Causation/Correlation Issue Brief Released; Webinar Next Week
 The Academy released an issue brief, An Actuarial View of Correlation and Causation-From Interpretation to Practice to Implications, produced by the Risk Management and Financial Reporting Council’s Data Science and Analytics Committee (DSAC) and the Casualty Practice Council’s P/C Racial Equity Task Force. The issue brief discusses key questions actuaries may encounter in the risk-classification domain; and actuarial practices surrounding data, predictive modeling, and risk classification that are also key considerations for public policymaking and regulatory efforts aimed at ensuring that insurance practices are not “unfairly discriminatory.” Read the Academy news release.
July 12 Webinar-The Academy will host a webinar, “Correlation Versus Causation: Clarifying the Differences & Implications,” to look at topics discussed in the new issue brief. Dorothy Andrews will moderate, and DSAC and P/C task force members will present. The webinar will be held next Tuesday, July 12, from noon to 1:30 p.m. EDT. Attendance at this webinar counts toward the annual bias continuing education (CE) required under the amended U.S. Qualification Standards that went into effect on Jan. 1. Register today.
Virtual Briefing Examines 2023 Health Insurance Premium Drivers
Klever presents at the virtual briefing
The Academy hosted a virtual briefing Tuesday for congressional staff and Academy membership on drivers of 2023 individual and small group health insurance premiums. The briefing follows the Individual and Small Group Markets Committee’s recent issue brief and infographic on the topic. Health Practice Council Vice Chairperson Barb Klever and committee member Juan Herrera and Chairperson Joyce Bohl, who moderated, examined rate-setting factors and discussed the major drivers of why 2023 premiums could differ from 2022. Factors examined included COVID-19, expiration of American Rescue Plan Act subsidies, resumption of Medicaid redeterminations after the public health emergency ends, and the effects of inflation on health care costs. Slides and audio are available free to Academy members.
Your Feedback Wanted-Academy Member Value Survey
The Academy is undertaking a member value survey to understand the needs and perspectives of our members, and to get a sense of the trends or issues likely to have the most significant impact on the actuarial profession in the next few years. If you have not already completed the survey, please click here for a personalized link to the survey, which should take about 15 minutes to complete. Survey responses will provide the Academy with guidance in developing new and responsive features, resources, and programs for members and the public. Questions? Please contact the Academy Membership Department (membership@actuary.org; 202-223-8196) for assistance.
Deadline Today-Last Call for Award Nominations
Today, July 8, is the last day to submit nominations for four Academy annual awards, including the new Rising Actuary Award, which will recognize an actuary on their way up in the profession. The Jarvis Farley Service Award is a lifetime achievement award, the Robert J. Myers Award honors an actuary in public service, and the Outstanding Volunteerism Awards recognize volunteers who have made noteworthy contributions in the past year. The awards will be presented at the Academy’s Envision Tomorrow: 2022 Annual Meeting, Nov. 2-3 in Washington, D.C. Submit nominations here.
ICYMI-Actuary Voices Features a Conversation with Academy Leadership
In the latest episode of Actuary Voices, Academy President Maryellen Coggins sat down with Executive Director Bill Michalisin, discussing the mid-way stage of her presidency, and renewal and change at the Academy and in the actuarial profession at large. Listen to the episode.
 Recently Released
The July/August issue of Contingencies leads with the cover story, “An Actuary Takes on Wordle,” which notes that while the popular daily game looks like a word puzzle, there’s a lot of math beneath the surface. Also in the issue, “Insurance and the Metaverse,” examines the opportunities-and pitfalls-that abound in this burgeoning space; and “Innovation and Long-Term Care Insurance,” on how tech is enabling the future of this complex product. Plus, a President’s Message on changing times, a Tradecraft piece on the demutualization of Scottish Widows, and an “Up to Code” on conflicts of interest and codes of conduct.
Professionalism Outreach
Academy President-Elect and Council on Professionalism and Education member Ken Kent kicked off the Spring Meeting of the Actuarial Society of Greater New York with a virtual presentation, “Ethical Practice: Ethics in Our Work and Profession.” The presentation delved into the relationship between ethical considerations and professionalism, and included a discussion of illustrative case studies.
Alerts
Public Policy in Focus
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The Casualty Practice Council (CPC) submitted written comments to the District of Columbia Department of Insurance, Securities & Banking (DISB), following up on their testimony last week to the DISB’s hearing on automobile insurance and bias.
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The Index-Linked Variable Annuity (ILVA) Work Group submitted a comment letter to the National Association of Insurance Commissioners’ (NAIC) Index-Linked Variable Annuity (A) Subgroup regarding Exposure 3.1 of the proposed Actuarial Guideline ILVA, Nonforfeiture Requirements for Index Linked Variable Annuity Products Supported by Non-Unitized Accounts.
The Group Life Waiver Premium Valuation Table Work Group submitted proposed 2022 Group Life Waiver Tables and Adjustment Factors to the NAIC’s Health Actuarial (B) Task Force (HATF).
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
Upcoming Events
Coming Soon
Registration will open and early discounts will be available for the Academy’s Envision Tomorrow: 2022 Annual Meeting, set for Nov. 2-3 in Washington, D.C. -
The Spring/Summer Casualty Quarterly will feature a Q&A on the CPC’s recently released issue paper on index-linked securities.
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