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ASB Approves Proposed ASOP No. 41 Revision for Exposure
 The Actuarial Standards Board (ASB) of the American Academy of Actuaries approved an exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 41, Actuarial Communications. The ASOP applies to actuaries when issuing actuarial communications in any form (written, electronic, or oral) within any practice area.
Notable changes made to the proposed revision include improving definitions in section 2 to clarify the differences among actuarial communications, actuarial reports, and actuarial documentation; adding clarity in sections 3 and 4 regarding the disclosure requirements that apply to all actuarial communications versus those that apply only to actuarial reports; and adding specific guidance regarding the actuary opining on assumptions that do not conflict with what the actuary believes is reasonable.
The comment deadline is Nov. 1. Information on how to submit comments can be found in the exposure draft.
The Academy will host a webinar on Friday, Sept. 30, from noon to 1:30 p.m. EDT, featuring ASB and ASB committee members who will summarize the proposed revision and address professionalism standards as they relate to actuarial communications.
Just Launched: September Webinars Will Cover Long-Duration Contracts, VM-22
The Academy this week released details about two webinars that will take place next month.
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Sept. 13: “Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP: Part 1”-Join the Academy for the first of a series of three webinars that will provide discussion around components of the recently exposed practice note Application of ASU 2018-12 to the Accounting for Long-Duration Contracts under U.S. GAAP. This first webinar will cover level of aggregation, discount rate assumptions, and limited-payment contracts. The webinar will be held from 12:30 to 2 p.m. EDT on Sept. 13. Learn more and register now.
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Sept. 14: “Fixed Annuity PBR Framework Update”-Learn about the latest updates and developments for the future fixed annuity principle-based reserving framework (VM-22). During this webinar, attendees will hear an overview of the proposed methodology, along with updates on regulatory discussions, field testing, project timeline, and outstanding framework elements yet to be determined. The webinar will be held from noon to 1:30 p.m. EDT on Sept. 14. Learn more and register now.
Public Service Opportunity
The Washington state Employment Security Department is seeking a supervising actuary to direct actuarial analyses and reports for the Paid Family and Medical Leave Act and the Unemployment Insurance Trust Fund. The ideal candidate will have actuarial experience and will have a demonstrated ability to interact confidently and effectively with stakeholders, customers, researchers, and other audiences. Click here for more information and to apply.
The Academy has long supported government employers that are seeking to hire qualified actuaries. For more information, see our Public Employment Opportunity Posting Policy.
Voting Continues for Member-Selected Directors
You still have time to make your voice heard by voting for member-selected directors to the Academy Board of Directors. Be sure to check the Board Election Center, which includes links to the candidates’ information, bios, and statements. The election is open through Aug. 26. All members are encouraged to take part in the Academy’s election process where they can vote for the slate of member-selected directors put forward by the Academy Nominating Committee.
‘Math Motivators’ Tutoring Program Helps Students Succeed
 The Actuarial Foundation’s “Math Motivators” program, which provides free math tutoring services to students who might not otherwise be able to afford it, is made possible through the support of the foundation’s donors-including the Academy-and its volunteers. Math Motivators provides free math tutoring to students in grades 3-12 who need and want help they otherwise wouldn’t have access to, though the number of students needing assistance far surpasses the resources of this volunteer-driven program. For more information on how you can support this program, visit www.actuarialfoundation.org/back-to-school.
Alert
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President Biden on Tuesday signed into law the Inflation Reduction Act of 2022 (H. R. 5376), which includes provisions pertaining to inflation and deficit reduction, clean and efficient energy and climate change, and health care coverage and costs (Subtitle C). Read the full alert.
Public Policy in Focus
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
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A Healthcare Finance story on inflation cited the Individual and Small Group Markets Committee’s issue brief examining 2023 health insurance premium drivers.
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A Smart Asset article about retirement savings cited the Academy’s jointly sponsored Actuaries Longevity Illustrator.
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A Think Advisor story mentioned the Academy’s participation in discussions around actuarial guidelines for index-linked variable annuities (ILVAs), also known as registered index-linked annuities (RILAs), which regulators reviewed at last week’s NAIC Summer 2022 National Meeting.
Upcoming Continuing Education Opportunities
Upcoming Academy Activities
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