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implementation.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY The American Academy of Actuaries’ Life Practice Council is presenting a webinar to look at COVID-19’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Experts in the insurance field will: Explore possible impacts on life insurance operations including underwriting andpricing.
MAGIC SCHOOL BUS
The Magic School Bus Takes a Risk: A Book about Probability is currently on back order.More books will be available for purchase in August. If you have any questions, please contact David Nolan, Director of Communications, at nolan@actuary.org. In this custom-designed book for the Academy, Ms. Frizzle leads an adventure-filled field trip where the children meet Maxine, anactuary.
IMPACT OF COVID-19 ON LONG-TERM CARE INSURANCE 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Cori Uccelo, Senior Health Fellow HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. AN OVERVIEW OF CONTINGENT DEFERRED ANNUITIES 1850 M Street NW Suite 300 Washington, DC 20036 Telephone 202 223 8196 Facsimile 202 872 1948 www.actuary.org 1 An Overview of ContingentDeferred Annuities
VALUING BENEFITS PAYABLE AS A LUMP SUM A Public Policy Practice Note 2 Valuing Benefits Payable as a Lump Sum This practice note is not a promulgation of the Actuarial Standards Board (ASB), is not an STATEMENT OF STATUTORY ACCOUNTING PRINCIPLES NO. 61 SSAP No. 61R Statement of Statutory Accounting Principles 61R–4 7. There are also reasons why a reporting entity might retain less than its defined maximum. DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potential PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY The American Academy of Actuaries’ Life Practice Council is presenting a webinar to look at COVID-19’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Experts in the insurance field will: Explore possible impacts on life insurance operations including underwriting andpricing.
MAGIC SCHOOL BUS
The Magic School Bus Takes a Risk: A Book about Probability is currently on back order.More books will be available for purchase in August. If you have any questions, please contact David Nolan, Director of Communications, at nolan@actuary.org. In this custom-designed book for the Academy, Ms. Frizzle leads an adventure-filled field trip where the children meet Maxine, anactuary.
IMPACT OF COVID-19 ON LONG-TERM CARE INSURANCE 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Cori Uccelo, Senior Health Fellow HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. AN OVERVIEW OF CONTINGENT DEFERRED ANNUITIES 1850 M Street NW Suite 300 Washington, DC 20036 Telephone 202 223 8196 Facsimile 202 872 1948 www.actuary.org 1 An Overview of ContingentDeferred Annuities
VALUING BENEFITS PAYABLE AS A LUMP SUM A Public Policy Practice Note 2 Valuing Benefits Payable as a Lump Sum This practice note is not a promulgation of the Actuarial Standards Board (ASB), is not an STATEMENT OF STATUTORY ACCOUNTING PRINCIPLES NO. 61 SSAP No. 61R Statement of Statutory Accounting Principles 61R–4 7. There are also reasons why a reporting entity might retain less than its defined maximum. DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries.ACADEMY MEMBERSHIP
Academy Membership. The American Academy of Actuaries is the one actuarial association representing actuaries from all practice areas. More than 19,500 have joined the Academy to become the unified voice of U.S. actuaries, and dedicate themselves to fostering the highest standards of professionalism and sound public policy. HOW TO APPLY FOR MEMBERSHIP? How to apply. “Print out, complete, and mail the online application form. The completed form should be addressed to Kasha Shelton, American Academy of Actuaries, 1850 M Street NW, Suite 300, Washington, DC 20036. Due to the current COVID-19 crisis, as of April 1, 2020 and until further notice, applicants can mail, fax (202-872-1942), or email THE RETIREMENT REPORT, SPRING 2021 The spring issue of The Retirement Report covers the Pension Practice Council’s (PPC) recent “Hill visits”—virtual visits with federal officials and Capitol Hill offices discussing a number of key pension topics pertaining to Social Security, multiemployer pension plans, lifetime income, and retirement security. Also in the issue, recent PPC issue briefs, one on the security of pension ACTUARIES CLIMATE INDEX DOWN SLIGHTLY IN LATEST FIVE-YEAR Fall 2020 data update lowers index benchmark for the first time since 2017. Washington, D.C., Arlington, VA, Schaumburg, IL, and Ottawa, ON (June 8, 2021) –– The five-year moving average of the Actuaries Climate Index (actuariesclimateindex.org) fell for the first time since 2017, according to the latest data release that includes fall 2020.The five-year moving average now sits at 1.22 THE RETIREMENT REPORT, SPRING 2021 In the News. A CNBC story on the multiemployer provisions of the American Rescue Plan Act of 2021 cited the Academy’s June 2017 issue brief providing an overview of multiemployer pension system issues. The story was reprinted by NBC Los Angeles and NBC DFW.. A Plan Sponsor story quoted Pension Committee member Rachel Barnes from the April 27 webinar, “Risk-Sharing PlanVM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
THIS WEEK, JUNE 7- 11, 2021 Academy Holds Successful Virtual PBR Boot Camp. Annuity Reserve and Capital Work Group Chairperson Ben Slutsker presents at a session. The Academy held a successful interactive Virtual PBR Boot Camp Mondaythrough Wednesday.
