Only have a minute? Catch up on the week’s top stories with the latest “This Week … In a Minute” video. Subscribe to our YouTube channel to receive alerts as new videos are released.
Annual Meeting Adds Digital Pass Option; Early Registration Extended
There’s still time to save on your registration for the Academy’s “Envision Tomorrow: 2022 Annual Meeting”—early discounts have been extended through Sept. 30. The Academy has also added a Digital Pass virtual option that will allow viewing of general sessions and a curated selection of practice-area breakout sessions. The online agenda is now available for the two-day event, to be held Nov. 2–3 in Washington, D.C., which will include breakout sessions in casualty, health, life, and pension; networking opportunities including two receptions; a Fun Run; and an evening bus ride showcasing the capital city’s monuments.
Save $200 by registering by Sept. 30. First-time attendee? Use the code ENVISION to save $100 more. Register today.
OVA Recipients Announced; Will Receive Awards at Annual Meeting
The Academy announced three recipients of the 2022 Outstanding Volunteerism Award (OVA), which honors volunteers who have performed conspicuously above and beyond reasonably expected Academy volunteer duties and responsibilities. The OVAs will be presented at the Academy’s “Envision Tomorrow: 2022 Annual Meeting,” Nov. 2–3 in Washington, D.C.
Katie Campbell will receive an OVA in recognition of her effective and diligent leadership in managing the complexities and pressures of the revision process resulting in the release of the 2022 U.S. Qualification Standards (USQS). One of the most important—and challenging—professionalism functions of the Academy is to ensure the USQS remain appropriate, timely, and clear, and Campbell led the exposure process and the Committee on Qualifications’ consideration of hundreds of comments that reflected diverse viewpoints with balance, acumen, and determination.
Dave Evans was recognized for his valuable contributions as a member of the P/C Extreme Events and Property Lines Committee, in particular leading the update of Wildfire: An Issue Paper—Lessons Learned from the 2017–2021 Events. He also went “the extra mile” in calling attention to the committee’s important work, including presenting at the Academy’s Annual Meeting, in a webinar, a Q&A on the topic with the Academy’s Casualty Quarterly publication, and informing policymakers during the Casualty Practice Council’s (CPC) meetings with federal lawmakers and policymakers on Capitol Hill in Washington, D.C.
Norman Niami will receivethe award based on his exceptional leadership and high level of engagement in promoting the outstanding work of the Cyber Risk Task Force (CRTF), for which he is chairperson, for the task force’s important contribution to both the profession and external audiences. The CRTF has updated and expanded the scope of the Cyber Risk Toolkit, and Niami also participated in Academy webinars and events, did a multimedia interview with Contingencies on cyber risk issues, and presented to policymakers in the CPC’s Capitol Hill meetings.
Answer the Call to Help Support the Academy’s Mission
A reminder that the Academy’s annual Call for Volunteers survey is open through the middle of next week. Volunteers fulfill a crucial role in assisting the Academy in continuing to enrich, support, and strengthen the profession’s standards, conduct, and practice, and provide essential professionalism resources for the entire U.S. actuarial profession. Academy volunteers are critical in developing vital, independent, nonpartisan, and objective public policy analysis to inform policymakers. The survey deadline is Wednesday, Sept. 21—answer the call to indicate your interest in joining your colleagues in volunteering, through short- and longer-term options, to support the mission to serve the U.S. actuarial profession and the public by taking the survey today.
Registration Open for December’s P/C Loss Seminar
Registration is open for the Academy’s annual Seminar on Effective P/C Loss Reserve Opinions, designed for property/casualty (P/C) actuaries who prepare or assist with preparing NAIC annual statements of actuarial opinion on P/C loss reserves. The agenda, updated for 2022, will include a new session that explores what to do when things go wrong in opinion writing, and a session on qualifications that will focus on the recently revised USQS. Make plans to join us for this highly regarded event, which will be held Dec. 5–6 at the Marriott Phoenix (Ariz.) Airport. Early registration rates are available—register today.
Actuary Voices Features Annual Meeting Speaker, ‘The Ethics Guy’ Bruce Weinstein
The latest Actuary Voices podcast features a one-on-one with Bruce Weinstein, a.k.a. “The Ethics Guy,” who will lead a professionalism general session at the Academy’s “Envision Tomorrow: 2022 Annual Meeting” in November. Weinstein offers a lively and wide-ranging description of how he became interested in ethics after reading Plato as a teenager followed by studies at Georgetown University, and gives a preview of what he will discuss in “The Ethically Intelligent Actuary” general session. Actuary Voices is available wherever you get your favorite podcasts.
