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 Cross-Practice Issue Paper Looks at Impacts of Climate Change
A Climate Change Joint Committee public policy issue paper, Climate Risks Pose Broad Impacts on Financial Security Systems, looks at the effects of a changing climate across all practice areas. The paper provides actuaries with a practical guide for considering a broad range of impacts that climate change may have on their work.
Deadline Next Week for Academy Award Nominations
Nominations for the Academy’s annual awards are due next Thursday, June 15. Nominate a deserving Academy member for the Jarvis Farley Service Award, the Robert J. Myers Public Service Award, an Outstanding Volunteerism Award, or a Rising Actuary Award. The awards will be presented at Envision Tomorrow, the Academy’s Annual Meeting, Nov. 13-14 in Washington, D.C. For details and to nominate, visit actuary.org/awards.
Professionalism & Public Policy Outreach
The Academy’s strategic outreach on professionalism and public policy topics continued with two presentations to the Actuaries’ Club of the Southwest. Actuarial Standards Board (ASB) Chairperson Rob Damler and Social Security Committee member Jerry Mingione delivered virtual presentations addressing, respectively, “Professionalism and Selected ASOP Topics” and “Social Security Financial Challenges and Reform Options.” Damler focused on the critical role of the ASB in development of actuarial standards of practice (ASOPs), and an update on ASOPs including key concepts such as reliance, documentation, and disclosure. Mingione gave an overview of Social Security’s financial condition, key drivers of the program’s financing, and reform options, with insights from Academy resources, including issue briefs and the Social Security Challenge.
Recently Released
 The Spring/Summer ASB Boxscore covers ASOPs currently open for comment, including a proposed revision of ASOP No. 40 on life insurance and a new enterprise risk management ASOP-both of which have comments due Sept. 15-and a proposed revision of ASOP No. 27, on measuring pension obligations, for which comments are due June 15. Also in the issue, a look at the ASB’s upcoming activity.
CE Opportunities Coming This Month
Join the Academy for upcoming continuing education (CE) opportunities in this month’s webinars:
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Health (June 20)–“Overview of CMS’ New Proposed Rules for Ensuring Access to Medicaid Services, and Managed Care Access, Finance, and Quality” will feature Centers for Medicare & Medicaid Services (CMS) officials who will cover two recently released notices of proposed rulemaking, which may be of interest to actuaries who work with the Medicaid and Children’s Health Insurance Program (CHIP) programs.
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Life (June 21)–The latest installment in the principle-based reserving (PBR) series, “PBR Bootcamp: Liability Assumption Development,” will look at liability assumption development.
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Professionalism (June 22)–In “ASOP Essentials: Communications, Modeling, Data Quality, and More,” ASB presenters, including Chairperson Rob Damler, will focus on ASOPs, including key points from ASOP Nos. 1, 23, 41, and 56.
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P/C (June 28)–“Insurance Fraud: Perspectives from the Market, Government, and Actuarial Profession” will look at non-health insurance fraud, estimated by the FBI to total about $400 billion per year. Casualty Vice President Amy Angell will moderate a panel of experts.
Also, don’t forget that early registration rates continue for Envision Tomorrow: 2023 Annual Meeting, set for Nov. 13-14 in the nation’s capital. Don’t miss the Academy’s premiere event, which one 2022 attendee described as “unparalleled for actuaries with an interest in public policy.”
SOA/Academy Host Health Webinar
The Academy’s Group Life Waiver Valuation Table Work Group joined the Society of Actuaries Research Institute (SOARI) Friday for a health webinar that discussed tables and changes to Actuarial Guideline LXIV (AG 44) adopted at the NAIC’s national meeting late last year.
CLRS Registration Open; Early Discounts Available
Registration is open for the 2023 Casualty Loss Reserve Seminar. Co-sponsored by the Academy and the Casualty Actuarial Society (CAS), the annual event-set for Sept. 11-13 in Orlando, Fla.-also includes workshops. Early registration rates are available through mid-August. For more information, including how to order discounted Walt Disney World theme park tickets, visit the CLRS webpage.
Public Policy in Focus
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The Life Valuation Committee submitted a comment letter to the NAIC’s Life Actuarial (A) Task Force on the Optional AOM and PBR Actuarial Reporting Template for Interest Maintenance Reserve.
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The Life Valuation Committee submitted a comment letter to the NAIC’s Statutory Accounting Principles Working Group on 2023 Net Negative (Disallowed) Interest Maintenance Reserve (INT 23-01T).
Visit the Public Policy webpage to stay on top of the latest news and activities.
In the News
Events Calendar
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[Webinar] June 20: “Overview of CMS’ New Proposed Rules for Ensuring Access to Medicaid Services, and Managed Care Access, Finance, and Quality“
Health
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[Webinar] June 21: “PBR Bootcamp: Liability Assumption Development“
Life
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[Webinar] June 22: “ASOP Essentials: Communications, Modeling, Data Quality, and More“
Professionalism
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[Webinar] June 28: “Insurance Fraud: Perspectives from the Market, Government, and Actuarial Profession“
P/C
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[Seminar] Sept. 11-13: Casualty Loss Reserve Seminar (CLRS)
Orlando, Fla. (Sponsored jointly by the Academy and CAS)
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[Seminar] Nov. 6-9: Life and Health Qualifications Seminar
Arlington, Va.
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[Annual Meeting] Nov. 13-14: Envision Tomorrow: Academy 2023 Annual Meeting
Washington, D.C.
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[Seminar] Dec. 4-5: Seminar on Effective P/C Loss Reserve Opinions
Charlotte, N.C.
Visit the Events Calendar for the latest updates to past and upcoming Academy offerings.
 Coming Next Week-Credly MAAA Digital Badges
Look next week for digital badges with the MAAA designation provided for the Academy by badging company Credly. Digital badges provide a convenient way to showcase your professional achievements, including displaying publicly that you have the MAAA designation. For more information, see the FAQs page.
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