As we look forward to Black History Month in February, Academy President Tom Campbell noted “the Academy explicitly stated last year our unwavering support for those who seek to bring fair and equal opportunities to all” and reaffirmed the commitment made by the 2020 Academy President D. Joeff Williams condemning racism and standing resolutely with those who value equality and inclusion, both within the profession and in society at large. The Academy will work within the profession and with stakeholders to continue to engage in a public discourse on race, diversity, and inclusion, and encourages our members to stand up for equal justice for all and to oppose all forms of racism, discrimination, and bias whenever you encounter them.
Volunteer Action Required: Commitment to Objectivity
Committing on an annual basis to professional objectivity is required to perform volunteer work for all those who participate in Academy committees. Al Bingham, vice president of the Academy’s Council on Professionalism, contacted Academy volunteers Friday with a request of all to submit a conflict of interest (COI) acknowledgment and continuing education attestation. Interested parties (IPs) must also acknowledge the COI policy. For more information, see the front-page article in the just-released January Actuarial Update.
If you are a volunteer or IP, to comply, follow the instructions in the email or on the membership page under “Volunteer Acknowledgments” under Volunteer Resources. For more information about the Academy’s commitment to professional objectivity, please visit the Professional Objectivity at the Academy page.
Academy Reaches Out to New Administration, Lawmakers, Regulators
President Tom Campbell, on the Academy’s behalf, sent letters to all members of the new Congress, Biden administration agency secretaries and directors, and all state insurance commissioners commending them for their public service and offering the assistance of the Academy in their work on actuarial public policy issues.
“As the national association of U.S. actuaries, it is the Academy’s mission to serve the public and the profession. The Academy offers its nonpartisan, objective actuarial expertise to public policymakers to aid in the development of sound public policy affecting federal and state public programs and regulation of insurance and retirement security systems,” Campbell said. Read the news release.
Actuarial Update Released
In the January issue of Actuarial Update, the Academy’s custom-published book, The Magic School Bus Takes a Risk: A Book about Probability, is back in stock and available for order. Also in this issue, the Academy presents to the NAIC on climate risk and health equity issues; the new editions of the Life and Health Valuation Law Manual and the Property/Casualty Loss Reserve Law Manual are available for purchase and immediate download; the “Professionalism Counts” column covers reliance; and meet Academy volunteer Teresa Winer in this month’s Member Spotlight.
Issue Brief Released on COVID-19’s Impacts on LTC Insurance
The Long-Term Care (LTC)/Disability Committee’s LTC Reform Subcommittee released an issue brief on COVID-19’s potential short-term and long-term impacts on long-term care insurance (LTCI), focusing on key actuarial and economic assumptions impacting standalone LTCI policies. Read the news release.
Life and Health Valuation Law Manual Now Online
The Life and Health Valuation Law Manual, published annually, is now available for purchase and immediate download. The law manual contains information to help appointed actuaries know the requirements of the NAIC model Standard Valuation Law and the Model Actuarial Opinion and Memorandum Regulation. Place your order today.
Also Available: P/C Loss Reserve Law Manual
Don’t forget to order your copy of the Property/Casualty Loss Reserve Law Manual. The law manual is available to subscribers both online and on flash drive, allowing actuaries to order the version that best meets their needs. Order today.
Add the Magic School Bus to Your Bookshelf
Have you ordered your copy of The Magic School Bus Takes a Risk: A Book about Probability? This popular book is back in stock and available for order. Bulk orders (10 or more copies) are available, as are sponsorship opportunities for organizations that would like to share the inspiration in this story, which highlights the potential for any child to pursue an actuarial career, within their own communities.
Registration Opens for Social Security Webinar
Registration is open for the pension webinar, “Social Security Reform Options Through the Lens of Individual Equity and Social Adequacy Considerations,” which will present analysis by the Academy’s Social Security Committee on three reform proposals from across the political spectrum that were designed to eliminate the existing program deficit. Other proposals including those put forth by President Biden will also be discussed. Senior Penson Fellow Linda K. Stone will moderate, and U.S. Qualification Standards (USQS) continuing education and Joint Board for the Enrollment of Actuaries (JBEA) continuing professional education credits will be available. The webinar will be held March 16 from noon to 1:30 p.m. EDT. Register now.
Public Policy Activity
The ERM/ORSA Committee’s Climate Risk Disclosures Work Group Chairperson Michelle Young and Academy Assistant Director for Research (Public Policy) Steve Jackson shared an update with the NAIC Climate Risk and Resiliency (EX) Task Force regarding the Climate Risk Disclosures Survey Analysis project.
An article from The Street quoted Academy member Ron Gebhardtsbauer, immediate past chairperson of the Social Security Committee, on the new administration’s prioritization of Social Security reform.
The Rough Notes Company, Inc. cited a 2005 Academy study that explored the insured losses that chemical, biological, radiological, and nuclear incidents might give rise to in four U.S. cities.
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