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RECENT ACADEMY ACTIVITY | | |
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Only have a minute? Catch up on the week’s top stories with the latest “This Week … In a Minute” video. Subscribe to our YouTube channel to receive alerts as they are released. | |
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Academy Closed on Memorial Day |
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The Academy will be closed Monday, May 26, for Memorial Day in honor of all those who made the ultimate sacrifice in service to our country. Also, there will be no issue next week, as the May Actuarial Update will be published on Friday, May 30. | | |
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Introducing the Academy’s New Website: A Fresh Look, Enhanced Features, and More for You The Academy is excited to unveil our newly redesigned website, actuary.org—your central hub for information, connection, and insight. With a modern look and improved functionality, the new site is built to better serve our members and many stakeholders, making it easier than ever to access the professionalism and public policy resources you rely on. What's New?- Streamlined Navigation: Find what you need faster with a cleaner, more intuitive layout.
- Mobile-Friendly Design: Enjoy seamless access on any device, wherever you are.
- Improved Search: Enhanced search tools help you pinpoint key content quickly.
- Personalized Experience: Tailored content and tools based on your interests and member interests via our many publications and newsletters.
- News & Updates: Stay current with a dynamic homepage showcasing the latest trending topics, new developments, events, and Academy initiatives.
This redesign reflects our ongoing commitment to providing enhanced member value with the tools, resources, and information you need—whether you’re informing public policy or reading the latest Actuarially Sound blog, advancing your career with content on Academy Learning and the Career Center, brushing up on the latest actuarial standards of practice (ASOPs), or staying informed on developments in the profession via Contingencies. Explore the new actuary.org today and see how we’re making your Academy experience better than ever. | | |
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Academy Holds Inaugural Insurance Investment Summit |
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Foley (left) and Kalvik preside at the opening session | | | |
The Academy held its inaugural Insuring the Future: Insurance Investment Summit in New York on Thursday and Friday, bringing together 100 investment actuaries, asset managers, regulators, and insurance executives for insightful discussion and knowledge-sharing. Canada Pension Plan’s Tom Kalvik opened the event with InsuranceAUM Journal Editor-in-Chief Stewart Foley, discussing the growth of reinsurance in the life insurance industry and where he sees risk and opportunity looking ahead. Kalvik said he’s “seen the market become more competitive. It is an evolving marketplace, but it’s about thinking more creatively for your clients…and zigging when [others] are zagging.” Other sessions include executives from Mass Mutual, New York Life, Risk & Regulatory Consulting, and more, discussing topics ranging from insurance illiquidity and offshore reinsurance to updates on regulatory activity. Look for more coverage in the upcoming May Actuarial Update.
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Academy Board Discusses Strategic Areas of Focus and Key Initiatives |
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The Academy Board of Directors held its May Board meeting in Washington, D.C., on Tuesday and Wednesday, focusing on strategic discussions and key initiatives to continue driving the achievement of the current strategic plan. During the two-day meeting, the Board followed the structure of the strategic plan, discussing topics ranging from artificial intelligence to evolving trends in the profession and the future role and competencies of actuaries. Topics also included member and employer value, disruptive events, and risks to the U.S. profession; and key Academy public policy initiatives at the state, federal, and international levels. Look for more coverage in the upcoming May Actuarial Update. | | |
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Medicare Advantage Practice Note Open for Comment The MA (Medicare Advantage) Cost Projections Practice Note Work Group of the Health Practice Council’s Retiree Benefits Committee has released a draft practice note titled Medicare Advantage Plan Cost Projections for Retiree Group Health Benefit Valuations. The practice note seeks to provide additional information to actuaries who are working to determine how to project the cost of Medicare Advantage plans within a retiree group health benefit valuation. The comment deadline is June 30. Please send comments and feedback to Academy Health Policy Project Manager Matthew Williams (williams@actuary.org). | | |
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Committee Comments on House Budget Resolution |
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The Individual and Small Group Markets Committee submitted comments to the U.S. House Budget Committee on reconciliation legislation before the May 22 House vote on the federal budget bill. The comments focus primarily on proposed changes to the individual health insurance market. The committee submitted a letter in September 2022 to the Center for Consumer Information and Insurance Oversight (CCIIO), which further addresses considerations and concerns with cost-sharing reduction premium load factors within individual health insurance markets. Health Vice President Annette James and Senior Health Fellow Cori Uccello had a conversation with congressional staff following the submission of the Academy’s comments, at their request. The Academy will continue to engage with congressional leadership and staff as the budget language makes its way to the Senate for consideration. | | |
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- The Life Practice Council sent comments to the NAIC’s Life Actuarial (A) Task Force (LATF) on the most recent AAT for Reinsurance Actuarial Guideline Draft Exposure, AG Re AAT 050225.
Visit the Public Policy & Research webpage to keep up with the latest developments. | | |
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Two Weeks Left to Submit Academy Award Nominations There are just two weeks left to nominate your peers (or yourself) for the Academy’s annual service and recognition awards. Nominations are open for the Robert J. Myers Public Service Award, Jarvis Farley Service Award, Outstanding Volunteerism Awards, and Rising Actuary Awards. The deadline is Friday, June 6. Read more and nominate at actuary.org/awards. - MSD Nominating Process Concludes—The Academy thanks members who submitted nominations for member-selected directors (MSDs) to join the Academy Board to serve three-year terms beginning in November. The Nominating Committee will begin considering candidates to present to Academy members for selection in late summer. Read more at the Board Selection Center.
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Actuary Voices Features Abacus Actuaries President Charlie Lei The latest Actuary Voices features a conversation with Abacus Actuaries President Charlie Lei, who discusses his journey to becoming an actuary and his role as the group’s president. Listen and subscribe to Actuary Voices wherever you get your favorite podcasts. | |
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Academy Presents on Climate at IAA Brazil Colloquium | |
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Volunteers Deliver Professionalism Insights at Club Meetings |
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Academy volunteers delivered presentations to two clubs on Wednesday as part of the Academy's continued service to the U.S. actuarial profession through its Speakers Bureau. Data Science and Analytics Committee member Jennifer Balester spoke virtually to the Middle Atlantic Actuarial Club, while Academy volunteer and Actuarial Standards Board (ASB) Casualty Committee member Dave Heppen spoke in person to the Casualty Actuaries of the Mid-Atlantic Region at St. Joseph’s University in Philadelphia. Balester walked attendees through the February 2024 Academy issue brief, Discrimination: Considerations for Machine Learning, AI Models, and Underlying Data. Heppen covered ASB processes, recent ASOP developments, and the value of activities like reading and commenting on ASOP exposure drafts. - Looking for a speaker? The Speakers Bureau provides qualified speakers on professionalism and public policy topics.
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