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 This Week … In a Minute
Get caught up in just a minute. Our “This Week … In a Minute” video kicks off This Week. Click here or on the image to view the Academy’s top stories.
ASB, ABCD Release Annual Reports
The Actuarial Standards Board (ASB) and the Actuarial Board for Counseling and Discipline (ABCD) released their annual reports, highlighting the important activities throughout 2021 of these entities housed within the Academy. The ASB 2021 Annual Report notes that the ASB remained productive, adopting five revised actuarial standards of practice (ASOPs), approving four exposure drafts for comment, and revised four existing ASOPs. The ABCD 2021 Annual Report notes that last year the ABCD handled 188 cases—116 requests for guidance and 72 inquiries. That is an increase from 174 cases in 2020. It received 49 new inquiries, with 23 pending from 2020 and prior years.
Registration Open for 2022 Life and Health Qualifications Seminar
The Academy’s 2022 Life and Health Qualifications Seminar is now open for registration. This seminar, held annually, delivers the highest-quality and most efficient way to obtain any needed basic education or relevant continuing education (CE) credit necessary to qualify to issue actuarial opinions for either the NAIC Life and Accident & Health (A&H) Annual Statement or the NAIC Health Annual Statement. The event will be held Nov. 14–17 at the Crystal Gateway Marriott in Arlington, Va. Register now to take advantage of early registration rates.
International Outreach—Academy Representatives Attend Virtual AAE Spring Meeting
Academy International Secretary Tom Wildsmith and Director of Public Policy Craig Hanna represented the Academy at the Actuarial Association of Europe’s (AAE) virtual spring meeting, held Thursday and Friday. The meeting afforded opportunities for engagement on regulatory and professionalism issues of mutual interest.
COI/CE Acknowledgments Due Today
The Academy sent a final notice to volunteers and interested parties who have not submitted annual conflict of interest (COI) and continuing education (CE) acknowledgments, noting they will no longer be able to serve on their councils, committees, task forces, or work groups without the required COI/CE acknowledgments. The acknowledgments—due today, April 1—are a vital element in the Academy’s commitment to objectivity and independence, reminding volunteers of their responsibility to participate in Academy work in a manner that maintains its high standards in providing unbiased and independent actuarial input. For more information about the Academy’s commitment to professional objectivity, visit the Professional Objectivity at the Academy webpage. Questions? Please contact the Academy’s Professionalism Department at objectivity@actuary.org.
Professionalism Outreach: ASB’s Hanson on ‘The ASOP Advantage’
 ASB member Laura Hanson delivered an in-person presentation in Lincoln, Neb., on “The ASOP Advantage” to the Nebraska Actuaries Club on Tuesday. Hanson provided overviews of the ASB; the purpose, structure, and status of actuarial standards of practice (ASOPs); and the standards-setting process. She provided insights on the value to the profession and to individual actuaries of the ASB’s role, ASOPs, becoming familiar and engaged with ASOPs and ASB standards-setting, and encouraged the audience to get involved.
Webinars on Revised ASOPs Kick Off Next Week
The Academy will host the first of three webinars on recently revised ASOPs next week. “The Revised ASOP No. 2: What You Need to Know” will feature presenters who were involved in the revision of ASOP No. 2, Nonguaranteed Elements For Life Insurance and Annuity Products. This webinar will be held next Tuesday, April 5, from noon to 1:30 p.m. EDT. Register now.
Other ASB webinars in this format will be:
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“The Revised ASOP No. 4: What You Need to Know”—an examination of ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. This webinar will be held on April 22 from noon to 1 p.m. EDT. Register today.
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“The Revised ASOP No. 11: What You Need to Know” will look at the recently revised ASOP No. 11, Financial Statement Treatment of Reinsurance Transactions Involving Life or Health Insurance. This session will be on May 12 at noon EDT; registration will open soon.
Register for This Month’s Webinar to Examine Hospital Price Transparency
Join the Academy Health Practice Council for this month’s health public policy discussion and webinar, “Hospital Prices: Can Greater Price Transparency Drive Lower Prices and Reduce Price Variation?” Presenters, in addition to inviting a discussion with public policy stakeholders, will provide an overview on these issues, referencing the Academy’s recent issue brief, Implications of Hospital Price Transparency on Hospital Prices and Price Variation. The webinar will be held on Thursday, April 14, from 1 to 2 p.m. EDT. Continuing education credit is available. Register today.
 Recently Released
The March Actuarial Update covers the ASB and ASB annual reports, the Health Practice Council’s annual “Hill Visits” with federal lawmakers and policymakers, a leadership forum held in conjunction with Women’s History Month with the presidents of the five U.S. actuarial organizations—all women. The “Professionalism Counts” column, “Which CE Requirements Apply to Me?” looks at the new continuing education requirements infographic.
Public Employment Opportunity
The New Mexico Office of the Superintendent of Insurance is seeking a full-time actuary with expertise in health insurance. A minimum of 5 years of applicable actuarial experience is required. To apply, visit the New Mexico State Personnel Office website (“Job Opportunities” tab; Job ID 122925). Questions—email Anna.Krylova@state.nm.us.
The Academy has long supported government employers that are seeking to hire qualified actuaries. For more information, see our Public Employment Opportunity Posting Policy.
Academy Alerts
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The U.S. House of Representatives passed The Securing a Strong Retirement Act of 2021 (SECURE 2.0), a bipartisan retirement bill that passed by a 414–5 vote and would build upon the 2019 Setting Up Every Community for Retirement Enhancement Act (SECURE Act). The Academy’s Retirement Security Assessment and Policy Committee has presented retirement perspectives in its issue briefs series on a National Retirement Policy. Read the Academy alert.
Public Policy in Focus
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Health Practice Council (HPC) Vice Chairperson Barb Klever provided an update on HPC activities to the NAIC’s Virtual 2022 Spring National Health Actuarial (B) Task Force meeting.
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Academy Life Vice President Ben Slutsker presented on recent Life Practice Council activity to the NAIC’s Virtual 2022 Life Actuarial (A) Task Force (LATF) Spring National Meeting.
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The Economic Scenario Generator (ESG) Work Group presented updates in response to LATF questions on the work group’s recent presentation on Model Office ESG Testing.
Upcoming Events
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