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Academy Representatives Attend IABA Annual Conference
The Academy continued its support of the International Association of Black Actuaries (IABA) at IABA’s annual conference in New Orleans this week. The Academy participated in the career networking events and hosted a booth highlighting the benefits of membership, engaging IABA members and conference attendees while showcasing Academy resources. Board member Annette James represented the Academy in her role as a member of the IABA’s Corporate Advisory Council. Academy Past President Dave Sandberg, a member of the Data Science and Analytics Committee, will present tomorrow, Saturday, Aug. 13, on recent Academy research and insights related to the report Big Data and Algorithms in Actuarial Modeling and Consumer Impacts.
Voting for Member-Selected Directors Begins Today
The election of member-selected directors to the Academy Board of Directors begins today Friday, Aug. 12. Members should have received an email last week from our election vendor, Intelliscan, which is administering the election. The email was sent from academy@intelliscaninc.net. Also be sure to check the Board Election Center, which includes links to the candidates’ information, bios, and statements. The election will take place over a two-week period from Aug. 12 to 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.
Academy Engages With Regulators at NAIC Summer Meeting
Ackerman
Key Academy volunteers engaged with regulators on a variety of issues from climate change and wildfires to diversity, equity & inclusion, big data/artificial intelligence, cyber, and more at the National Association of Insurance Commissioners (NAIC) 2022 Summer National Meeting held Aug. 9-13 in Portland, Ore.
Highlights include:
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Life Practice Council volunteers engaged regulators over two days at the Life Actuarial (A) Task Force meeting, through extensive presentations on a proposed new economic scenario generator; future and historical mortality improvement (joint with the Society of Actuaries [SOA]); presentations by the Life Practice Council on its recent work; and representatives from the Academy, Actuarial Standards Board (ASB), and Actuarial Board for Counseling and Discipline (ABCD) on current professionalism matters.
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At the Casualty and Statistical Actuarial (C) Task Force, similar presentations were heard on current Casualty Practice Council workstreams and the professionalism team presented on topics of interest to P&C actuaries.
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On the risk-based capital front, volunteers presented to the Property and Casualty Risk-Based Capital (E) Working Group on workstreams that the working group has asked the Academy’s P/C Risk-Based Capital Committee to undertake, and a new workstream the Risk-Based Capital Investment Risk and Evaluation (E) Working Group is launching on collateralized loan obligations.
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The Academy had previously presented virtually to the Health Actuarial (B) Task Force with a report on Group Life Waiver of Premium Valuation Table (joint with the SOA) Health Practice Council and professionalism presentations.
The Academy continued to monitor many other NAIC committees and working groups overseeing climate change, cyber risk, and diversity, equity & inclusion. It was announced at the Special Committee on Race and Insurance (EX) Committee and the Health Insurance and Managed Care (B) Committee that the Academy will present to the special committee on Aug. 23 on barriers to care (benefit design).
The Academy also hosted a regulator-only professionalism breakfast at NAIC for the first time since 2019, during which Academy representatives-Committee on Qualifications (COQ) Vice Chairperson Lisa Slotznick; ASB Chairperson Darrell Knapp; ABCD member Shawna Ackerman; and Brian Jackson, Academy general counsel and director of professionalism-updated regulators on recent Academy professionalism developments.
Airline Discounts Available for Academy Annual Meeting
If you are making travel plans for the Academy’s “Envision Tomorrow: 2022 Annual Meeting,” to be held Nov. 2-3 in the nation’s capital, the Academy has secured airfare discounts for attendees on flights landing at Washington, D.C.-area airports with American Airlines, Delta Air Lines, and United Airlines. Visit the “Hotel & Travel” page for information about how to book your flight for this year’s event.
Make sure you’re at the forefront of envisioning solutions to today’s top public policy and professionalism issues-members can save up to $200 with our early-registration rates, plus first-time attendees can save an additional $100 by using the code ENVISION when registering. Register now and save.
Variable Annuity Plans Webinar Set for Sept. 13
Join the Academy for next month’s pension webinar, “Discussion of Variable Annuity Plans Practice Note,” which will review the Variable Annuity Plans practice note published in 2019, relevant for private, multiemployer, and public defined benefit (DB) pension plans that contain variable annuities. Speakers from the Academy’s Pension Committee will discuss current and emerging practices for measuring obligations of DB plans that include variable annuity benefits, including the determination of lump sum payments. Attendees will learn about the issues that actuaries may consider when setting assumptions or providing advice for setting assumptions for funding and financial accounting and how actuarial standards of practice (ASOPs) apply. The webinar will take place from noon to 1:30 p.m. EDT on Sept. 13-register today.
COQ Member Presents USQS Session to CNA in Chicago
Committee on Qualifications member Mary Bahna-Nolan led a professionalism session providing an overview of the amended U.S. Qualification Standards (USQS) at CNA’s offices in Chicago on Aug. 10. Bahna-Nolan highlighted what’s changed in the USQS that took effect on Jan. 1 and pointed the audience to Academy resources to aid them with qualification and other professionalism issues and questions. Her presentation concluded with a lively Q&A with the audience. To learn more about the changes to the USQS, effective as of Jan. 1, 2022, please visit the Academy website.
‘Math Motivators’ Tutoring Program Helps Disadvantaged Students
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, visit www.actuarialfoundation.org/back-to-school.
Public Policy in Focus
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StateScan Roundup-In case you missed it, the Summer issue of StateScan Roundup is available. The report recaps developments in spring and summer state legislation and regulation of interest to actuaries. For a more comprehensive review of state legislation of interest to actuaries log in to our online portal, StateScan.
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The Annuity Reserves and Capital Work Group submitted comments to the NAIC’s Valuation Manual (VM)-22 (A) Subgroup on its exposure draft regarding specific treatment in the VM-22 framework for addressing longevity reinsurance.
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
Upcoming Continuing Education Opportunities
Save the Date
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The Academy’s Seminar on Effective P/C Loss Reserve Opinions is designed for property/casualty actuaries who prepare or assist with preparing NAIC annual statements of actuarial opinion on P/C loss reserves. Clear your calendar and make plans to join us in December for this highly regarded event-the seminar takes place Dec. 4-6 in Phoenix, Ariz.
Upcoming Academy Activities
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