Keeping you in the know—the latest news from the Academy
RECENT ACADEMY ACTIVITY | Aug 14–18, 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.
Academy Presents at NAIC Summer Meeting
Academy volunteers, staff, and fellows presented at this week’s National Association of Insurance Commissioners (NAIC) Summer National Meeting in Seattle.
Presentations to the Life Actuarial (A) Task Force (LATF) included the Academy’s Life Experience Committee and the SOA’s Mortality and Longevity Oversight Advisory Council (MLOAC) on a 2023 HMI and FMI scale update, with Marianne Purushotham, a member of the Academy’s Life Experience Committee, presenting; current and future Life Practice Council (LPC) workstreams, presented by Life Policy Analyst Amanda Barry-Moilanen; and the Economic Scenario Generator Subcommittee on interest rate acceptance criteria, presented by Chairperson Jason Kehrberg. Nancy Bennett, Senior Life Fellow, and Steve Smith, chairperson of the C1 Subcommittee, presented to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on principles for structured securities RBC.
Academy Senior Health Policy Analyst Matthew Williams presented an update on the Academy’s Health Practice Council (HPC) 2023 priorities and work in the health arena to members of the Health Actuarial (B) Task Force (HATF).
Mike Woods, a member of the P/C Committee on Equity and Fairness, presented to the Casualty Actuarial and Statistical (C) Task Force (CASTF) on the “Approaches to Identify and/or Mitigate Bias in Property and Casualty Insurance” issue brief, followed by Rich Gibson, Senior Casualty Fellow, providing an overview on Casualty Practice Council (CPC) and Committee on Property and Liability Financial Reporting (COPLFR) publications since the last NAIC National Meeting and soon-to-be-expected releases. The NAIC Property and Casualty Risk-Based Capital (E) Working Group met on July 27 in lieu of the NAIC National Meeting, and Ron Wilkins, vice chairperson of the P&C RBC Committee, presented an update on the committee’s soon-to-be-released long-term project.
The Academy held a professionalism breakfast for regulators on Aug. 12, where Academy representatives, including President Ken Kent, Actuarial Board for Counseling and Discipline (ABCD) member Shawna Ackerman, and Actuarial Standards Board (ASB) Vice Chairperson Kevin Dyke made comments and provided updates on professionalism activities and the Academy’s efforts to ensure all actuaries have access to education opportunities to fulfill knowledge of U.S. laws and regulations and compliance with the U.S. qualification standards.
Academy to Provide LPC & NAIC Updates at SOA’s Life Meeting—Next Monday, Aug. 21, members of the LPC will present a session at the SOA Life Meeting providing an update on NAIC activities, including recent news from the Summer National Meeting, and Academy initiatives led by the LPC on behalf of the Academy and its members. Also, the Academy will be onsite at the SOA Life Meeting providing attendees materials presented at the session, as well as information about the Academy’s PBR Bootcamp webinar series, the Academy’s Call for Volunteers, and more. Stop by the Academy’s booth and visit the life section on the Academy website to learn more!
See the forthcoming August Actuarial Update for more coverage of the Academy’s activities at the NAIC meeting.
James Educates on What an Actuary Is and Spotlights Academy’s Health Equity Work in TV Interview
Viewers of the Reno, Nev.-based public affairs program “Face the State” had a special treat this past weekend, as Health Equity Committee Chairperson Annette James was a featured guest for the program’s long-interview format. James opened with an explanation of what an actuary is, and then focused on the Academy’s work on health equity issues, emphasizing the need for stakeholders to work together in developing solutions, and the central role of data in addressing equity issues. “You can't change that which you can't measure, so having access to good data is really important,” James said. James also previewed the Health Equity Symposium that the Academy will be hosting this November, noting that Nevada’s congressional delegation among other members of Congress and stakeholders in this important public policy dialogue will be invited. Watch the interview here and visit the Academy’s website to learn more about its work on health equity.
New Pension Issue Brief Examines Gender Expansive Data
Valuing Gender Expansive Data, a new issue brief from the Pension Committee, examines issues pension actuaries might consider when performing an actuarial valuation using sex/gender expansive data—data on sex/gender that is either missing or nonbinary. It also discusses several possible approaches to handling such data and setting reasonable actuarial assumptions.
Save $200 Today—Early Registration Ends This Month for ‘Envision Tomorrow’
There are just a few weeks left to get an early registration discount worth $200 in savings for Envision Tomorrow, the Academy’s Annual Meeting, to be held Nov. 13–14 at the historic Omni Shoreham Hotel in Washington, D.C. Join the Academy’s premier networking and public policy event, which will be loaded with continuing education opportunities. Register today.
CLRS Early Discounts End Today—Save Up to $200
Discounted registrations end today, Aug. 18, for the 2023 Casualty Loss Reserve Seminar. Co-sponsored by the Academy and the Casualty Actuarial Society (CAS), the annual CLRS will be held Sept. 11–13 in Orlando, Fla. To register, visit the CLRS webpage.
Answer the Call for Volunteers—Complete the Survey Before Sept. 6, Information Session Recording Available
Each year the Academy opens its Call for Volunteers, encouraging members to answer the call and join the effort to fulfill its mission to serve! Members interested in the Academy’s many volunteering opportunities, including short- and long-term activities, are encouraged to take the Call for Volunteers Survey. The survey will remain open through Sept. 6. The Academy hosted an information session last week for members interested in becoming volunteers; the session is available on-demand for those who missed it.
Professionalism Outreach Continues With the Academy’s Speakers Bureau
The Academy continued its core service mission to the U.S. profession this week with a virtual presentation featuring Actuarial Standards Board (ASB) Chairperson Rob Damler presenting “Professionalism and Selected ASOP Topics” to actuarial teams of several Florida- and Puerto-Rico focused health care plans. Actuaries at Triple-S Salud, Florida Blue, Florida Health Care Plan, and GuideWell got an overview of the ASB, the standards-setting process, and Damler went into detail about selected cross-practice ASOPs that are important for nearly all U.S. actuarial work.
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 and to request a speaker, visit the Academy website.
A Global Association of Risk Professionals article on regulatory approaches to collateralized loan obligations in life insurance cited the Academy’s work on this topic.
Member-Selected Directors will be voted on by Academy members from Sept. 6 to 20. Academy members should be on the lookout for an email next week from the Academy’s election vendor Intelliscan (via academy@intelliscaninc.net), which will provide voting information. For more, visit the Board Selection Center.
Save the dates for two additional Academy webinars on professionalism topics planned for this fall:
Learn More on AI & ChatGPT—Oct. 12 on artificial intelligence and ChatGPT; and
Meet Your Bias Continuing Education Requirement—Oct. 26 on “Where Does Bias Hide? Defining Data Biases and Unfairly Discriminatory Considerations.”
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