This Week, September 23 - 27, 2024

EDUCATION & EVENTS

Digital Pass Option Available for Envision Tomorrow

Envision Tomorrow is a little over two weeks away—if you can’t make it in person to the Academy’s annual meeting Oct. 15–16 in Washington, D.C., a Digital Pass registration allows access to all general sessions and select practice-area breakout sessions:

• Global Risks (cross-practice general session)—Global Risks and Leadership: A Snapshot Heading into the 2024 Elections and Beyond, featuring Gen. Wesley Clark
• Financial inclusion (cross-practice, general)—Featuring Leroy Nunery (see the upcoming September Actuarial Update for more)
• AI (cross-practice, general)—AI: Seizing Opportunities and Governing Risk
• NAIC / States’ View (cross-practice, general)—Bridging the Insurance Gaps: A View from the States, featuring NAIC leaders Andrew Mais and Gary Anderson
• Longevity (cross-practice, general)—Shaping the Future: Changing Longevity from a Risk to An Opportunity, featuring AARP’s Debra Bailey Whitman
• Professionalism (general)—On the Winds of Change: An Exploration of Successful Self-Regulation in a Complicated World, featuring Center for Industry Self-Regulation Executive Director Justin Connor
• Health (breakout session)—The Focus: Incorporating Indirect Costs/Savings and Nonfinancial Outcomes in Actuarial Analysis
• P/C (breakout)—Identifying and Measuring the Impact of Mitigation Solutions for Extreme Weather Events
• Retirement (breakout)—Reforming Social Security Sooner Rather Than Later: What Will the Next Congress and President Face? What Are the Options?

Register your way—There’s still time to join us in Washington, D.C., or join us virtually. Register today. See the online agenda for the latest updates—whether you attend or not, explore the event app!

New Members/Digital Pass—New Academy members have special access to the virtual sessions via the Digital Pass— for details on registration and information about this exclusive benefit, contact the Membership Department.

Limited Space Remains for November’s LHQ Seminar
Only a few spots remain for the 2024 Life and Health Qualifications Seminar, being held Nov. 4–7 just outside Washington, D.C. The annual LHQ Seminar for life and health actuaries will be held at the Hyatt Regency Crystal City in Arlington, Va. Secure your spot—register today.

PROFESSIONALISM

Professionalism Webinar Covers GenAI Issues & More

Friday’s professionalism webinar—Actuarial Professionalism: It’s Important!—featured Committee on Professional Responsibility (COPR) members Shawn Parks, Matt Wininger, and Kathleen Wong, who examined professionalism issues facing actuaries as new areas of practice and new technologies such as generative artificial intelligence (GenAI) emerge.

Wininger noted that professionalism standards apply to actuarial work regardless of whether GenAI is involved, adding that actuaries should ask themselves two key questions: “Is using GenAI appropriate for the assignment?” and “How does my use of AI tools meet my professionalism responsibilities?”

Wong discussed self-regulation, highlighting what to consider when working in developing areas of practice. Parks looked at the “professionalism toolbox,” including helpful tools such as peer review, requests for guidance, and reliance statements. Member-only access to the recording archive of this highly rated webinar will be available soon.

• Read More—Wininger takes a deeper dive into the subject—and COPR’s recent Actuarial Professionalism Considerations for Generative AI discussion paper—in the September “Professionalism Counts,” coming in Actuarial Update on Monday.

PUBLIC POLICY

DSAC Issue Paper Examines Big Data Terminology

The Data Science and Analytics Committee released an issue paper, Defining Big Data, which is intended to build a shared language and concepts of big data and associated themes for actuaries, regulators, and interested parties.

Issue Brief Covers Collective Defined Contribution Plans

The Retirement Policy and Design Evaluation Committee released Collective Defined Contribution Plans, an issue brief that defines Collective Defined Contribution (CDC) plans broadly, gives examples of CDC plans in other countries, and discusses advantages and criticisms of CDC plans—and options to address those criticisms.

Public Policy in Brief

• Life Policy Analyst Amanda Barry-Moilanen attended the American Council of Life Insurers (ACLI) annual meeting in Chicago, which had sessions on issues including financial and longevity literacy, reinsurance, hot topics in investments and the annuity market, technology advances and AI, and the changing regulatory environment.

• The Long-Term Care (LTC) Committee submitted comments to the NAIC’s LTC Actuarial (B) Working Group in response to the work group’s request for comments on Proposals A and B as candidates for a Single LTCI Multistate Rate Review Approach.

Visit the Public Policy webpage to stay on top of the latest news and activity.

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 the senior executive on all actuarial matters, and serve as an advisor to the FEMA Administrator, when necessary. For more and to apply, visit USAJOBS.

• The Academy has long supported government employers who are seeking to engage qualified actuaries. For more, see our Public Employment Opportunity Posting Policy.

OUTREACH & NEWS

Actuary Voices Features Ari Moskowitz

The latest Actuary Voices features Academy volunteer Ari Moskowitz, a board member of the Network of Actuarial Women and Allies, who discusses the importance of allyship and diversity, and challenges faced by the profession. Subscribe to Actuary Voices wherever you get your favorite podcasts.

Academy Attends FIO Roundtable on AI

Academy Board member and DSAC Chairperson Dorothy Andrews and Risk Management and Financial Reporting Policy Analyst Will Behnke attended Tuesday’s U.S. Federal Insurance Office (FIO) stakeholder roundtable focused on AI in the financial services sector. Their participation follows an August DSAC letter on the topic to the U.S. Department of the Treasury, within which FIO resides.

Actuarially Sound Highlights Climate Issues

An Actuarially Sound blog on World Environmental Health Day, which was Thursday, covers the critical role actuaries play in helping insurers address changing climate risks.

Make Your Voice Heard—Take the Actuarial Update User Survey

The Academy is surveying members to ensure that Actuarial Update is delivering the best content in a format that’s useful to you. We’ll use the results of the survey to improve the publication and align Update with members’ needs. It should take no more than three minutes of your time—take the survey and help us continue to deliver high-quality content that you rely on.

• Kiplinger published a story on the Actuaries Longevity Illustrator, sponsored jointly by the Academy and the Society of Actuaries.

EVENTS CALENDAR

• Oct. 15–16 [Annual Meeting] Envision Tomorrow 2024; Washington, D.C.

• 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

• Dec 3 [Webinar] Retirement Capital Markets Update

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

• 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

The September Actuarial Update, coming Monday, includes an interview with Envision Tomorrow keynote speaker Leroy Nunery, who will speak on financial inclusion; an update from Academy President Lisa Slotznick on evolving membership requirements; and the Academy’s 2024 awards recipients.