What’s New with ASOP No. 20?

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Actuarial Standard of Practice (ASOP) No. 20, Discounting of Property/Casualty Claim Estimates, has been the subject of revisions with the Actuarial Standards Board for several years. On December 1, the final updates to ASOP No. 20 went into effect. We discussed what has changed, and what might require some additional insight from the drafters.

Capital Market Outlook

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First, COVID hit and the economy virtually shut down. The government responded with highly expansionary fiscal and monetary policy to reduce the impact of the resulting economic contraction. But the policy response caused inflation to jump as the economy recovered. 

The Federal Reserve responded with a reversal in policy, pushing up interest rates at a record pace starting in spring 2022. Now we see an inverted yield curve, an inflation rate only partially restrained, and an economy which may be on the verge of recession. 

How will this period of instability play out? Is inflation really under control? Is a recession truly on the horizon? If so, how bad might it be? Will rates stay this high going forward—will we ever see the low rates of 2012-2022 again? 

What about return expectations? 

This session presented an updated look at economic and capital market conditions, reviewed potential economic outcomes, and provided a summary of return outlooks from an array of published capital market models. Attendees will hear an analysis of current conditions and insights into implications. 

PBR Bootcamp: VM-31 as Seen by Regulators

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Have you wondered what your regulator thinks about your PBR report or how you stack up compared to other companies? In this webinar, attendees heard from regulators:

• Findings from the review of 2022 reports
  • VA
  • Life Insurance
• How to improve your reports
• VM updates that are being considered

An Actuarial View of Data Bias: Definitions, Impacts and Considerations

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A continuation on the previously published issue brief and part of the Data Science and Analytics Committee (DSAC) series, Additional Considerations in Data Science, this webinar examined the key types of data bias that actuaries may encounter and focused on the kinds of biases found in modeling data and the implications for algorithmic outcomes.

Where Does Bias Hide? Defining Data Biases and Unfairly Discriminatory Considerations

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Data Science and Analytics Committee Chairperson and Academy Board member Dorothy Andrews addressed the importance of identifying biases in data and algorithms and the dangers of using data that may be embedded with bias. 

PBR Bootcamp: Reinsurance

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Reinsurance considerations are complicated enough that VM-20 has a whole section dedicated to reinsurance. Direct writers and assuming companies have both similar and opposite considerations. This webinar covered topics such as:

• Risk Transfer
• Guaranteed vs. non-guaranteed YRT
• Coinsurance and mod-co
• Assumption Development for affiliated and 3rd party transactions
• Asset assumptions for ceded blocks

Generative AI: Opportunities and Pitfalls for Actuaries

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Our speakers discussed how actuaries are using AI today, what makes generative AI different, and how generative AI intersects with actuarial practice. 

Buy-Out Group Annuity Purchase Primer: Pension Plan Sponsor’s Role and Considerations

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A new issue brief, Buy-Out Group Annuity Purchase Primer: Pension Plan Sponsor’s Role and Considerations, from the Pension Committee focuses on “buy-out” annuity contract transactions, one of the ways pension plan sponsors transfer pension payment responsibilities and associated risks to other parties. During this webinar, our speakers will dive into the brief and its key points, and discuss considerations to keep in mind.

Navigating the Cyber Risk Landscape: New and Emerging Work

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The cyber risk landscape continues to evolve. The Academy’s Committee on Cyber Risk spoke on new and upcoming resources that provide valuable insights into the world of cyber risk.

During this webinar, speakers discussed key points from the latest addition to the Cyber Risk Toolkit—“Digital Assets and Their Current Roles Within Cybercrime.” This paper provides a baseline understanding of digital assets for insurance industry practitioners whose lines of business may interact with digital assets and highlights recent trends surrounding their use within cybercrime.

Speakers will also give a preview of two soon-to-released Toolkit chapters, “Personal Cyber: An Intro to Risk Reduction and Mitigation Strategies” and “Cyber Vendor Model Comparison.”