Keeping you in the know—the latest news from the Academy
RECENT ACADEMY ACTIVITY | April 15–19, 2024
This Week … In a Minute
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PUBLIC POLICY
Academy ‘Hill Visits’ Cover Key Issues With Federal Policymakers
L–R: Casualty volunteers Sam Tashima, Isabelle McCullough, Katie Koch, and Wanchin Chou on Capitol Hill Thursday
Academy health, casualty, and risk management & financial reporting staff and volunteers fanned out Thursday and Friday for their annual “Hill visits”—meeting with federal policymakers and regulators on and around Capitol Hill in Washington. They discussed key public policy issues and relevant Academy resources on such topics as climate risk; Medicare, Medicaid, and insurance markets; and financial reporting and solvency.
The importance of an objective perspective—The Hill visits present an opportunity for the Academy to offer our unbiased, nonpartisan, objective perspectives on key issues with elected officials and staff. This is particularly valuable during a presidential and congressional election year. “We were glad to have an opportunity to meet with key federal health policy staff, reinforce the value of actuarial perspectives, and discuss high-level issues related to health insurance, health equity, Medicare, and Medicaid that affect all Americans,” said Academy Health Vice President Barb Klever.
Updated Monograph and Issue Brief Examine Individual Equity and Social Adequacy in Social Security Reforms
The Social Security Committee released an updated monograph and issue brief that highlight how individual equity and social adequacy principles apply to Social Security reform options. The publications compare three different reform proposals, using illustrations and measurements, through the lens of individual equity and social adequacy.
Life Perspectives—Spring Newsletter Highlights New Feature
The Spring Life Perspectives leads with the new “Investment Actuaries’ Corner” column. This installment looks at “Commercial Real Estate in a Post-COVID Environment,” along with life insurers’ increased exposure to real-estate related investment vehicles. Also in the issue, a review of Life Practice Council presentations at the NAIC Spring National Meeting and recent state and federal legislative and regulatory activity.
Professionalism Webinar Reinforces the Importance of Self-Regulation
Actuarial Standards Board (ASB) Chairperson Kevin Dyke and Vice Chairpersons Laura Hanson and Dave Neve presented in Thursday’s professionalism webinar, Self-Regulation and the ASOPs: Your Professionalism Toolbox, which focused on actuaries’ commitment to professionalism and actuarial standards of practice (ASOPs). Discussing the importance of professionalism, Dyke said that “U.S.-based actuarial organizations—including the Academy—exist not only to provide valuable services to their members but also to ensure that members protect the profession and the public through the Code of Professional Conduct and the [ASOPs].” They also offered an overview of proposed changes to ASOP Nos. 12 and 7 exposure drafts, for which comments are due May 1 and June 1, respectively. Slides and a recording will be available soon as a complimentary member benefit.
OUTREACH & NEWS
Casualty VP Angell Presents at Ohio CAS Affiliate Spring Meeting
The Academy’s professionalism outreach integrally supporting the profession’s self-regulation continued this week, with Academy Vice President of Casualty Amy Angell delivering a virtual presentation Friday to the Spring meeting of Ohio Casualty Actuarial Society (CAS) affiliate group Buckeye Actuarial Continuing Education. Angell highlighted the meaning of self-regulation, the professionalism framework for U.S. actuaries housed in the Academy, and developments in casualty and cross-practice ASOPs and at the Actuarial Board for Counseling and Discipline. She also highlighted Academy professionalism resources, including the Committee on Professional Responsibility discussion paper, Explaining Professionalism to Principals.
Academy and CIA Leadership Conduct Bilateral Meeting
The leadership of the Academy and Canadian Institute of Actuaries (CIA) met this week in Ottawa for bilateral discussions, further deepening relations and opportunities for cross-border collaboration. Topics of mutual interest, including professionalism, climate change, AI, and more were discussed, as were opportunities to continue working together to serve actuarial professionals in the U.S. and Canada. Bilateral meetings are conducted with multiple actuarial organizations as opportunities to share knowledge and work together to strengthen the profession.
In the News
A Kiplinger Letter feature on longevity increases, risk, and literacy cited the Academy to emphasize lifetime income for retirement security, and the Actuaries Longevity Illustrator, sponsored jointly by the Academy and the Society of Actuaries.
EDUCATION & EVENTS
Early Discounts Ending Soon for June PBR Bootcamp
Early registration rates are still available for the Academy’s popular PBR Bootcamp, back in person this year June 11–13 in Philadelphia. Offering a comprehensive look at hot topics in principle-based reserving (PBR), attendees will gain valuable insights on applying PBR and meeting implementation challenges, and will have the opportunity to pose questions directly to experts. Secure your early registration discount by May 1 and save $300—register today.
Next Week—Volunteer Webinar
Academy volunteer committee members and interested parties can learn more about what their valuable participation entails and how to make the most of the experience at next week’s webinar, “Onboarding Volunteer Webinar for Committee Members,” which is set for Thursday, April 25.
Interested in volunteering?—To learn more about how you can contribute your talents to aid the Academy’s mission to serve the public and the U.S. actuarial profession, visit the Academy website.
Events Calendar
April 25 [Webinar; Academy volunteers] Onboarding Volunteer Webinar for Committee Members
Visit the Events Calendar for a complete listing of Academy events, including links to post-webinar slides and recordings.
Order ‘The Magic School Bus’
The Magic School Bus Takes a Risk, a custom-designed book for the Academy, is back in stock. The book aims to support math education in schools and the diversity of the actuarial profession, and to show students how math can take them on amazing journeys. Order today.
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