Academy leadership, volunteers, and staff are presenting Thursday, Friday, and Saturday at the NAIC Fall 2019 National Meeting in Austin, Texas, addressing life, health, casualty, and professionalism topics.
Presentations to NAIC’s Life Actuarial Task Force (LATF) include:
A discussion of considerations for changes to the Life Mortality Improvement Factor Process by the Academy Life Mortality Improvements Subgroup and the Society of Actuaries’ (SOA) Preferred Mortality Project Oversight Group (Joint Committee);
A discussion of the Valuation Basic Table (VBT) and expiring experience, and comments received on Amendment Proposal Form (APF) 2019-56; and
An update from the Academy’s C2 Work Group.
Health presentations to the Health Actuarial Task Force (HATF) include:
Academy Board member Barb Klever gave an update on recent Health Practice Council activity; and
LTC (Long-Term Care) Valuation Work Group Chairperson Warren Jones will give an update on the work group’s progress.
Casualty presentations to the Casualty Actuarial and Statistical Task Force (CASTF) include:
The Casualty Practice Council is giving a presentation Friday on the Academy’s June 2019 monograph, Wildfire: An Issue Paper—Lessons Learned from the 2017–2018 California Events, to NAIC’s P/C RBC Catastrophe Risk Subgroup.
Steve Jackson, the Academy’s assistant director for research (public policy), is presenting to the same subgroup on the Actuaries Climate Index.
Senior Property/Casualty Fellow Rich Gibson will present to CASTF on Saturday on an array of P/C topics.
Also, Academy professionalism presentations—which will continue into the weekend—include Council of Professionalism updates to HATF, LATF, and CASTF by Immediate Past President Shawna Ackerman, Actuarial Standards Board Chairperson Kathy Riley, and Actuarial Board for Counseling and Discipline member David Ogden. They, along with Academy President D. Joeff Williams and President-Elect Tom Campbell, will present at the Academy-hosted professionalism breakfast for regulators on Saturday.
New ‘Actuary Voices’ Podcast: Highlights From the Academy’s Annual Meeting and Public Policy Forum
A special edition of Actuary Voices is now available, containing highlights from the Academy’s recent 2019 Annual Meeting and Public Policy Forum. The episode includes speeches by Academy volunteers Mary D. Miller and Carol Zimmerman as they accept the Academy’s highest annual service awards. It also features the presidential transition and subsequent remarks from outgoing President Shawna Ackerman and new President D. Joeff Williams on what they have seen and anticipate. Click here to listen now. Don’t miss out on future episodes—make sure to subscribe to Actuary Voices via iTunes, Spotify, or other podcast services.
Next Week—‘More Tales From the Dark Side’ Professionalism Webinar
Register today for next week’s professionalism webinar, “Friday the 13th: More Tales From the Dark Side.” The Academy’s final professionalism webinar of the year will explore interesting examples of ethical problems based on cases that have been brought before the Actuarial Board for Counseling and Discipline (ABCD). Presenters—ABCD members David Driscoll and Godfrey Perrott—will describe the reference points actuaries should look to in each case to stay on the right side of the Code of Professional Conduct. We believe in good faith that attendees will have the opportunity to earn up to 1.8 professionalism continuing education (CE) credits and 1.8 core ethics continuing professional education credits under Joint Board for the Enrollment of Actuaries (JBEA) rules. Academy General Counsel and Director of Professionalism Brian Jackson will moderate. The webinar will be held next Friday, Dec. 13, from 11:30 a.m. to 1 p.m. EST. Register today.
Academy Hosts P/C Loss Reserve Opinions Seminar
The Academy hosted its sold-out Seminar on Effective P/C Loss Reserve Opinions Wednesday and Thursday near Baltimore. The two-day seminar provided participants with information on the relevant requirements and instructions for P/C actuaries working on reserve opinions, included reviews of applicable actuarial standards of practice and qualification standards, and provided attendees with examples through interactive case studies. Presenters included Committee on Property and Liability Financial Reporting (COPLFR) Chairperson Kathy Odomirok; COPLFR member and Academy Past President Mary Frances Miller; and members of the COPLFR and its Opinion Seminar Subcommittee, including those with a regulatory background.
Academy Volunteers Help ‘Math Motivators’ Program in Washington, D.C.
Several Academy members have agreed to be volunteers in two Washington, D.C., high schools as part of the Actuarial Foundation’s Math Motivators program. Serving as a mentor and a leader for students is a meaningful and rewarding experience for both tutors and students. The program will focus on algebra tutoring, and is currently operating in two D.C. high schools, KIPP DC and McKinley Tech, but hopes to expand to more—and is seeking more volunteers to do that. Please volunteer if you can! If you are in the Washington, D.C., area and would like information on volunteering, please contact David J. Nolan, the Academy’s director of communications, at nolan@actuary.org. (For volunteer opportunities in other geographic areas, contact Math Motivators directly.)
Professionalism & Public Policy Outreach
Academy President-Elect Tom Campbell delivered a presentation at the Actuarial Society of Greater New York’s Nov. 25 meeting in New York City providing an update on the Academy’s public policy and professionalism activities.
Available for Order: P/C Loss Reserve Law Manual
Updated for 2019, the Academy’s P/C Loss Reserve Law Manual is designed to help appointed actuaries know the NAIC annual statement requirements for statements of actuarial opinion. The manual contains a compilation of insurance laws relating to P/C loss and loss expense reserves for all 50 states; Washington, D.C.; and Puerto Rico. It is designed to allow users to directly access each jurisdiction’s laws, making it a useful reference tool for actuaries. The manual will be available for delivery this winter.
Public Policy Activity
The LTC Combination Product Valuation Work Group finalized the LTC Combination Product Valuation Practice Note to provide information to actuaries on current and emerging practices in which their peers are engaged with respect to the considerations in the statutory generally accepted accounting principles (GAAP) and tax valuation of LTC combination products.
The Life Illustrations Work Group sent a comment letter to LATF addressing its questions on illustrations of Indexed Universal Life (IUL) insurance policies under Actuarial Guideline 49.
Pensions & Investments quoted Senior Pension Fellow Linda K. Stone on the potential effects of pension risk transfers in a story on the financial condition of the Pension Benefit Guaranty Corporation.
Daily Stock Dish reprinted an op-ed on Health Savings Accounts (HSAs) that cites an Academy review of the savings provided by consumer-driven health plans.
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