|
SECURE Act, Health & Flood Insurance Provisions Included in Omnibus
The Academy welcomed legislation expanding the 2019 SECURE Act as part of Congress’ year-end, omnibus spending package, noting in a news release that it includes key reforms that Pension Practice Council (PPC) committees have advised public policymakers are aligned with expanding access, addressing risks, and reducing barriers to retirement savings and income. Senior Pension Fellow Linda K. Stone noted that “Millions of Americans could soon see more opportunities for retirement saving and income as a result.” The Academy also sent a member alert outlining provisions of concern to actuaries, which also include health care and flood insurance provisions. President Biden signed the omnibus package into law on Dec. 29. Financial Advisor, Accounting Today, A.M. Best, and Advisor Magazine cited the Academy’s news release in their coverage , and Plan Sponsor cited the Academy’s 2017 letter to the IRS and the U.S. Department of the Treasury in a story on how the SECURE Act expansion affects cash-balance plans.
Contingencies Looks at COVID-19 Mortality Numbers
 The January/February issue of Contingencies, delivered to members this week, is all about the numbers.
-
“How to Count” is a deep dive into the numbers behind the COVID-19 death toll.
-
“Eat Your Numbers: A Second Helping” offers a seat at the dinner table to grab a heaping portion of numerical knowledge to apply to your gastronomic pursuits.
-
“Doing the Math” looks at federal retirees’ goal of financial stability.
-
Also, Academy President Ken Kent’s first message, on the Academy’s mission; a Booklinks article that looks at three recent offerings on artificial intelligence; and an Up to Code piece on perceptions and reality.
Register for Next Week’s P/C Webinar
Join the Academy for next week’s property/casualty webinar, “P/C Loss Reserve Opinions: Tools for the Appointed Actuary,” which will recap select topics from the annual Seminar on Effective P/C Loss Reserve Opinions, held last month in Phoenix. This webinar is ideal for reserving actuaries or those interested in becoming one. It is on Thursday, Jan. 12, from noon to 1:15 p.m. EST. Register today.
Webinar price adjustments take effect Feb. 1-As part of an ongoing investment in the Academy’s technology platform and strengthening educational programs offered by the Academy, prices for webinars will be adjusted to $55 for members ($110 for non-members) and $500 for groups. The changes will take effect Feb. 1. On-demand recordings for all Academy webinars will continue to be made available free of charge for Academy members.
P/C, Life & Health Law Manuals Available
Property/casualty and life & health law manuals are available from the Academy.
-
P/C-The P/C Loss Reserve Law Manual is designed to help appointed actuaries know the requirements for statements of actuarial opinion. It contains a compilation of insurance laws relating to P/C loss and loss expense reserves for all 50 states, Washington, D.C., and Puerto Rico. Order today.
-
Life & Health-The 2023 Life and Health Valuation Law Manual is available for order. It 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.
Comments Due Jan. 15 for Proposed Life & Health ASOP
A reminder that comments on a proposed new life and health actuarial standard of practice (ASOP)-Statements of Actuarial Opinion Not Based on an Asset Adequacy Analysis for Life Insurance, Annuity, or Health Insurance Reserves and Related Actuarial Items-are due by Jan. 15. To comment, see the exposure draft on the Actuarial Standards Board (ASB) website.
Review Your Membership Profile
Members can update their profile, make account changes including their contact information and actuarial designations, subscribe to Academy alerts, and review on-demand professionalism and public policy webinars via the member login page. If you have questions or need additional information, please contact the Membership Department at 202-223-8196 or via the online support form.
ICYMI: COPR Discussion Paper on Actuarial Models
 Just before the holidays, 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. Members are encouraged to share comments on the paper to facilitate improvements in any future releases on this topic, via professionalism@actuary.org.
Recently Released
-
The December Actuarial Update covered Selection Committee appointments to the ASB and the Actuarial Board for Counseling and Discipline, which took effect Jan. 1. Also in the issue, the Academy’s wide-ranging presentations and interactions at the NAIC’s Fall National Meeting, and the Academy is sponsoring six diversity scholarships for the Drake Symposium on Insurance, to be held in Iowa in mid-April.
-
The Fall/Winter 2022 ASB Boxscore includes ASB approval of an exposure draft of a proposed revision of ASOP No. 27, an adopted revision of ASOP No. 10, and other recent ASB activity.
In the News
Events Calendar
-
[Webinar] Jan. 12: “P/C Loss Reserve Opinions: Tools for the Appointed Actuary“
P/C
-
[Webinar] Jan. 31: “Insights into the American Rescue Plan Act (ARPA) Multiemployer Plan Special Financial Assistance (SFA) Application Process”
Pension; registration opening soon
-
[Annual Meeting] Nov. 13-14: Academy 2023 Annual Meeting
Washington, D.C.
Visit the Events Calendar for the latest updates to past and upcoming Academy offerings.
Coming Soon-Pension Webinar Set for Jan. 31
Save the date for the upcoming pension webinar, “Insights into the American Rescue Plan Act (ARPA) Multiemployer Plan Special Financial Assistance (SFA) Application Process,” which will cover lessons learned from actual multiemployer plan SFA applications to date. Pension Benefit Guaranty Corporation (PBGC) presenters will discuss what’s new, and discuss PBGC’s standards of review for assumption changes. It will also include approaches to filing an application and how certain assumptions may be handled. The webinar is set for Tuesday, Jan. 31, from noon to 1:30 p.m. EST. Registration will open soon.
|
