Academy Hosts Latest ‘Tales From the Dark Side’ Professionalism Webinar
The Academy hosted the latest edition of its popular professionalism webinar series, “Tales From the Dark Side 2022,” on Friday. Actuarial Board for Counseling and Discipline (ABCD) Chairperson John Schubert and ABCD members Shawna Ackerman and William Hines gave examples of ethical and professionalism issues based on requests for guidance (RFG) and inquiries brought before the ABCD. In RFG case studies, they discussed what to consider when a data error is discovered and when confidential information may have been revealed, as well as potential professionalism pitfalls. Slides and audio will be available soon free of charge as an Academy member benefit via the archived professionalism webinar page.
Register for Next Week’s Property/Casualty Public Policy Webinar
Join the Academy for next week’s webinar, “P/C Public Policy Update—Winter 2022.” Topics will include an overview and update on P/C risk-based capital, medical marijuana in workers’ compensation, and methods to identify bias. Casualty Vice President Amy Angell will moderate. The webinar is Tuesday, Dec. 20, from 11 a.m. to 12:15 p.m. EST. Register now.
Applicability Guidelines Updated for Several ASOPs
The Applicability Guidelines—intended to assist actuaries in identifying which actuarial standards of practice (ASOPs) might provide guidance on more common assignments—have been updated for five ASOPs that have taken effect within the last year. Of note, ASOP No. 38, on catastrophe modeling, now applies to all practice areas. Accordingly, each practice area tab within the guidelines now includes ASOP No. 38. In addition, the life tab has been updated for ASOP Nos. 2 and 22, and the health tab has been updated for ASOP Nos. 3, 22, and 28. The Academy thanks all those who participated in updating the guidelines.
P/C Loss Reserve Law Manual Available for Preorder
The P/C Loss Reserve Law Manual, updated for 2022, is available for preorder. The manual is designed to help appointed actuaries know the requirements for statements of actuarial opinion. It 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. Be among the first to have this useful reference tool—place your preorder today.
Reminder—Comments Due Jan. 15 for Proposed Life & Health ASOP
A reminder that the deadline to comment on a proposed new life and health ASOP is a month away. The proposed ASOP—Statements of Actuarial Opinion Not Based on an Asset Adequacy Analysis for Life Insurance, Annuity, or Health Insurance Reserves and Related Actuarial Items—would replace Actuarial Compliance Guideline No. 4, Statutory Statements of Opinion Not Including an Asset Adequacy Analysis by Appointed Actuaries for Life or Health Insurers. Comments are due by Jan. 15—to comment, see the exposure draft.
Professionalism Outreach
 Casualty Vice President Amy Angell led a presentation, “A Look at Ethics and Professionalism,” at the Casualty Actuaries of the Mid-Atlantic Region meeting Wednesday on what it takes to be a professional actuary and some of the ethical issues that may arise in actuarial practice. She gave overviews of the Code of Professional Conduct and the Academy’s counseling and discipline process.
Reminder—Membership Renewal Due Jan. 1; No Increase in 2023 Dues
Academy President Ken Kent’s message to members last month shared highlights from 2022 reflecting our focus on service and member value, and requesting members to renew for the coming year to support the Academy’s mission to serve the U.S. actuarial mission. It also noted that after careful consideration, there will be no member dues increase for 2023. Members are encouraged to renew their membership for 2023 by Jan. 1. Members can conveniently renew their membership and review and update their contact information and actuarial credentials by logging in to the Academy website. If you have any questions, please contact the Membership Department at (202) 223-8196 or via the membership inquiry form.
Academy Sponsoring Diversity Scholarships for 2023 Drake Symposium
Academy members are encouraged to share with actuarial students that the 2023 Drake Symposium on Insurance, which focuses on insurance and actuarial science, is offering six Academy-sponsored diversity scholarships. Recipients must be available to travel to Des Moines, Iowa, on April 14–15, 2023. The deadline to apply is Feb. 17. For more information and to apply, click here.
Public Policy in Focus
Health Solvency Subcommittee Chairperson Derek Skoog provided an update to the NAIC’s Health Risk-Based Capital (E) Working Group at NAIC’s Fall National Meeting in Tampa, Fla., on the H2 underwriting risk component and the managed care credit calculation in the health risk-based capital formula. Also at the NAIC meeting, the Life Practice Council’s (LPC) Economic Scenario Generator (ESG) Work Group submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s (LATF) Subgroup on Economic Scenario Generator Stylized Facts and Acceptance Criteria. The ESG Work Group submitted a presentation to LATF’s Subgroup on Economic Scenario Generator Corporate Credit and Bond Fund Returns. The LPC and the Life Experience Committee submitted a presentation to LATF’s Subgroup on current LPC workstreams as well as two issue briefs recently published by the committee. The C1 Work Group submitted a presentation to NAIC’s Risk-Based Capital Investment Risk and Evaluation (E) Working Group on collateralized loan obligations. The Pension Committee published a practice note, Measuring Pension Obligations for Difficult-to-Value Plan Provisions, providing information to actuaries on current or emerging practices regarding defined benefit pension plan provisions that may be difficult to adequately measure using traditional valuation procedures. The Multiemployer Plans Committee submitted comments to the Pension Benefit Guaranty Corporation (PBGC) on its proposed rule about interest rate assumptions regarding a withdrawing employer's liability under a multiemployer plan. The Cyber Risk Committee sent a letter to the U.S. Treasury Department’s Federal Insurance Office on the effectiveness of cyber-related considerations of the Terrorism Risk Insurance Program. The Economic Scenario Generator Work Group submitted a presentation to NAIC’s Life Actuarial (A) Task Force’s Subgroup on Economic Scenario Generator Corporate Credit and Bond Fund Returns.
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