This Week, July 29 – August 2, 2024

MEMBERSHIP

Now Live: Academy Learning

Academy Learning is live. This new benefit aims to support Academy members by providing an intuitive and easy-to-navigate way to maintain and expand your continuing education opportunities. We have uploaded a number of popular topics across practice areas and formats! The Academy will continue to populate the portal with our full catalog of educational content and resources on professionalism and public policy topics. Visit actuary.org/learning to learn more.

Reminder-Call for Volunteers Information Session Next Week

Register now for the free Volunteer Information Session, set for next Tuesday, Aug. 6. If you have questions about volunteering or are interested in learning more about the process ahead of this year’s Call for Volunteers, Academy staff and volunteers will highlight opportunities and discuss the importance of volunteers to fulfilling the Academy’s mission. RSVP today.

• Call for Volunteers-The Annual Call for Volunteers also starts next week, running from Aug. 7 through Sept. 6. Look for an announcement with information on how to submit your interest in becoming an Academy volunteer.

EDUCATION & EVENTS

Exclusive Interview with Envision Tomorrow Keynote Speaker Gen. Wesley Clark

The July Actuarial Update leads with an exclusive interview with General Wesley Clark, who will give the opening keynote at Envision Tomorrow, the Academy’s annual meeting in October. Gen. Clark-a former NATO Supreme Allied Commander who ran for President in the 2004 cycle-offers his insight on leadership and risk, with the meeting’s theme “Exploring a World of Risk.” Also in Update, a look at more newly announced Envision Tomorrow general session speakers on topics ranging from AI governance and aging/longevity, to state regulatory trends and the importance of self-regulation.

Academy at This Weekend’s IABA Annual Meeting

Academy volunteers and staff are attending and presenting at this weekend’s International Association of Black Actuaries (IABA) annual meeting in Philadelphia, which runs through Saturday. Academy Board member Dorothy Andrews presented Friday in a session on data bias that was moderated by Maambo Mujala, also an Academy Board member. The Academy will have a booth for IABA’s Career Networking Event on Friday afternoon-please stop by if you’re attending.

New to the Calendar: August P/C, Health Webinars

New webinars on the Academy’s Events Calendar include:

• P/C, Workers’ Comp-Diamonds in the Rough: A Discussion of Lesser-Known Workers’ Compensation Resources for Actuaries, will examine a variety of resources used by actuaries in workers’ compensation work. Mark Priven, a member of the Workers’ Compensation Committee, will moderate. The webinar is set for Aug. 20-register today.

• Health, CMS-Overview of CMS’ Final Rules for Ensuring Access to Medicaid Services, and Managed Care Access, Finance, and Quality will feature an overview of the Centers for Medicare & Medicaid Services’ (CMS) recently released notices of proposed rulemaking, Medicaid and managed care access. It will be held Aug. 28-register today.

Webinar Examines Church Plans

Tuesday’s retirement webinar featured a panel of U.S. Government Accountability Office (GAO) officials who reviewed two recently issued publications on church plans-an Academy issue brief and a GAO report. Senior Retirement Fellow Linda K. Stone moderated. Watch a replay on the Academy’s YouTube page.

PROFESSIONALISM

ASB Approves Exposure Draft of a Proposed New ASOP on Reinsurance Pricing

The Actuarial Standards Board (ASB) approved an exposure draft of a proposed new actuarial standard of practice (ASOP), Pricing Reinsurance or Similar Risk Transfer Transactions Involving Life Insurance, Annuities, or Long-Duration Health Benefit Plans. The ASB appointed a task force in April 2021 to develop a new ASOP in this area. Comments on the proposed ASOP are due Nov. 1-to comment, see the exposure draft.

Professionalism Outreach Covers Key ASB Issues

The Academy’s mission-driven service to the profession, including through professionalism education provided via employers of actuaries, continued Thursday with Linda Lankowski, former chairperson of the ASB’s Life Committee and an active volunteer on several ASB task forces, delivering a virtual presentation to the Northwestern Mutual Actuarial Club. She gave actuarial employees and interns an overview of the ASB and discussed the value of reading exposure drafts and comments, and engaging in the development of ASOPs by commenting and volunteering.

OUTREACH AND NEWS

Actuary Voices Features NAIC Chief DEI Officer Evelyn Boswell

A new episode of Actuary Voices features an interview with NAIC Chief Diversity, Equity & Inclusion Officer Evelyn Boswell. Tune in to hear how Boswell partnered with NAIC departments to build and implement a DEI framework. Subscribe to Actuary Voices wherever you get your favorite podcasts.

Recently Released

• A Contingencies web exclusive, “Throwing Starfish: The Quest to Save a Million Lives,” notes that while so-called “excess” mortality-deaths above what might be expected given past trends-spiked during the COVID-19 pandemic, that’s not the whole story. Discover how actuaries, along with insurance and health care professionals, are addressing concerns around adverse mortality trends.

• The Summer Casualty Quarterly leads with a Q&A on the new Homeowners’ Insurance Task Force, which is seeking volunteers and addressing important issues around insurability. Also, a preview of Envision Tomorrow P/C breakout sessions, and recent legislative and regulatory activity.

In the News

• A Kiplinger personal finance story on ERISA’s 50th anniversary featured comments from Pension Committee Vice Chairperson Lloyd Katz on historical factors affecting the market for traditional pensions.

• A Tribune Content Agency column reported on the newly revamped Actuaries Longevity Illustrator, developed jointly by the Academy and the Society of Actuaries. The columnist also highlighted the tool on WGN-AM (Chicago) talk radio.

• A Risk.net article on a proposal for offshore reinsurance asset testing before the NAIC cited Academy comments.

PUBLIC POLICY

Public Policy in Brief

• The Committee on Property and Liability Financial Reporting asked NAIC’s Actuarial Opinion Working Group for clarification on 2024 regulatory guidance pertaining to immaterial long-duration unearned premium reserves.

• ICMYI-In case you missed it, the Climate Change Joint Committee released an issue paper, Climatic Events, Inequities, and Risk Mitigation, which examines variations in climate-related effects on various populations.

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

CALENDAR

• Aug. 6 [Free webinar] Volunteer Information Session

• Aug. 20 [Webinar] Diamonds in the Rough: A Discussion of Lesser-Known Workers’ Compensation Resources for Actuaries,

• Aug. 28 [Webinar] Overview of CMS’ Final Rules for Ensuring Access to Medicaid Services, and Managed Care Access, Finance, and Quality

• Sept. 9-11 [Seminar] Casualty Loss Reserve Seminar; San Francisco (co-sponsored with CAS; early discounts end Aug. 2)

• Oct. 15-16 [Annual Meeting] Envision Tomorrow 2024; Washington, D.C.

• Nov. 4-7 [Seminar] Life and Health Qualifications Seminar; Arlington, Va.

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

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