|
Academy Closed for Presidents Day
The Academy will be closed Monday, Feb. 19, for the Presidents Day holiday.
NEW Issue Brief Examines Bermuda-Ceded Reinsurance Considerations
 A new issue brief from the Asset Adequacy and Reinsurance Task Force, Asset-Intensive Reinsurance Ceded Offshore From U.S. Life Insurers (With Focus on Bermuda), offers a summary of motivations, common practices, and relevant actuarial guidance for U.S.-based actuaries involved in reinsurance transactions based offshore, particularly in Bermuda. “Increases in reinsurance ceding activity to Bermuda and other offshore jurisdictions suggested that actuaries may benefit from this summary of actuarial considerations and existing guidance related to offshore reinsurance,” said Task Force Chairperson Tricia Matson. Read the Academy news release.
Academy Releases Winter Retirement Report
The Winter Retirement Report leads with a piece by Academy Retirement Vice President Jason Russell on the recent renaming of the Retirement Practice Council, formerly the Pension Practice Council. Also in the issue, the Pension Committee’s issue brief on church retirement plans, and a Social Security issue paper and an updated Social Security Challenge.
Podcast Celebrates Actuarial Foundation’s 30th Anniversary
The Actuarial Foundation (TAF) released its first podcast in a series marking the organization’s 30th anniversary celebration. TAF Immediate Past Chair (and past Academy Life Vice President) Jeff Johnson talks with Chair (and past Academy Board member) Andy Ferris, and Chair-Elect Sharon Robinson, who highlight how the foundation’s work positively advances the lives of students. Listen to the podcast here.
 Reminder-Share Your Input on ASOP Nos. 7, 12
A reminder that the Actuarial Standards Board (ASB) is seeking comments on two actuarial standards of practice (ASOPs) that affect multiple practice areas:
-
ASOP No. 12, Risk Classification (for All Practice Areas), applies to actuaries with respect to risk classification frameworks in financial or personal security systems. Originally adopted in 1989 and last updated in 2005, ASOP No. 12 was developed as the need for more formal guidance on risk classification increased. Comments are due by May 1-to comment, see the exposure draft.
-
ASOP No. 7, Life, Health, or Property/Casualty Insurance Cash Flow Risk, which affects multiple practice areas, is also open for comments, which are due by June 1. For more detail, see the January “Professionalism Counts,” and to comment, see the exposure draft.
 Place Your Order for the P/C Law Manual
The Academy’s P/C Loss Reserve Law Manual is available for order. Included are statements of actuarial opinion (SAO) requirements and laws and regulations establishing those requirements; and instructions for property/casualty SAOs, title loss, and loss expense reserves. Make sure you have the latest P/C requirements at your fingertips-place your order today.
Public Policy in Focus
-
The Liquidity Work Group of the ERM/ORSA Committee released the practice note Liquidity Risk, a revision to a previous practice note published in 2000. The updated version broadens the scope by incorporating perspectives from the health and property/casualty practice areas as well as introducing practice-area-specific appendices.
-
The Annuity Reserve and Capital Subcommittee commented to the NAIC’s Valuation Manual (VM)-22 (A) Subgroup of the Life Actuarial (A) Task Force on the November 2023 exposure of VM-31, VM-G, and the VM-22 PBR Supplement Blank.
-
The Economic Scenario Generator Subcommittee presented to the NAIC’s Generator of Economic Scenarios (GOES) (E/A) Subgroup of the Life Actuarial (A) Task Force on proposed “quadrant” criteria for the joint distribution of interest rates and equity returns.
-
The Individual and Small Group Markets Committee and Active Benefits Committee submitted comments to the Department of Labor’s Employee Benefits Security Administration, responding to a proposed rule on the definition of employer in Association Health Plans.
Visit the Public Policy webpage to stay on top of the latest news and activity.
 Events Calendar Highlights
Visit the Events Calendar for a complete listing of Academy events, including links to post-webinar slides and recordings.
Coming Soon-Actuary Voices to Feature Slotznick & Michalisin; Contingencies Feature on Black-Owned Life Insurers
-
An upcoming episode of Actuary Voices will feature a conversation with Academy President Lisa Slotznick and Executive Director Bill Michalisin in which they discuss the Academy’s priorities in 2024. Subscribe to Actuary Voices to be alerted as soon as the episode is available.
-
A Contingencies web exclusive on the experience of Black-owned life insurers-timed to coincide with February’s Black History Month-will be hitting your inboxes next week. Stay tuned.
|
