USQS FAQs Updated
The Committee on Qualifications updated the Frequently Asked Questions on the U.S. Qualification Standards (USQS) to reflect the revised USQS that took effect this year for statements of actuarial opinion issued on or after Jan. 1, 2023. The FAQs are available online and in a downloadable PDF format. Members may also access slides and audio from the Dec. 20 professionalism webinar on the revised USQS.
ASB Adopts ASOP No. 4 Revision; Spring Webinar Planned
 The Actuarial Standards Board (ASB) of the Academy adopted a revision of Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions, and approved an exposure draft for a revision of ASOP No. 29, Expense Provisions for Future Cost Estimates for Prospective Property/Casualty Risk Transfer and Risk Retention. ASOP No. 4 is effective for actuarial reports issued on or after Feb. 15, 2023, and the Academy will host a webinar this spring to look at the revised ASOP No. 4. ASOP No. 29 applies to actuaries when developing or reviewing expense provisions for future cost estimates for prospective property/casualty risk transfer or risk retention. The comment deadline is May 31; information on how to submit comments can be found in the exposure draft.
Submit Your Questions for Academy Leadership to ‘Actuary Voices’
 Have a question about key Academy initiatives underway this year? Academy President Maryellen Coggins and Executive Director Bill Michalisin will be answering questions submitted by members in an upcoming “Actuary Voices” episode. We’ll be heading into the recording studio soon-submit your questions here for a chance to have them featured during the conversation. And catch up with the latest episode featuring Lisa Slotznick, during which she discusses her somewhat unlikely path from studying Classical Greek in college to becoming a property/casualty actuary and finding fulfillment in Academy volunteer work.
Essential Elements Paper Examines Life Expectancy and COVID-19
A new Essential Elements paper, “Clarifying Misunderstanding of Life Expectancy and COVID-19,” attempts to explain some of the complexities in life expectancy shifts during the pandemic and follows the recent Pension Committee issue brief on the same topic. The Essential Elements series is designed to make actuarial analyses of public policy issues clearer to general audiences.
Deadlines Next Week for Diversity Scholarships, Health Equity RFI
Two deadlines of note are coming up next Tuesday, Feb. 15:
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Input needed: The Health Equity Work Group’s request for information of whether and how health actuarial practices and methods affect health disparities. Learn more about the RFI and how to share your input here.
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Diversity scholarships: The Academy is sponsoring six diversity scholarships to the Drake Symposium on Insurance. Academy members are encouraged to share information about the scholarships with current university students of under-represented backgrounds interested in the actuarial profession. Recipients must be available to travel to Des Moines, Iowa, from April 8 to 10. Learn how to apply.
Stay Current with the Academy’s Law Manuals
Stay current with the latest requirements with the Academy’s annually updated law manuals. The Life and Health Valuation Law Manual and Property/Casualty Loss Reserve Manual are both available for order and immediate download. Place your order today.
Recently Released
The Fall/Winter issue of The Retirement Report includes a Q&A on the Pension Committee’s recent issue brief, Interpreting Pandemic-Related Decreases in Life Expectancy. Also in the issue, recaps of several recent pension webinars, a look ahead at March’s Capitol Forum webinar on retirement issues, issue briefs released by the Retirement System Assessment and Policy Committee, and recent legislative and regulatory activity.
Public Policy in Focus
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Medicare Committee Chairperson Rina Vertes and Academy Senior Health Fellow Cori Uccello submitted a statement for the record to the U.S. Senate Committee on Finance Subcommittee on Fiscal Responsibility and Economic Growth regarding the Feb. 2 hearing, “The Hospital Insurance Trust Fund and the Future of Medicare Financing.”
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The Life Illustrations Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force (LATF) on its exposure draft regarding the indexed universal life illustrations post-AG 49-A.
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The Annuity Reserves and Capital Work Group (ARCWG) submitted a letter and spreadsheet to LATF’s VM-22 Subgroup regarding a reinvestment credit quality assumption consistent with the current VM-22 mix.
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The Life Underwriting and Risk Classification Work Group submitted comments to the NAIC’s Accelerated Underwriting (A) Working Group on its paper summarizing what the working group has learned on using external data and data analytics in accelerated underwriting and provides recommendations for regulators and insurers when evaluating accelerated underwriting.
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The Variable Annuity Reserves and Capital Work Group released its VM-21 practice note supplement, Implementation of Requirements for Principle-Based Reserves for Variable Annuities – 2021 Edition of VM-21. The supplement was exposed for public comment in 2021, and the final product has been published to reflect comments.
Visit the Public Policy page on our newly redesigned website to stay on top of the latest news and activities.
Upcoming Events
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March 10, 2 to 3 p.m. EST: Capitol Forum retirement webinar featuring Ali Khawar, acting assistant secretary, U.S. Employee Benefits Security Administration (EBSA) (registration will open soon; see our Events Calendar for updates)
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March 16, Noon to 1 p.m. EDT: Academy Volunteers, mark your calendar and watch your inbox for a Volunteer Orientation Webinar.
In the News
Coming Soon
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Year-in-Review Public Policy Alert-A recap of the Academy’s 2021 public policy activity across all practice areas.
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Seeking Topics, Speakers for Annual Meeting-The Academy will be soliciting ideas from members for topics for its 2022 annual meeting, as well as speakers for this marquee event.
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