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ABCD Releases Annual Report
 The Actuarial Board for Counseling and Discipline (ABCD) released its annual report, highlighting the important activities throughout 2022 of this entity housed within the Academy. The Annual Report 2022 notes that last year the ABCD handled 118 cases-96 requests for guidance (RFGs) and 22 inquiries. This total represents a slight decrease from recent years but still demonstrates that actuaries are availing themselves of the RFG function. The ABCD received 13 new inquiries, with nine pending from 2021 and prior years.
Academy Presents on ESG Actuarial Perspectives at NCOIL Spring Meeting
Academy member Sam Gutterman presented Friday on behalf of the Academy to the National Conference of Insurance Legislators’ (NCOIL) Spring Meeting in San Diego. He presented as part of NCOIL’s Special Environmental, Social, and Governance (ESG) Series on an “Introduction to ESG and Environmental Aspects: An Actuarial Perspective.”
Academy Presents on Health Equity at V-Bid Summit
James (right) at the V-Bid session
Health Equity Committee Chairperson Annette James represented the Academy at Wednesday’s virtual V-Bid Annual Summit 2023 on “Accelerating Health Equity.” James, an Academy Board member, discussed as part of a panel on “Equity Implications in Health Plan Benefit Design” how the Health Equity Committee was formed and its charge, noting that it is exploring nontraditional health benefits (e.g., transportation benefits). She also mentioned that the Academy is exploring hosting a workshop series on benefit design.
Practice Councils Submit Joint Comment Letter to the Colorado Division of Insurance
The Academy’s Life Practice Council, Health Practice Council, and Casualty Practice Council submitted a joint comment letter to the Colorado Division of Insurance on its recent exposure of a draft regulation on Governance and Risk Management Framework Requirements for Life Insurance Carriers’ Use of External Consumer Data and Information Sources, Algorithms, and Predictive Models: the first exposed implementation regulation for Colorado Revised Statute (C.R.S.) § 10-3-1104.9, which was signed into law on July 6, 2021.
Next Week-Life, Health Webinars Offer CE Opportunities
Join the Academy for next week’s life and health webinars, which will offer valuable continuing education (CE) credit.
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The March 14 health webinar “The Great Unwinding: What’s Next for the Medicaid Population?” will examine the end of pandemic-era state Medicaid program continuous coverage requirements, and the scheduled end of the U.S. COVID-19 public health emergency in May along with concomitant effects on state Medicaid programs, enrollees, and enrollment shifts. Register today.
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The 2023 PBR Bootcamp webinar series kicks off March 15, with an introduction to principle-based reserving (PBR) issues. Register for the webinar here.
ASB Adopts New ASOP No. 57; Approves Exposure Draft of ASOP No. 27
The Actuarial Standards Board (ASB) of the Academy adopted new Actuarial Standard of Practice (ASOP) No. 57, Statements of Actuarial Opinion Not Based on an Asset Adequacy Analysis for Life Insurance, Annuity, or Health Insurance Reserves and Related Actuarial Items. Also, the ASB approved an exposure draft of a proposed revision of ASOP No. 27, now titled Selection of Assumptions for Measuring Pension Obligations. The comment deadline is June 15, 2023; information on how to submit comments is in the exposure draft.
Academy to Co-Host Climate Webinar Series With NOAA, NSF
The Academy, in cooperation with the National Oceanographic and Atmospheric Administration (NOAA) and the National Science Foundation (NSF), will be hosting three webinars designed to foster a conversation about the intersection of catastrophe (“cat”) and climate modeling. The webinars are scheduled for March 20, April 17, and May 15. Read more about this series in the February Actuarial Update (p. 3). Please email Director of Research Steve Jackson (sjackson@actuary.org) for an invitation.
Academy Alerts
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President Biden on Thursday debuted the top lines of his budget plan for fiscal year 2024, which outlines the administration’s spending priorities, including shoring up solvency of Medicare and Social Security for the upcoming fiscal year, which begins Oct. 1. Read the Academy alert.
Public Policy in Focus
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The Life Financial Reporting Committee released a white paper, FASB Long-Duration Targeted Improvements-A Discussion of Enhanced Disclosures, which focuses on certain considerations in implementing FASB’s required enhanced disclosures around LDTI.
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Casualty Practice Council (CPC) Vice Chairperson Dee Dee Mays and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Stephen Koca presented to the NAIC’s Casualty Actuarial and Statistical (C) Task Force (CASTF) on recent publications and future work products expected for release in 2023.
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
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A Morningstar series of columns on Social Security financing and reform illustrated reform options using information from the Academy’s Social Security Game in a column published Monday. The column and the Academy’s work on Social Security reform were cited in a discussion of President Biden’s new budget proposal that aired on Delaware news radio 101.7 WDEL-FM on Wednesday afternoon.
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A research article in the Journal of Risk and Insurance cited the Academy’s work and media interview comments in a discussion of pension risk transfers.
Events Calendar
Visit the Events Calendar for the latest updates to past and upcoming Academy offerings.
Social Security Challenge-View the Trailer
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