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Academy Closes Office in Recognition of Juneteenth Holiday
The Academy’s office will be closed Monday, June 20, in observance of Juneteenth, commemorating June 19, 1865, when news of the Emancipation Proclamation reached Texas more than two years after being issued.
 Academy Celebrates 2021 with the Release of ‘The Record’
The Academy has released the 2021 edition of The Record-the Academy’s annual report to its membership and the public, recapping the work of Academy volunteers over the past year in serving the public and the U.S. actuarial profession. Sharing highlights across our professionalism, public policy, membership and volunteering, and communications activities, The Record illustrates what a productive year 2021 was for the Academy, and our members and volunteers.
Capitol Forum Webinar Examines Social Security, Medicare Trustees’ Reports
Friday’s Capitol Forum webinar featured a deep dive into the recently released annual Medicare and Social Security trustees’ reports. Stephen Goss, chief actuary of the Social Security Administration (SSA), and SSA Deputy Chief Actuary Karen Glenn, along with Paul Spitalnic, chief actuary of the Centers for Medicare & Medicaid Services, offered insight into their assumptions and how recent events like the pandemic and related economic downturn were reflected in their projections. Rina Vertes and Amy Kemp, respective chairpersons of the Academy’s Medicare and Social Security committees, facilitated the discussion. The Academy will make the recording and slides available soon in the archive, which is available complimentary for members.
Committee Releases Issue Brief on Social Security Trustees Report
The Social Security Committee released an issue brief on the 2022 Social Security Trustees Report, which shows that the projected solvency of the Old-Age, Survivors, and Disability Insurance (OASDI) combined trust funds improved slightly since last year’s report.
Issue Paper Explores Index-Linked Securities, Cat Bonds
The P/C Extreme Events and Property Lines Committee produced an issue paper, Insurance-Linked Securities and Catastrophe Bonds. The paper is intended to inform and educate key audiences-including actuaries, insurance stakeholders, and public policy decision-makers-about the major components of these financial instruments, which are debt-like investment instruments providing risk coverage to insurance and reinsurance entities.
Register for the Professionalism/Health Webinar on ASOP No. 28
Register for the Academy’s latest professionalism webinar, which will cover recent changes to Actuarial Standard of Practice (ASOP) No. 28, Statements of Actuarial Opinion Regarding Health Insurance Assets and Liabilities. The webinar will be held on Thursday, June 30, from noon to 1:30 p.m. EDT. Register today.
Don’t Miss Out! Less Than Two Weeks Left to Secure Early Discounts to the 2022 LHQ Seminar
The countdown is on to save on registration rates for the Academy’s 2022 Life and Health Qualifications Seminar, to be held Nov. 14-17 in Arlington, Va. Early registration will end on June 30. Don’t miss out on the discounted rate-register today and save $200.
Academy Continues to Spread the Word on Professionalism
The Academy’s outreach includes professionalism presentations not just to actuarial clubs but also to large employers of actuaries. On Thursday, Committee on Education member Cande Olsen delivered a presentation to New York Life actuaries at the company’s New York City offices. She provided a broad overview of recent professionalism developments, including the amended U.S. Qualification Standards and Actuarial Standards Board activities. Olsen wrapped the session up with a team challenge on professionalism questions, prompting an interactive discussion of professionalism issues.
Recognize Your Peers! Submit Nominations for the Academy’s Annual Service Awards
Academy members are invited to submit nominations for four Academy annual service awards, including the new Rising Actuary Award. Recipients will be recognized at the Academy’s Envision Tomorrow: 2022 Annual Meeting, to be held in Washington, D.C., on Nov. 2-3. To find out more about the awards and how to submit nominations, click here.
Academy Issues RFP for Non-Variable Annuities
The Academy has prepared a request for proposals (RFP) to secure assistance in the planning, execution, analysis, and preparation of recommendations based on a field test planned for midyear 2023 to assess potential instructions for principle-based reserves for non-variable annuities. The field test itself will involve the coordination of certain efforts by the Academy, the National Association of Insurance Commissioners (NAIC), and the American Council of Life Insurers (ACLI). If you work for a consulting firm that might be interested in submitting a proposal, please contact Steve Jackson, Academy assistant director for research (public policy), at sjackson@actuary.org, for a copy of the RFP or more information.
Public Policy in Focus
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The Group Life Waiver Premium Valuation Table Work Group submitted recommendations to the NAIC’s Health Actuarial (B) Task Force for the revised 2022 Group Life Waiver of Premium Valuation Table and the revised Actuarial Guideline XLIV (AG 44).
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The Life Experience Committee submitted a list of resources to the NAIC’s Life Actuarial (A) Task Force (LATF) regarding COVID-19 in life insurance mortality improvement.
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The Annuity Reserves and Capital Work Group, Variable Annuity Reserves and Capital Work Group, and Life Reserves Work Group submitted a comment letter to LATF on the exposure of APF 2022-04 on swap spreads and the transition from LIBOR to SOFR.
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The P/C Extreme Events and Property Lines Committee sent comments to the Senate Banking Committee regarding the committee’s hearing, “Reauthorization of the National Flood Insurance Program: Protecting Communities from Flood Risk.”
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
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A new article in Sustainability is the first to appear in a peer-reviewed journal focusing on the Actuaries Climate Index, which is co-sponsored by the Academy. The academic researchers assessed the index and concluded it is predictive both of crop yields and of the severity of shortfalls in crop yields.
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Senior Health Fellow Cori Uccello discussed Medicare funding challenges in a Healthcare Dive article.
Upcoming Events
Coming Soon
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Casualty Quarterly-A feature article by Academy Assistant Director for Research (Public Policy) Steve Jackson discusses emerging academic research demonstrating the usefulness of the ACI as an indicator of climate change. And, an extended look into the new index-linked securities issue paper.
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ASOP No. 22 webinar-Registration will open next week for the latest “What You Need to Know” webinar, this time focusing on ASOP No. 22, Statements of Actuarial Opinion Based on Asset Adequacy Analysis for Life Insurance, Annuity, or Health Insurance Reserves and Other Liabilities. Life and health members, mark your calendars for July 28 from noon to 1 p.m. EDT to join this informative conversation.
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