This Week, Oct. 21 - 25, 2024

EDUCATION & EVENTS

Early Discounts End TODAY for P/C Loss Reserve Opinions Seminar

Early registration discounts end today, Oct. 25, for the 2024 Seminar on Effective P/C Loss Reserve Opinions, to be held Dec. 9–10 in New Orleans. Called by one past attendee “a great distillation of changing requirements and rules, as well as a good pooling of experience,” the seminar is designed for property/casualty actuaries who prepare NAIC statements of actuarial opinion. Secure your discount—register today, and reserve your room at the Windsor Court hotel, as the room block is nearly sold out.

Next Week—Cyber Risk Webinar

Committee on Cyber Risk Chairperson Wanchin Chou will lead committee members in next week’s Navigating the Cyber Risk Landscape: New and Emerging Work webinar, which will cover updates to the Cyber Risk Toolkit including personal cyber, cybersecurity requirements established by the U.S. Securities and Exchange Commission, and an overview of the global cyber reinsurance market. The webinar will be held next Wednesday, Oct. 30. Register today.

MEMBERSHIP

Save the Date for the Academy’s Leadership Transition: Nov. 13

On Nov. 13 at noon EST, the Academy’s Annual Meeting of its members, incorporating the presidential and leadership transition, will take place virtually. Look for an email next week with full details.

PROFESSIONALISM

Fall Issue of Boxscore Recaps ASOP Activity

The Fall ASB Boxscore includes the Actuarial Standards Board’s (ASB) adopting a revision of Actuarial Standard of Practice (ASOP) No. 24, NAIC Life Insurance Illustrations Model Regulation, with a Dec. 1 effective date. The ASB also approved a second exposure draft of a proposed new ASOP, Enterprise Risk Management (ERM).

Reminder—Comments on Three Exposure Drafts Due Nov. 1

Comments on three exposure drafts are due Nov. 1: The proposed new ERM ASOP; a proposed new ASOP, Pricing Reinsurance or Similar Risk Transfer Transactions Involving Life Insurance, Annuities, or Long-Duration Health Benefit Plans; and a proposed revision of ASOP No. 30, Profit Margins and Contingency Provisions in Property/Casualty Risk Transfer and Risk Retention. For information on how to comment, visit the ASB’s Exposure Drafts Open for Comment webpage.

OUTREACH & NEWS

Actuary Voices Features Isabelle McCullough on Cyber & More

Committee on Cyber Risk member Isabelle McCullough is featured in the latest episode of Actuary Voices, the Academy’s podcast, in which she discusses the committee’s work, the trends it is seeing, and what drew her to working in this area. Subscribe to Actuary Voices wherever you get your favorite podcasts.

Lisa Slotznick Joins CCA’s Leadership Interviews Series

Academy President Lisa Slotznick was featured in the latest edition of the “Leadership Interview Series” from the Conference of Consulting Actuaries (CCA), speaking with CCA’s Past President Michael Clark. Watch it on CCA’s YouTube Channel.

Senior Health Fellow Uccello Presents at GAO, Co-Authors Medicare Advantage Article

Senior Health Fellow Cori Uccello participated in a Government Accountability Office Comptroller General’s Forum on U.S. health care spending. The forum was convened to advance the national dialogue around issues of cost, access, and quality challenges.

• NEJM article—Uccello also co-authored “The Opportunity Costs of Medicare Advantage Plan Rebates,” published by the New England Journal of Medicine, which examines the costs of Medicare Advantage rebates for beneficiaries and explores alternatives that could improve beneficiary outcomes and the program’s finances.

Next Week—Academy at SOA & CCA Annual Meetings

Academy volunteers and staff will attend the Society of Actuaries (SOA) 2024 ImpACT Conference Oct. 27–30 in National Harbor, Md. Data Science and Analytics Committee (DSAC) Chairperson Dorothy Andrews will join DSAC member David Schraub and Committee on Professional Responsibility AI Task Force member Matthew Wininger to present in an Oct. 29 “AI: Industry and Regulatory Challenges” session, which will also feature Miguel Romero from the NAIC. Please stop by the Academy’s booth if you’re attending. Academy representatives will also be at the Conference of Consulting Actuaries (CCA) annual meeting Oct. 27–30 in Marco Island, Fla.

• CAS—The Academy will host a Nov. 4 luncheon educational session at the Casualty Actuarial Society’s (CAS) annual meeting Nov. 3–6 in Phoenix, which will feature Academy President Lisa Slotznick. All U.S. practicing actuaries who are not Academy members are invited to join us to learn about the Academy's role in serving the public and why Academy membership is essential for U.S. practicing actuaries. Academy members are encouraged to invite non-member colleagues attending the meeting to join this session.

In the News

• Reporting on last week’s Envision Tomorrow continued with InsuranceNewsNet’s coverage of keynote speaker Gen. Wesley Clark on global and security risks, and Money’s coverage of the Social Security breakout session. Presentation of the Outstanding Volunteerism Awards and Rising Actuary Awards was included in PropertyCasualty360’s roundup of P/C activities.

• Barron’s quoted Long-Term Care Committee member Laurel Kastrup on LTC insurance issues.

PUBLIC NOTICE

Public Employment Opportunity—FEMA Seeks Chief Actuary

The Federal Emergency Management Agency (FEMA) is seeking a chief actuary for the Federal Insurance Directorate. As a member of the senior management team, the chief actuary will support the assistant administrator of federal insurance and assist senior executives for federal insurance on all actuarial matters, and serve as an adviser to the FEMA administrator when necessary. The deadline is today, Oct. 25. For more information and to apply, visit USAJOBS.

• The Academy supports government employers who are seeking to hire qualified actuaries. For more, see our Public Employment Opportunity Posting Policy.

• Don’t forget to visit the Academy’s Career Center for more employment opportunities.

EVENTS CALENDAR

• Oct. 30 [Webinar] Navigating the Cyber Risk Landscape: New and Emerging Work

• Nov. 4–7 [Seminar] Life and Health Qualifications Seminar; Arlington, Va.

• Nov. 12 [Professionalism/Health webinar] Ethical Dilemmas Facing Health Actuaries: Insights and Case Studies

• Nov. 13 [Virtual event] Annual Meeting of the Academy (includes Presidential & Leadership Transition)

• Dec. 3 [Webinar] Capital Markets—What Now?

• Dec. 6 [Professionalism webinar] Tales From the Dark Side 2024

• Dec. 12 [Webinar] Surplus Considerations for Public Pension Plans

• Dec. 9–10 [Seminar] Seminar on Effective P/C Loss Reserve Opinions; New Orleans

Visit the Events Calendar for a complete listing of Academy events, including links to post-webinar slides and recordings.

Coming Next Week—Actuarial Update & Envision Tomorrow Supplement

There will be no This Week next week, but look for the October Actuarial Update coming on Oct. 31. Published alongside Update will be a special supplement with in-depth coverage of Envision Tomorrow, the Academy’s annual meeting.