This Week … In a Minute

Only have a minute? Catch up on the week’s top stories with the latest “This Week … In a Minute” video. Subscribe to our YouTube channel to receive videos as they are released.

No Issue Next Week

There will be no issue next week-the August Actuarial Update will be published next Friday, Aug. 29.

TOP STORY

Climate Paper Examines Actuarial Data

The Climate Change Joint Committee released a policy paper, Climate Data: Actuarial Perspectives on Quality, Challenges, and Effective Risk Quantification, examining data challenges in climate-related risk quantification.

While reflecting the current emphasis on property and casualty, the paper also explores the distinct and evolving data needs for life, health, and pension actuaries.

Retirement Issue Brief Offers Perspective on Social Security

A new Significance of the Social Security Trust Fund retirement issue brief offers additional background and perspective-including historical and projected trust fund ratios-on the Social Security system’s assets, including the context of federal government actions and the performance of the economy as a whole.

Actuarially Sound Blog Recaps NAIC Summer Meeting

An Actuarially Sound blog recaps the recent NAIC Summer National Meeting in Minneapolis, highlighting the sessions where the Academy offered public comments on artificial intelligence, risk-based capital model governance, and commercial health insurance premium affordability.

Video Recap Coming Next Week-Academy public policy staff’s regular webinar recap of the meeting is coming next week to the Academy’s YouTube channel, offering updates on the casualty, life, health, risk management, and research activity that happened in Minneapolis, as well as previewing what to anticipate at the NAIC Fall National Meeting in Hollywood, Fla.

Academy Presents at SOA ValAct Meeting

Academy Life Practice Council (LPC) volunteers presented at the Society of Actuaries Valuation Actuary Meeting (SOA ValAct) in Chicago:

Donna Claire, Linda Lankowski, and Craig Morrow presented on NAIC activities, with a primary focus on updates to principle-based reserve (PBR) valuations and appointed actuary topics.
Brent Dooley, Bruce Friedland, and Jonah von der Embse presented on VM-22-briefing the audience on the background, associated regulations, calculations, and some high-level results from the recent field test and other modeling, along with key considerations and documentation for actuaries and companies as they prepare to transition their fixed annuities into a PBR framework.
Linda Lankowski, Catherine Murphy, and April Shen presented on yearly renewable term (YRT) reinsurance treatment under PBR/VM-20.
Rachel Marie Brewster, Robert Eaton, and Matthew Hantelman presented on hybrid life and long-term care (LTC) products, which are growing in popularity, as well as how reserve calculations for these products pose unique challenges.
Life Vice President Jason Kehrberg, along with John Di Meo and Bruce Friedland, presented on the new asset adequacy testing and offshore reinsurance actuarial guideline, using case studies to illustrate what the guideline's testing could look like across a range of reinsurance scenarios.

Contact us-Thank you to everyone who visited the Academy’s booth at ValAct. If you would like to get in touch with the LPC or are interested in learning more about any of these presentations, please contact Life Public Policy Project Manager Amanda Barry-Moilanen, barrymoilanen@actuary.org.

MEMBERSHIP

Board Selection Reminder-Check Your Email

A reminder to check your inbox for an email sent today, Aug. 22, from Intelliscan, the vendor managing the member-selected directors selection process, which will take place Sept. 3-17. The email will come from Academy@intelliscanvotes.com. For more information on the selection process, and a look at the 2025-2026 Board of Directors prospective slate, visit the Board Selection Center.

EDUCATION & EVENTS

CLRS Regular Registration Rates End Today

Today is the last day to save with a regular registration rate for the Casualty Loss Reserve Seminar (CLRS), sponsored jointly by the Academy and the Casualty Actuarial Society Sept. 8-10 in Philadelphia. As noted by Academy Senior Casualty Fellow Rich Gibson, CLRS is “one of the best continuing education [CE] opportunities for reserving actuaries.” See the agenda. Secure your discount-register today.

PROFESSIONALISM

Register for Next Month’s Professionalism Webinar

Register for next month’s professionalism webinar, COQ, ASB, ABCD: The Professionalism Trifecta. The Committee on Qualifications (COQ), Actuarial Standards Board (ASB), and Actuarial Board for Counseling and Discipline (ABCD) are the heart of actuarial professionalism-setting standards for the profession and helping actuaries meet these standards. Leaders of these entities will discuss professionalism topics of interest to all actuaries, including what it takes to be qualified, how actuarial standards of practice apply to AI and modeling, and what to do if you believe an actuary may have violated the Code of Professional Conduct. The webinar will be held on Sept. 5. Register today.

OUTREACH & NEWS

Academy in the News

Insurance Business magazine reported on the NAIC’s target of finalizing a proposal restricting the public disclosure of insurers' risk-based capital (RBC) ratios, while noting the Academy’s public-interest comments.

EVENT CALENDAR

Sept. 5	COQ, ASB, ABCD: The Professionalism Trifecta (professionalism webinar)
Sept. 9	Medicare: Where Are We Now? And, Where Are We Headed?
Sept. 8–10	Casualty Loss Reserve Seminar; Philadelphia (sponsored jointly with CAS; early discounts and special Academy & CAS rates available)
Sept. 18	Actuarial Perspectives and Solutions for Strengthening the U.S. Retirement System; Washington, D.C. (retirement symposium)
Nov. 17–20	Life and Health Qualifications Seminar; Arlington, Va.
Nov. 20–21	Academy Leadership Summit & Governance Transition; Washington, D.C.
Dec. 8–9	Seminar on Effective P/C Loss Reserve Opinions; Salt Lake City (early discounts available)

Visit the Event Calendar for a complete listing of Academy events.

Next Week-Summer Retirement Report

Coming next week, the Summer Retirement Report will include a deep-dive Q&A on the Retirement Policy and Design Evaluation (RPADE) Committee’s issue brief, Improving Spousal Retirement Plan Protections-Gaps and Policy Proposals, released earlier this year. Also in the issue: a preview of the September retirement symposium, and the announcement that Bruce Cadenhead is the nominee to be the Academy’s next retirement vice president.