The Academy’s operations will be closed Monday and Wednesday, Jan. 18 and 20, for the Martin Luther King Jr. Day holiday and Inauguration Day.
Message From Academy President Tom Campbell
On Monday, our nation honors Dr. Martin Luther King Jr. Especially in these turbulent times, the Academy recognizes Dr. King’s powerful and lasting legacy of nonviolent activism for social justice. His leadership in the civil rights movement and his imperative on nonviolence continue to inspire us to move forward as a nation. The Academy hopes that the formal recognition on Monday of his many contributions to American civil society brings all of our members and our country a welcome remembrance of who we are and who we can be. It is also an opportunity to reflect on service to our communities and to each other, and it is certainly in this spirit that the Academy remains steadfast in its mission to serve the public.
The Magic School Bus Is Back
Back by popular demand, the Academy’s The Magic School Bus Takes a Risk: A Book about Probability is back in stock and available for order. The Academy worked with Scholastic to create this custom-designed story that aims to support math education in schools and diversity in the actuarial profession. It introduces grade-school children to the work actuaries do and shares how math can take them on amazing journeys. In 2018, the Academy donated 45,000 copies of the book to grades 3–5 students in Washington, D.C.
Order today. Bulk orders (10 or more copies) are available, as are sponsorship opportunities for organizations that would like to share the inspiration in this story within their own communities. Questions? Email msb@actuary.org.
Webinars Look at Life, P/C Issues
The Academy hosted webinars on life and property/casualty issues this week, which covered key topics heading into the new year.
Wednesday’s “Academy Life Practice Area: 2020 in Review/2021 Preview” webinar included Life Practice Council (LPC) volunteers recapping life-practice actuarial issues from 2020 and previewing 2021 from the LPC, the National Association of Insurance Commissioners (NAIC), and NAIC’s Life Actuarial Task Force. Topics included COVID-19-related requirements, indexed universal life illustrations, principle-based reserving issues, and asset adequacy testing and analysis. Slides and audio are available to logged-in Academy members.
Thursday’s “P/C Public Policy Update” webinar included Casualty Vice President Lauren Cavanaugh presenting on race and insurance initiatives at the NAIC and the National Council of Insurance Legislators (NCOIL); Senior Casualty Fellow Rich Gibson, who discussed congressional action on business interruption insurance coverage of future pandemic events; Automobile Insurance Committee Chairperson Greg Frankowiak, who discussed a forthcoming issue brief on the topic; and Kathy Odomirok, former chairperson of the Committee on Property and Liability Financial Reporting (COPLFR), who presented highlights of COPLFR’s new paper on COVID-19 considerations in preparing P/C loss reserve opinions. Slides and audio are available to logged-in Academy members.
COPLFR Releases Updated/Expanded COVID-19 FAQs
Following the first release in June, COPLFR released an updated and expanded edition of FAQs pertaining to P/C financial reporting and COVID-19. COPLFR developed both documents to assist appointed actuaries with the various uncertainties and challenges pertaining to loss reserving in light of the ongoing pandemic and related financial and regulatory developments.
Save the Date—Pension Social Security Webinar Set for March
The Academy will host a pension webinar, “Social Security Reform Options,” on March 16 from noon to 1:30 p.m. EDT. Details and registration will be available soon.
Academy P/C Loss Reserve Law Manual Now Available Online
The Academy’s P/C Loss Reserve Law Manual is now available for immediate purchase and download. This manual, published annually, is designed to help appointed actuaries know the requirements for statements of actuarial opinion. It contains a compilation of insurance laws relating to P/C loss and loss expense reserves for all 50 states, Puerto Rico, and Washington, D.C. Place your order today.
Available for Preorder: Life and Health Valuation Law Manual
The Life and Health Valuation Law Manual, published annually, contains information to help appointed actuaries know the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. The manual will be available for delivery later this month. Place your order today.
Recently Released
The Winter Casualty Quarterly leads with a Q&A with Casualty Vice President Lauren Cavanaugh on the Casualty Practice Council’s recent letters and testimony addressing race and insurance issues to both the NAIC and NCOIL. Also in the issue, the Academy submitted testimony to the U.S. House of Representatives on pandemic insurance, the Cyber Risk Task Force sent a comment letter to the U.S. Treasury Department, and recent legislative and regulatory activity.
GAO Seeks Nominees for Advisory Committee
The U.S. comptroller general, head of the U.S. Government Accountability Office (GAO), is responsible to appoint six to 15 individuals to serve as members of the State All Payer Claims Databases Advisory Committee to provide advice on the standardized format for voluntary reporting to State All Payer Claims Databases. Interested nominees should submit letters of nominations and resumes to SAPCDACappointments@gao.gov by Jan. 27. More information is available on the GAO’s Jan. 5 Federal Register notice.
Public Policy Activity
The ERM/ORSA Committee’s Climate-Related Financial Disclosures Work Groupsubmitted comments to the International Association of Insurance Supervisors on its Application Paper on the Supervision of Climate-related Risks in the Insurance Sector.
The Health Solvency Subcommittee sent a comment letter in response to a request from the NAIC’s Health Risk-Based Capital (E) Working Group providing additional detail regarding the potential investment income adjustment factor for Health H2 Experience Fluctuation Risk.
Members of the Financial Reporting Committeesubmitted comments to the American Institute of Certified Public Accountants regarding Issues 3 & 4CD (market risk benefits) as part of ongoing discussions at the Insurance Experts Panel.
The Solvency Committeesubmitted comments to the Federal Insurance Office regarding its Study on the Insurance Capital Standard (ICS).
The Casualty Practice Councilfiled comments on the Actuarial Standards Board exposure draft, Using Models Outside the Actuary's Expertise (Property and Casualty).
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