Academy volunteers gave several presentations at the National Association of Insurance Commissioners (NAIC) 2021 Summer Meeting, held as a hybrid event, with attendees joining virtually or in-person in Columbus, Ohio.
Life Vice President Laura Hanson gave an update of the Life Practice Council activity to NAIC’s Life Actuarial (A) Task Force.
Casualty Vice President Lauren Cavanaugh and Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Derek Freihaut gave an update of Casualty Practice Council (CPC) and COPFLR recent and forthcoming activity to NAIC’s Casualty Actuarial and Statistical (C) Task Force.
Andy Dalton, vice chairperson of the LTC Reform Subcommittee, presented to NAIC’s Long-Term Care (EX) Task Force in Columbus to address the Academy’s written comments on the multistate rate review initiative.
Professionalism Webinar Offers Updates on USQS
The Academy’s professionalism webinar on Thursday, “U.S. Qualification Standards: Second Exposure Draft and More,” featured members of the Committee on Qualifications (COQ), who presented on key aspects of the U.S. Qualification Standards (USQS). The COQ spent much of the past year developing a second exposure draft of the USQS—comments are due next Friday, Aug. 20. Presenters were COQ Chairperson Katherine Campbell, and members Lisa Slotznick and Tom Terry. Academy President Tom Campbell moderated.
Much of the discussion focused on the USQS revision process, with Katherine Campbell noting the COQ received “many thoughtful and comprehensive comments. … It’s safe to say the second exposure draft is reflective of not only the diversity of experience and thought of members of the committee, but those who submitted comments,” she said. Tom Campbell encouraged people to get involved, saying, “I also look at the qualification standards as representing a consensus of the profession.” Slides and audio will be available next week.
Board Election Begins Today
The election of Academy Board Regular Directors kicked off today and will run for two weeks. All Academy members eligible as of the Aug. 6 voting eligibility cutoff date should receive ballots in your email today, Aug. 13, from the Academy’s election vendor Intelliscan (academy@intelliscaninc.net).
The nominees are:
Dorothy Andrews, a member of the Risk Management and Financial Reporting Council (RMFRC), chairperson of the Data Science and Analytics Committee, is also a member of the P/C Racial Equity Task Force and is a past member of the Committee on Professional Responsibility and the Life and Health Valuation Law Manual Review Task Force.
Chris Carlson, a current regular director, a former Actuarial Standards Board (ASB) member and a former Academy Board special director, is nominated to serve a full three-year term after joining the Academy Board last year to complete a vacated one-year term.
Annette James, a member of the Health Practice Council (HPC) and chairperson of the HPC’s Health Equity Work Group, which was formed last year. She has served on the ASB’s Health Committee, and many HPC committees and work groups.
Online voting will run through Friday, Aug. 27. If you need help with or have questions about your ballot, please email Intelliscan’s Keith Wier (kwier@intelliscaninc.com). All members are encouraged to take part in the Academy’s election process. For more information, visit the Academy’s Board Election Center.
ASB Approves Third Exposure Draft of ASOP No. 4
The ASB approved a third exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions. The ASOP provides guidance to actuaries when performing actuarial services with respect to measuring obligations under a defined benefit pension plan and determining periodic costs or actuarially determined contributions for such plans. It also addresses broader measurement issues, including cost allocation procedures and contribution allocation procedures. The standard also provides guidance for coordinating and integrating all of the elements of an actuarial valuation of a pension plan. The comment deadline is Oct. 15. Information on how to submit comments can be found in the exposure draft.
Register for This Month’s Cyber Risk Webinar
Register today for the Academy webinar, “Cyber Risk Trends and Issues in Insurance,” in which presenters, including members of the CPC’s Cyber Risk Task Force, will look at cyber risk issues that have become so prevalent and persistent in recent years as to be commonplace. The webinar will be held Thursday, Aug. 26, from noon to 1:30 p.m. EDT, and continuing education (CE) will be available. Register now.
Public Policy Activity
The Multiemployer Plans Committee submitted a comment letter to the Pension Benefit Guaranty Corporation (PBGC) regarding the PBGC’s Interim Final Rule on Special Financial Assistance and request for comments.
A Daily Progress(Charlottesville, Va.) financial planning column cited results from the Actuaries Longevity Illustrator, jointly sponsored by the Academy and the Society of Actuaries.
ACommonwealth Fund blog post on how insurers can advance health equity under the Affordable Care Act mentioned the Academy’s Health Equity Work Group.
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