Keeping you in the know—the latest news from the Academy
RECENT ACADEMY ACTIVITY | April 17–21, 2023
This Week … In a Minute
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.
No Issue Next Week Due to Actuarial Update
This Week will not be published next Friday, April 28, the last business day of the month. Look for the latest Academy news in the April Actuarial Update, which will be published that day and “This Week … In a Minute,” which will appear on YouTube and our social media channels as usual.
Health Practice Council Holds ‘Hill Visits’
HPC volunteers and Academy staff on Capitol Hill Monday
Health Practice Council (HPC) volunteers and Academy staff held their annual “Hill Visits”—meetings with lawmakers and policymakers on Capitol Hill and at federal agencies in the nation’s capital. As the public policy voice for the U.S. actuarial profession, the Academy undertakes these Hill Visits to develop relationships with and serve as a resource for public stakeholders. Through these meetings—as well as those held throughout the year—public stakeholders gain a greater understanding of the role of the Academy, the importance of the U.S. actuarial profession, and public policy issues for which there is a unique actuarial perspective.
Academy representatives met with the Department of the Treasury, the Congressional Budget Office, the Centers for Medicare & Medicaid Services’ Center for Consumer Information and Insurance Oversight (CCIIO), and with staff from the Senate Finance Committee and Committee on Health, Education, Labor and Pensions. They also met with officials from the White House, the Government Accountability Office, and the Department of Labor’s Employee Benefits Security Administration. They discussed Medicare and Medicaid, health insurance coverage, health equity, prescription drug costs, and health care workforce issues, including at long-term care facilities.
Look for more coverage in the April Actuarial Update. To learn more and get involved in public policy initiatives, visit the Academy website.
Academy Holds Second Climate Webinar With NOAA, NSF
Kasner opens the webinar
The Academy hosted the second in a series of climate modeling webinars being held in cooperation with the National Oceanic and Atmospheric Administration (NOAA) and the National Science Foundation (NSF). Ken Kasner, co-vice chairperson of the Academy’s Climate Change Joint Committee, opened the webinar, which was moderated by Mark Bove from Munich Reinsurance America. Presenters were Charles Jackson, Verisk; Eric Robinson, Aon; and Michael Young, RMS.
The series is designed to foster a conversation about the intersection of catastrophe and climate modeling. Slides and a recording are available free as a member benefit. The third webinar is scheduled for May 15; click here for information and to register.
Nominations Open for Member-Selected Directors
Beginning today, April 21, nominations are being accepted for Academy member-selected directors, who will serve three-year terms on the Academy’s Board of Directors. Nominations are due by May 31—please review the criteria and how to submit nominations in the 2023 Board Selection Center, or visit the nominations page.
ASB Health Member—Also beginning today, the Academy is accepting names for members interested in potentially serving as an Actuarial Standards Board (ASB) member—there will be a need to fill one position with a volunteer from the health practice area with service beginning Jan. 1, 2024. Those submissions are also due by May 31. Email professionalism@actuary.org.
Professionalism Outreach: Campbell Presents on USQS Changes
Academy Penultimate President and former Committee on Qualifications member Tom Campbell gave a virtual presentation, “A Tour of the Amended U.S. Qualification Standards,” on Wednesday to Buckeye Actuarial Continuing Education, an affiliate club of the Casualty Actuarial Society. Campbell covered changes made in the USQS version that took effect last year, and concluded with an engaging Q&A with attendees.
Professionalism Speakers Bureau—The Academy provides qualified speakers to actuarial clubs and organizations to help members fulfill their professionalism continuing education requirements. For more information, visit the Academy website.
Join Us in Celebrating Academy Volunteers
In celebration of National Volunteer Week, join the Academy in thanking our volunteers for all they do to promote professionalism and serve the public. Volunteering is a great way to give back and contribute to the profession while learning and sharing with other professionals who truly understand the challenges and rewards of the profession. Interested in volunteering for the Academy and learning more about how you can contribute? Click here to get started.
PBR Bootcamp Looks at Assets
The 2023 PBR Bootcamp webinar series continued Wednesday with a webinar on asset modeling. Moderated by Linda Lankowski, presenters were Life Experience Committee Chairperson Donna Claire, Life Valuation Committee Vice Chairperson Marc Altschull, and PBR Implementation Work Group members Dave Neve and Jonah von der Embse. Slides and a recording are available free as a member benefit. The third webinar in the series, Asset Modeling (Part Two), will be held on May 17.
Drake Symposium Academy Scholarship Recipients
As in previous years, the Academy sponsored a diversity scholarship for students attending the Drake Symposium on Insurance, held last week at Drake University in Des Moines, Iowa. Five students won this year. Pictured, left to right: Doan Pham, Carlos Fuentes, Nate Kantorski, and Sejal Pamnani. (Not pictured: Esther Akinbinu.)
Public Employment Opportunity—SSA Deputy Chief Actuary
The Social Security Administration is seeking a deputy chief actuary for short-range estimates. The incumbent is responsible for planning, directing, and coordinating the development of the short-range cost estimates for all Social Security programs, both under current provisions and proposed changes in law or regulations. The posting closes April 27; for more information and to apply, see the posting at USA Jobs.
The Spring Retirement Report leads with the Academy’s rollout of the Social Security Challenge, including media coverage and its positive reception from public officials. Also in the issue, the Social Security Trustees Report, and recent legislative and regulatory activity.
Public Policy in Focus
The Workers’ Compensation Committee released an issue brief providing an overview of medical marijuana laws and court cases—and the impact they have on the workers’ compensation system—to help actuaries navigate the complicated legal landscape.
The Active Benefits Committee released an issue brief focusing on the role of actuaries in employee benefits for health policy development.
The Variable Annuity Reserve and Capital Work Group submitted a comment letter to the NAIC’s Life Actuarial (A) Task Force (LATF) on APF 2023-05; specifically, hedging language to address index credit hedging in VM-21.
The Life Reserves Work Group submitted a comment letter to LATF on proposed changes to VM-20 outlined in APF 2023-03 (Part 1).
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
A regulatory update in Lexologyon last month’s NAIC Spring National Meeting reported on the Life Practice Council’s C1 Work Group’s ongoing work on collateralized loan obligations.
A Government Technology story on the AI aspects of Colorado’s insurance anti-discrimination law cited the Academy’s comment letter on the Colorado Division of Insurance’s recent exposure of a draft regulation.
Visit the Events Calendar for the latest updates to past and upcoming Academy offerings.
Coming Next Week—Casualty Quarterly, Actuarial Update
Academy publications Casualty Quarterly (for P/C actuaries) and Actuarial Update will be published next week. CQ will include a Q&A on the Casualty Practice Council’s Committee on Equity and Fairness issue brief on mitigating bias, and Update will include more details on the HPC’s Hill Visits and information about the Academy’s annual awards, given out at the annual meeting each fall.
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