This Week, Dec. 2 – 6, 2024

PUBLIC POLICY

DSAC Releases Natural Experiments Paper

The Data Science and Analytics Committee (DSAC) released an issue paper, Natural Experiments, which discusses an approach to establish causation that approximates the construction of a randomized controlled trial but has lower ethical, practical, and financial barriers.

NAIC Fall Meeting Recap Now Streaming

Members of the Academy’s Public Policy team share highlights of last month’s NAIC meeting in the Fall National Meeting Recap, now available to watch on the Academy’s YouTube channel. In addition to providing an overview of the event and Academy presentations, they also look ahead to the next NAIC meeting and future activities. Watch it now.

Public Policy in Brief

• The Annuity Reserve and Capital Subcommittee commented to the NAIC’s Valuation Manual (VM)-22 (A) Subgroup on its exposure of a longevity reinsurance reserving proposal.

• The Retirement Practice Council and the Pension Committee met this week during their strategic planning meetings with external stakeholders including the U.S. Government Accountability Office, the Labor Department’s Employee Benefits Security Administration, and the Pension Benefit Guaranty Corporation, discussing strategic priorities and anticipated activity in 2025.

Visit the Public Policy webpage to stay on top of the latest news and activity.

EDUCATION & EVENTS

Year-End Webinars Continue With Retirement, Life Offerings Next Week

The Academy will hold two webinars next week offering valuable year-end continuing education (CE) credit:

• Dec. 12-Surplus Considerations for Public Pension Plans will examine a recent issue brief on the subject and discuss surplus management. Register today.

• Dec. 13-PBR Bootcamp: VM-31 as Seen by Regulators will feature a panel of regulators addressing principle-based reserving (PBR) reports, variable annuities, and Valuation Manual (VM) updates. Register today.

This week’s webinars included:

• Capital Markets-What Now?, offered an update on current capital market conditions and trends, given recent inflation and the Federal Reserve’s response.

• Overview of the NAIC Climate Risk Disclosure Survey presented a deep dive into the Task Force on Climate-related Financial Disclosures recommendations.

Watch recordings of webinars, Envision Tomorrow Academy Annual Meeting sessions, and more on Academy Learning, a member benefit.

Sold-Out P/C Opinion-Writing Seminar Next Week in New Orleans

The sold-out Seminar on Effective P/C Loss Reserve Opinions will kick off next week in New Orleans. The Dec. 9-10 event will cover the entire opinion-writing process from becoming qualified to signing opinions, adherence to actuarial standards of practice, and how to write reports.

PROFESSIONALISM

‘Tales From the Dark Side’ Examines ABCD Case Studies

The popular Tales From the Dark Side professionalism webinar series continued Friday with a look at Actuarial Board for Counseling and Discipline (ABCD) case studies-including the role of actuarial standards of practice (ASOPs) and the Code of Professional Conduct. Presenters were ABCD members including Vice Chairperson (and incoming Chairperson) William Hines. Look for more coverage in the upcoming December Actuarial Update, and a recording available soon via Academy Learning.

Professionalism Video Wins ‘Viddy’ Award

Actuarial Professionalism and the Academy, the Academy’s video released in October, received a platinum “Viddy” award from the Association of Marketing and Communication Professionals. The video shows elements of professionalism that guide actuaries, the standards they hold themselves to, and the various ways the Academy helps serve their professionalism needs.

OUTREACH & NEWS

P/C, Life & Health Law Manuals Available for Order

The Academy’s P/C Loss Reserve Law Manual and Life and Health Valuation Law Manual are available for preorder, offering valuable information on statements of actuarial opinion and the NAIC Model Standard Valuation Law-with the latest requirements for all 50 states, Washington, D.C. and Puerto Rico. Make sure you have these important resources at your fingertips-place your order today and be among the first to have these handy reference tools. Both will be available for delivery this winter.

Contingencies Web Exclusive Challenges Assumptions

The latest Contingencies web exclusive, “Challenging Assumptions,” tells the story of how a recent trip to the emergency room found an actuary (with his wife and newborn infant) using his professional training to convince doctors to revisit their assumption-setting procedures.

ICYMI: Actuarial Update & Leadership Transition

In case you missed it, the November Actuarial Update covers Darrell Knapp becoming the Academy’s 60th president and the Board of Directors’ leadership transition, Academy presentations at last month’s NAIC Fall National Meeting, and a “Professionalism Counts” Q&A with incoming Professionalism & Education Vice President Nancy Behrens.

ASB Outreach-Twin Cities Actuarial Club

As professionalism outreach and education opportunities for 2024 begin to wrap up, Actuarial Standards Board (ASB) member Gabe Schiminovich presented virtually on “The ASOP Advantage” to the Twin Cities (Minneapolis-St. Paul) Actuarial Club on Friday. Schiminovich covered ASB basics and resources including volunteering opportunities, along with ASOPs concepts, development, and commenting opportunities.

• Looking for a Speaker? The Academy’s Speakers Bureau provides qualified speakers on professionalism and public policy topics.

In the News

• Insurance News Net cited the Academy’s comment letter to the IRS on an exposure on micro-captive listed transactions and micro-captive transactions of interest.

EVENTS CALENDAR

• Dec. 9-10 [Seminar] Seminar on Effective P/C Loss Reserve Opinions; New Orleans

• Dec. 12 [Webinar] Surplus Considerations for Public Pension Plans

• Dec. 13 [Webinar] PBR Bootcamp: VM-31 as Seen by Regulators

Visit the Events Calendar for a complete listing of Academy events, including links to post-webinar slides and recordings via Academy Learning.

Next Week-Casualty Quarterly Looks at ACI, ACRI

The Fall/Winter Casualty Quarterly includes an update on the Actuaries Climate Index and Actuaries Climate Research Index, coverage of next week’s Seminar on Effective P/C Loss Reserve Opinions in New Orleans, and recent legislative and regulatory activity.