Upcoming Webinars to Cover Professionalism, Cross-Practice Issues
“Cover Your Assets: The Changing Asset Profile of Insurers and Implications for Actuaries,” a life and risk management & financial reporting webinar, will offer insight into changes resulting in more complex securities on life insurers’ balance sheets, the types of risks that these assets bring, and approaches actuaries can use to quantify those risks. This webinar will be on Wednesday, Sept. 28, from 12:30 to 2 p.m. EDT. Register today.
“ASOP No. 41, Actuarial Communications: Your Feedback Matters,” a professionalism and cross-practice webinar, will cover the Actuarial Standards Board’s (ASB) approval of an exposure draft of a proposed revision of Actuarial Standard of Practice (ASOP) No. 41, Actuarial Communications, which applies to actuaries when issuing actuarial communications in any form (written, electronic, or oral) within any practice area. This webinar—which offers USQS professionalism credit and JBEA core credit—will be on Friday, Sept. 30, from noon to 1:30 p.m. EDT. Register now.
Academy Hosts Three Public Policy Webinars
The Academy hosted three webinars this week. As a member benefit, webinar recordings, including slides and audio, will be available free to logged-in Academy members in the online webinar archive. The webinars were:
“Discussion of Variable Annuity Plans Practice Note,” which reviewed the Variable Annuity Plans practice note published in 2019, relevant for private, multiemployer, and public defined benefit (DB) pension plans that contain variable annuities.
“Fixed Annuity PBR Framework Updates,” which examined the latest updates and developments for the future fixed annuity principle-based reserving (PBR) framework (VM-22). Presenters gave an overview of the proposed methodology, along with updates on regulatory discussions.
JBEA Seeks Applications for Actuarial Examinations Advisory Committee
The Joint Board for the Enrollment of Actuaries (JBEA) is seeking applications for the next term of its Advisory Committee on Actuarial Examinations, which will run from March 1, 2023, through Feb. 28, 2025. The committee plays an integral role in the JBEA’s examination program by assisting in offering examinations that enable examination candidates to demonstrate the knowledge necessary to qualify for enrollment. For more information, see the article on the IRS website. Applications are being accepted through Dec. 6—interested individuals can find application instructions in the Sept. 6 Federal Registernotice.
Professionalism Outreach
ASB member Laura Hanson gave a professionalism presentation on “The ASOP Advantage” to a large audience of Pacific Life actuaries on Sept. 8. The presentation provided an overview of the ASB; the purpose, structure, and status of ASOPs; and the standards-setting process. Hanson provided insights on the value to the profession and to individual actuaries of the ASB’s role, ASOPs, becoming familiar and engaged with ASOPs and ASB standards-setting, and encouraged the audience to get involved.
Professionalism Speakers Bureau—The Academy provides qualified speakers to actuarial clubs and organizations to help members fulfill their professionalism continuing education requirements. For more information, visit the Academy website.
Public Policy in Focus
The Medicaid Committee released an issue brief, Medicaid Managed Care State-Directed Payments—A Primer, which discusses how these payments have evolved from supplemental and pass-through payments; recent changes to federal guidance governing them; and recommendations from the Medicaid and CHIP Payment and Access Commission (MACPAC).
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
An ETF Trends retirement planning column used data from the jointly sponsored Actuaries Longevity Illustrator to illustrate the importance of addressing longevity risk.
The Academy & CAS will collaborate to host next week’s annual Casualty Loss Reserve Seminar in St. Louis. Academy representatives will present on numerous topics at the event. Assistant Director for Research (Public Policy) Steve Jackson will moderate the panel “Can’t Stand the Heat,” on physical risk and disclosures related to climate change, which will look at the Actuaries Climate Risk Index, and will present research originating in the ERM/ORSA Committee’s Climate Related Financial Disclosures Work Group. Several sessions will look at ASOPs, including professionalism issues, and Lisa Slotznick, who was nominated earlier this year to be the Academy’s next president-elect, will co-present along with Ken Williams from the CAS in a USQS session.
PLEASE DO NOT REPLY TO THIS EMAIL. THIS EMAIL ADDRESS IS NOT MONITORED.
To update your Academy email communication preferences, please login and update your Academy member profile.
1850 M Street NW • Suite 300 • Washington, DC 20036 • 202.223.8196 • www.actuary.org
Copyright 2022 American Academy of Actuaries. All rights reserved.