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Happy Holidays From the Academy
The Academy wishes our members and their families a safe and happy holiday season. The Academy will be closed on Monday, Dec. 26, and Monday, Jan. 2, for the Christmas and New Year’s Day holidays. This is the last issue of This Week of 2022; the next issue will be on Friday, Jan. 6.
COPR Releases Professionalism Paper on Actuarial Models
 The Committee on Professional Responsibility (COPR) released an updated discussion paper, The Roles of the Actuary in the Selection & Application of Actuarial Models. In preparing the update to a paper originally released in 2006, the COPR recognized there is likely a wide range of experience and opinion within the profession concerning the nature of actuarial models and the various roles actuaries play in selecting and applying them. The COPR believes that actuaries working in all types and areas of professional practice can benefit from reading and considering the concepts and suggestions contained in the paper. Members are encouraged to share comments with the committee to facilitate improvements in any future releases on this topic, via professionalism@actuary.org.
Annual P/C Opinion Practice Note Released
Produced every year by the Casualty Practice Council’s (CPC) Committee on Property and Liability Financial Reporting (COPLFR), the Statements of Actuarial Opinion on Property and Casualty Loss Reserves practice note provides information to actuaries on current or emerging practices relevant to signing NAIC P/C Statements of Actuarial Opinion (SAOs) and actuarial opinion summaries (AOSs). It is intended to assist actuaries by describing practices, regulations, and standards that COPLFR believes are relevant to issuing SAOs and AOSs on loss and loss-adjustment expense reserves in compliance with the P/C Annual Statement Instructions for 2022 issued by the NAIC. Click here for the practice note.
Academy’s Steve Jackson Appointed to Federal Reserve Insurance Policy Committee
Academy Assistant Director for Research (Public Policy) Steve Jackson was among six new appointees to the Federal Reserve Board of Governors’ Insurance Policy Advisory Committee (IPAC). The IPAC, established by the Economic Growth, Regulatory Relief, and Consumer Protection Act, provides information, advice, and recommendations to the Board on domestic and international insurance issues. Read the Fed press release.
Latest ‘Actuary Voices’ Features Tricia Matson
 The latest Actuary Voices features Tricia Matson, chairperson of the Actuarial Standards Board’s (ASB) ASOP No. 41 Task Force. Matson-whose extensive volunteer roles include previously serving as ASB chairperson-discusses her professional journey and answers follow-up ASB-related questions from the September professionalism webinar in which she was a presenter on ASOP No. 41, Actuarial Communications. Click here to listen or download Actuary Voices on your preferred podcast platform.
Life & Health Law Manual Available
The 2023 Life and Health Valuation Law Manual is available for preorder. The law manual contains information to help appointed actuaries and others know the requirements of the NAIC model Standard Valuation Law and the model Actuarial Opinion and Memorandum Regulation. Order today.
CPC Hosts P/C Public Policy Webinar
Angell opens the webinar
The CPC hosted a “P/C Public Policy Update-Winter 2022” webinar on Tuesday. Topics included an overview and update on P/C risk-based capital (RBC) issues that the Academy’s P/C RBC is working with the NAIC on, medical marijuana as it relates to workers’ compensation, and methods to identify bias in P/C insurance. Presenters were David Traugott, chairperson of the P/C RBC Committee; Krystal Ross, a member of the Workers’ Compensation Committee; and P/C Committee on Equity and Fairness members Susan Kent and Mike Woods. Casualty Vice President Amy Angell moderated. Slides and audio are available free of charge as a member benefit.
P/C Webinar Set for January-Join the CPC early next month for “P/C Loss Reserve Opinions: Tools for the Appointed Actuary,” which will recap select topics covered at the recent P/C Loss Reserve Opinions Seminar. This webinar is ideal for reserving actuaries or those interested in becoming reserving actuaries. It is set for Thursday, Jan. 12, from noon to 1:15 p.m. EST. Register today.
Recently Released
The Winter 2022-2023 Casualty Quarterly includes a highlight of COPLFR’s activity by COPLFR Chairperson Stephen Koca, who outlines recent events and output including the recent P/C Opinion Loss Reserve Seminar, the annual practice note released this week, and the P/C Loss Reserve Law Manual, slated to be sent out soon to those who preordered. Also in the issue, highlights of P/C breakout sessions and P/C participation in general sessions at the Academy’s “Envision Tomorrow: 2022 Annual Meeting,” and recent CPC activity in areas including cyber risk and workers’ compensation.
Academy Sponsoring Drake Symposium Diversity Scholarships
Members are encouraged to share with actuarial students that the Academy is sponsoring six diversity scholarships to the 2023 Drake Symposium on Insurance, which focuses on insurance and actuarial science. Recipients must be available to travel to Des Moines, Iowa, on April 14-15, 2023. The application deadline is Feb. 17. For more information and to apply, click here.
Public Policy in Focus
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The Life Financial Reporting Committee released a white paper, Considerations in Market Risk Benefits, that focuses on identification, valuation, and financial reporting of market risk benefits; a new concept introduced by Accounting Standards Update (ASU) 2018-12.
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
Events Calendar
Visit the Events Calendar for the latest updates to past and upcoming Academy offerings.
Next Week-Actuarial Update
The December Actuarial Update, out next week, offers expanded coverage of this month’s “Tales From the Dark Side 2022” professionalism webinar, and the “Professionalism Counts” column offers more details and background with two of the actuaries who helped update the COPR discussion paper released this week.
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