Virtual ‘Digital Pass’ Available for Annual Meeting; Professionalism Session Preview
Not able to attend the Academy’s upcoming Annual Meeting in person? Get virtual access to Envision Tomorrow: 2022 Annual Meeting with the Digital Pass. This pass provides online access to all general sessions plus a select offering of breakout sessions, including “Cyber Risk” (cross-practice); “Climate Change and Health” (cross-practice); and “The Emergence of Private Equity and Life Insurance” (life). Virtual viewers will also have the chance to earn up to 13.5 hours of continuing education (CE) credit, including professionalism CE.
Curious about the agenda? Watch this video from Bruce Weinstein—also known as “The Ethics Guy”—for a preview of the Nov. 3 professionalism session, “The Ethically Intelligent Actuary,” which will be available to both onsite attendees and virtual viewers. The Academy’s annual premier event is just a few weeks away—register today to join us in the nation’s capital Nov. 2–3 or to participate virtually in the event.
Committee Releases Big Data Issue Brief
The Data Science and Analytics Committee produced an issue brief, Big Data and Algorithms in Actuarial Modeling and Consumer Impacts, which outlines big data issues confronting the actuarial profession and presents a pathway for working with regulators to resolve them. It lays the foundation for a robust discussion on how big data and artificial intelligence are impacting the consumer insurance experience, and how insurers and regulators can collaborate to resolve harmful impacts without stifling innovation. This topic will be explored more in a general session, available to both onsite and virtual viewers, at the Academy’s Envision Tomorrow: 2022 Annual Meeting.
Academy Highlights Cyber Risk Toolkit for Cybersecurity Awareness Month
October is National Cybersecurity Awareness Month. In case you missed it, the Casualty Practice Council’s Cyber Risk Task Force (CRTF) updated the Cyber Risk Toolkit twice this year—and plans an additional update in the near future—to reflect the latest developments in this fast-evolving area. Contingencies’ December 2021 web exclusive also took a deep-dive look into cyber risk, cybercrime, and cybersecurity issues—and featured an interview with CRTF Chairperson Norman Niami, who will discuss the topic with subject-matter experts at the Academy’s Envision Tomorrow: 2022 Annual Meeting in a Nov. 2 breakout session on cyber risk, available to both onsite and virtual viewers.
ASB Approves Exposure Draft of ACG No. 4 Conversion Into Proposed ASOP
The Actuarial Standards Board (ASB) approved an exposure draft of a conversion of Actuarial Compliance Guideline (ACG) No. 4, Statutory Statements of Opinion Not Including an Asset Adequacy Analysis by Appointed Actuaries for Life or Health Insurers, into a proposed actuarial standard of practice (ASOP) now titled Statements of Actuarial Opinion Not Based on an Asset Adequacy Analysis for Life Insurance, Annuity, or Health Insurance Reserves and Related Actuarial Items. The comment deadline is Jan. 15, 2023—information on how to submit comments can be found in the exposure draft.
Register Now for Upcoming Life, Risk Management, and P/C Public Policy Webinars
Register today for the Academy’s October public policy webinars, including for either or both of the two coming up next week.
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The Life Practice Council (LPC) will host “Economic Turmoil and Life Insurance—What’s an Actuary to Do?” Presenters from the LPC’s Life Experience Committee will discuss inflation and secondary impacts, as well as sources offering information on economic variables. The webinar is next Wednesday, Oct. 19, from noon to 1:30 p.m. EDT; register now.
“The Application of ASU 2018-12 to the Accounting for Long-Duration Contracts Under US GAAP—Part 2” is the second installment of a three-part Risk Management and Financial Reporting Council webinar series. It will examine the Financial Accounting Standards Board Accounting Standard Update (ASU)—specifically on the Application of ASU 2018-12 to the Accounting for Long-Duration Contracts Under U.S. GAAP practice note exposure developed by the Financial Reporting Committee’s Long-Duration Contracts Work Group. This webinar will be on Thursday, Oct. 20, from 1:30 to 3 p.m. EDT. Register today. “2022 Update to the P/C Risk Transfer Practice Note,” a P/C webinar, will provide an overview of the updated, soon-to-be released Risk Transfer Practice Note. This webinar is set for Tuesday, Oct. 25, from 12:30 to 2 p.m. EDT. Register today.
Academy Outreach
Actuarial Standards Board (ASB) and Life Practice Council (LPC) member Laura Hanson gave a virtual presentation Monday to Illinois State University’s student actuarial club introducing them to the Academy’s work. “The American Academy of Actuaries: Serving the Public and the U.S. Actuarial Profession” outlined the Academy’s background, vision, and mission, and provided students with a high-level look at our public policy and professionalism activities, and membership benefits and requirements. Hanson did a Q&A with students following her presentation.
Public Policy in Focus
The Pension Practice Council’s Pension, Public Plans, and Multiemployer Plans committees released a discussion brief that provides a source of information to actuaries seeking to better understand the considerations and complexities when using augmented pension mortality assumptions. The Life Experience Committee released a discussion brief on inflation, interest rates, stock market volatility, and potential recession on the life insurance business. The Annuity Reserves and Capital Work Group, Variable Annuity Reserves and Capital Work Group, and Life Reserves Work Group submitted a comment letter to the National Association of Insurance Commissioners’ Life Actuarial (A) Task Force on APF 2022-04 Swap Spreads and the transition from LIBOR to SOFR.
Visit the Public Policy page to stay on top of the latest news and activities.
In the News
Multiemployer Plans Committee Chairperson Christian Benjaminson commented to Pensions & Investments on the release of a proposed Pension Benefit Guaranty Corporation rule on plan withdrawal liability. An AOL retirement planning article cited the Academy’s jointly produced Actuaries Longevity Illustrator to explain longevity risk.
Events Calendar
Save the Dates—November, December Webinars
November and December will include more opportunities to earn CE, with the following webinars planned:
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Nov. 9—Life webinar on principle-based reserving.
Nov. 15—Pension webinar that will review the new discussion brief, Actuarial Considerations When Using Augmented Mortality Models. Dec. 16—Return of the popular “Tales From the Dark Side” professionalism webinar.
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