This Week, Dec. 16 - 20, 2024

Happy Holidays—No Issue Next Week

There will not be an issue next week, but the December Actuarial Update will be published on Dec. 30. The Academy wishes all our members a safe and happy holiday week and New Year.

MEMBERSHIP

RENEW TODAY! Deadline Approaching for 2025 Academy Membership Renewal

If you haven’t already done so, it’s time to renew your Academy membership for 2025—there will be NO dues increase from this year. Log in to conveniently pay your dues by Jan. 1, 2025. Questions? Contact the Membership Department via the member support form.

PROFESSIONALISM

ASOP No. 41 Second Exposure Draft Comment Deadline Extended to March 15

The deadline to comment to the Actuarial Standards Board (ASB) on a second exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 41, Actuarial Communications, has been extended to March 15. The draft reflects revised guidance and updated definitions in response to comments received on the first exposure draft. ASOP No. 41 applies to all practice areas. For more information and to comment, visit the ASB website.

Missed Our Popular Tales from the Dark Side Webinar? Watch recordings of the recent webinar as well as many others, Envision Tomorrow sessions, and more on the Academy Learning portal, a member-exclusive benefit.

EDUCATION & EVENTS

Jan. 8 P/C Loss Reserves Webinar to Explore Key COPLFR Issues

With the Committee on Property and Liability Financial Reporting (COPLFR) set to release its annual P/C practice note on statements of actuarial opinion (SAOs) on property and casualty loss reserves by the end of year, the Casualty Practice Council is planning a January webinar, COPLFR 2024 Opinion Season, to look at key related issues. It will be moderated by Academy Member-Selected Director and COPLFR Chairperson Stephen Koca. The webinar is set for Jan. 8, 2025. Register today.

Feb. 4 Webinar to Highlight Retirement & PBGC Issues

The Retirement Practice Council (RPC) is planning a February webinar to discuss Pension Benefit Guaranty Corporation (PBGC) issues. Insights From the PBGC Participant and Plan Sponsor Advocate will look at PBGC’s private-sector defined benefit system, and PBGC plan premiums and their structure. It’s set for Feb. 4. Register today.

• Webinar recordings—Watch recordings of webinars, Envision Tomorrow sessions, and more on the Academy Learning portal, a member benefit.

OUTREACH & NEWS

Actuarially Sound Blog Wraps Up 2024 Legislative/Regulatory Highlights

The latest Actuarially Sound blog post wraps up the year’s key legislative and regulatory issues affecting all five practice areas, including everything from flood insurance to long-term care, consumer protections in life insurance and annuities, retirement security, and artificial intelligence. As we head into a busy 2025 transition, a look back on what occurred this past year will be critical for much-needed context as we continue being the actuarial voice for public policy issues.

RPC Volunteers Lead Retirement Webinar

Retirement Practice Council (RPC) volunteers Claire Wolkoff, chairperson of the Retirement Policy and Design Evaluation Committee, and committee member Connie Rydberg led “A Conversation on Improving Retirement Outcome,” in a Dec. 11 National Institute on Retirement Security webinar. The discussion drew from the policy paper Improving Retirement Outcomes: Demographic Consideration, which reviews data on adverse retirement outcomes for certain cohorts of individuals and presents possible plan design and public policy approaches to address them.

IABA Accepting Scholarship Program Applications

The International Association of Black Actuaries (IABA) is accepting applications for its 2025–2026 Scholarship Program. Since its inception, the program has provided over $2 million to Black students pursuing actuarial careers. This year it awarded $200,000 to help shape the future of the profession. The deadline is March 31, 2025—for more information and to apply, see IABA’s announcement on The Actuarial Foundation’s website.

P/C, Life & Health Law Manuals Available for Order

The P/C Loss Reserve Law Manual and Life and Health Valuation Law Manual are available for preorder, offering valuable information on statements of actuarial opinion and the NAIC Model Standard Valuation Law—with the latest requirements for all 50 states, Washington, D.C., and Puerto Rico. Make sure you have these important resources at your fingertips—place your order today and be among the first to have these handy reference tools. Both will be available for delivery this winter.

In the News

• A subscriber-only Asset Securitization Report story noted the Academy’s work on independently developing a framework for calculating collateralized loan obligation (CLO) risk-based capital charges.

2025 EVENTS CALENDAR

• Jan. 8 [webinar] COPLFR 2024 Opinion Season

• Feb. 4 [webinar] Insights From the PBGC Participant and Plan Sponsor Advocate

• Feb. 26 [webinar] Collective Defined Contribution (CDC) Plans:  What Are They and Could They Work in the U.S.?

• April 2–4 [in-person event] Academy “Hill visits,” Washington, D.C.

• May 22–23 [in-person event] Insuring the Future: Insurance Investment Summit, New York City (sponsored by the Life Practice Council)

• June [in-person event] Future of Retirement Symposium, Washington, D.C.

• September [in-person event] Health Equity and Behavioral Health Symposium, Washington, D.C.

• November [in-person event] Governance Transition & Volunteer Leadership Event, Washington, D.C.

• Nov. 17–20 [in-person event] Life and Health Qualifications Seminar, Arlington, Va.

• Dec. 8–9 [in-person event] Seminar on Effective P/C Loss Reserve Opinions; Salt Lake City

Visit the 2025 Events Calendar for a complete listing of Academy events, including links to post-webinar slides and recordings via Academy Learning. Look for previews of 2025 events in the upcoming December Actuarial Update, including plans for May’s Insuring the Future: Insurance Investment Summit.