ASB Extends Comment Deadlines for ASOP Nos. 11 and 4
The Actuarial Standards Board (ASB) has extended the comment deadlines for the exposure draft of Actuarial Standard of Practice (ASOP) No. 11, Reinsurance Involving Life Insurance, Annuities, or Health Benefit Plans in Financial Reports, and the second exposure draft of ASOP No. 4, Measuring Pension Obligations and Determining Pension Plan Costs or Contributions.
The extension of the comment deadlines is due to the current COVID-19 pandemic and its worldwide impact on normal business operations, which may have impeded individuals or organizations from submitting comments. The ASB received requests to extend the deadlines from several committees and task forces of the Academy’s Life Practice Council and Pension Practice Council (PPC)—the PPC letter can be viewed here. The new comment deadline for ASOP No. 11 is June 30 and for ASOP No. 4 is July 31. Both exposure drafts can be viewed here.
GASB Considers Postponing Effective Dates
The Governmental Accounting Standards Board (GASB) announced it is considering postponing all Statement and Implementation Guide provisions with an effective date that begins on or after reporting periods from June 15, 2018. The consideration is primarily in response to requests from local and state governments, whose office closures due to the COVID-19 pandemic hinders access to information necessary for implementing GASB provisions. Read the Academy alert.
Reminder—Nominations for Regular Directors Due April 15
A reminder to Academy members: Nominations for candidates to be Academy regular directors are due April 15. Regular directors are elected to the Board of Directors by Academy membership in an online election from a slate of candidates presented by the Nominating Committee. Candidates for regular directors are now being considered by the Nominating Committee. See more information about qualifications for these positions in the Board Election Center. To submit nominations, click here.
Academy Updates COVID-19 Resource Page
The Academy continues to update its coronavirus pandemic (COVID-19) resource webpage. The latest updates include COVID-19 stakeholder calls, via the Centers for Medicare & Medicaid Services, and H.R. 748, the CARES Act. Visit the webpage at www.actuary.org/coronavirus.
Academy Membership Profile and Membership Dues Reminder
During these unprecedented times, the Academy continues to focus on its mission to serve the public and the United States actuarial profession by providing independent and objective analysis. Members are encouraged to stay engaged with Academy by keeping up-to-date with Academy activities and to review their contact information to ensure you continue to receive key communications about upcoming public policy and professionalism webinars, practice area activities, and Academy publications, including Contingencies magazine. Membership dues were due on Jan. 1, with late fees accruing as of May 1. Due to the COVID-19 pandemic, the Academy has extended this year’s grace period for accrual of late fees to June 1. Some members also may qualify for a partial or full dues waiver.
Members can log in now to pay dues, print an invoice, and make changes to their account. The Academy’s Membership Department staff are available to assist members via phone or email (202-785-6925 or membership@actuary.org). The Academy appreciates all members for their membership and dedication to our mission.
Lack of COI Policy Acknowledgments: Volunteers Dropped
During the first three months of 2020, many notices and reminders were sent to those who participate on Academy committees requesting volunteers and interested parties to submit the required conflict of interest (COI) and continuing education (CE) annual acknowledgements. As noted in the reminders, the final date to submit the acknowledgements was April 1. In accordance with the Academy’s policy, 82 volunteers and interested parties have been removed from Academy committee positions because they did not expressly acknowledge the longstanding COI policy and/or the CE requirements of the U.S. Qualification Standards (USQS). This number is slightly lower than last year.
Committee member and interested party acknowledgments are a vital element in the Academy’s ability to maintain its credibility in providing unbiased, reliable information for policymakers and others who rely on actuarial insight to inform their decisions regarding U.S. fiscal and societal challenges. The Academy requires members who serve in volunteer positions with the Academy to annually acknowledge its longstanding COI policy, and to comply with the CE requirements of the USQS. Individuals who serve as interested parties must formally acknowledge the Academy’s COI policy as well.
Actuarial Update Released
In the March Actuarial Update, Academy President D. Joeff Williams offers a message of encouragement to members of the Academy and noted that the Academy is continuing operations, typically remotely, in light of the coronavirus pandemic. The Academy has developed a robust webpage of related resources and FAQs covering COVID-19 and its possible effects on health spending and insurance. Also in the issue, the Annual Meeting and Public Policy Forum, scheduled for November, highlights featured keynote speakers, historian Michael Beschloss and political analyst Charlie Cook; a new “Actuary Voices” conversation with Academy Secretary-Treasurer Cathy Murphy-Barron; meet President-Elect Tom Campbell in the new “Member Spotlight” section; and the “Professionalism Counts” column looks at the importance of actuarial communication.
Register With Confidence for Annual Meeting and Public Policy Forum: New Cancellation Policy
As you are all doing, the Academy is monitoring the ongoing COVID-19 pandemic situation and adhering to federal, state, and local guidelines for the effects on anticipated in-person events and large gatherings. We are moving forward with our fall event schedule, including the marquee Annual Meeting and Public Policy Forum, but we also want you—our members—to be able to register with confidence knowing that it’s important to you and to the Academy to try to anticipate a return to normalcy. The Academy now has cancellation policies in place to accommodate any necessary change in your registration resulting from a continuation of the current pandemic situation.
Cancellation requests due to extenuating circumstances documented to be caused by or related to the COVID-19 pandemic that are received by Oct. 31, 2020 (that’s just five days before the meeting itself) will be issued a full refund or, if the registrant prefers, a credit to be applied to attend a future Academy event occurring within the next 12 months; or the registration amount paid may be transferred by the registrant to another individual to apply toward their registration for this event.
So you can rest easy, plan for a return to normalcy, and register now—we look forward to seeing you in person in the fall.
Public Employment Opportunities
The Federal Emergency Management Agency (FEMA) has two open actuarial positions in Washington, D.C.
The first is for an actuary experienced in insurance, providing pricing, reserving, modeling, and underwriting insurance or reinsurance coverages. The posting opened on March 19 and runs through April 7 or when 200 applications are received. Click here to apply via USA Jobs.
The second, which calls for more career experience, also is for an actuary with experience working for an insurance, reinsurance, or actuarial consulting company demonstrating expertise in pricing, reserving, modeling, and underwriting insurance or reinsurance coverage. This posting opened March 27 and runs through April 15. Click here to apply via USA Jobs.
The Public Plans Committee published a practice note reviewing current and emerging approaches to completion of the actuarial section of the Comprehensive Annual Financial Report (CAFR).
The Life Principle-Based Approach Practice Note Work Group updated the practice note, Life Principle-Based Reserves (PBR) Under VM-20, previously released in 2017, to reflect emerging practices and changes to the Valuation Manual since the version effective for Dec. 31, 2019, valuations.
Upcoming Events
“Focus on Public Pension Plans”—April 23, pension webinar (registration opening soon)
“The New Modeling ASOP”—April 30, professionalism webinar (registration opening soon)
A Congressional Budget Office analysis of the budgetary impacts of the recently enacted Families First Coronavirus Response Act noted the Academy as an expert source consulted by CBO.
A Best’s Review (subscriber-only) story noted the Academy’s involvement in conducting initiatives to analyze information that insurers have provided in the NAIC’s Climate Risk Disclosure Survey.
An AIS Health story quoted Academy Senior Health Fellow Cori Uccello on how the COVID-19 pandemic may differently affect health spending and health insurance in different areas of the country.
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