ACTUARIES CLIMATE INDEX DOWN SLIGHTLY IN LATEST FIVE-YEAR Contact: media@actuariesclimateindex.org Actuaries Climate Index Down Slightly in Latest Five-Year Average Fall 2020 data update lowers index benchmark for the first time since 2017 MODEL GOVERNANCE CHECKLIST 8 MODEL GOVERNANCE CHECKLIST C9 Are the components of an assumption defined and documented, including the raw experience data, margin, asset spreads, and projected changes to the margins (e.g., mortality improvement)? C10 Does the assumption documentation address the independence of each assumption? If stochastic or deterministic modeling is being performed, does the documentation DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potential THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY The American Academy of Actuaries’ Life Practice Council is presenting a webinar to look at COVID-19’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Experts in the insurance field will: Explore possible impacts on life insurance operations including underwriting andpricing.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance. PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findingsVM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to LIFE PRINCIPLE-BASED RESERVES (PBR) UNDER VM-20 (2020 VERSION) A PUBLIC POLICY PRACTICE NOTE Life Principle-Based Reserves (PBR) Under VM-20. April 2020 . Developed by the Life Principle-Based Approach Practice Note AN OVERVIEW OF CONTINGENT DEFERRED ANNUITIES 1850 M Street NW Suite 300 Washington, DC 20036 Telephone 202 223 8196 Facsimile 202 872 1948 www.actuary.org 1 An Overview of ContingentDeferred Annuities
TELEHEALTH – THEORY, PRACTICE, AND POTENTIAL The delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potential THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY The American Academy of Actuaries’ Life Practice Council is presenting a webinar to look at COVID-19’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Experts in the insurance field will: Explore possible impacts on life insurance operations including underwriting andpricing.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance. PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findingsVM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to LIFE PRINCIPLE-BASED RESERVES (PBR) UNDER VM-20 (2020 VERSION) A PUBLIC POLICY PRACTICE NOTE Life Principle-Based Reserves (PBR) Under VM-20. April 2020 . Developed by the Life Principle-Based Approach Practice Note AN OVERVIEW OF CONTINGENT DEFERRED ANNUITIES 1850 M Street NW Suite 300 Washington, DC 20036 Telephone 202 223 8196 Facsimile 202 872 1948 www.actuary.org 1 An Overview of ContingentDeferred Annuities
TELEHEALTH – THEORY, PRACTICE, AND POTENTIAL The delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the ACTUARIES CLIMATE INDEX DOWN SLIGHTLY IN LATEST FIVE-YEAR Fall 2020 data update lowers index benchmark for the first time since 2017. Washington, D.C., Arlington, VA, Schaumburg, IL, and Ottawa, ON (June 8, 2021) –– The five-year moving average of the Actuaries Climate Index (actuariesclimateindex.org) fell for the first time since 2017, according to the latest data release that includes fall 2020.The five-year moving average now sits at 1.22 THE RETIREMENT REPORT, SPRING 2021 In the News. A CNBC story on the multiemployer provisions of the American Rescue Plan Act of 2021 cited the Academy’s June 2017 issue brief providing an overview of multiemployer pension system issues. The story was reprinted by NBC Los Angeles and NBC DFW.. A Plan Sponsor story quoted Pension Committee member Rachel Barnes from the April 27 webinar, “Risk-Sharing Plan AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings THIS WEEK, JUNE 7- 11, 2021 Academy Holds Successful Virtual PBR Boot Camp. Annuity Reserve and Capital Work Group Chairperson Ben Slutsker presents at a session. The Academy held a successful interactive Virtual PBR Boot Camp Mondaythrough Wednesday.
HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to ACTUARIES CLIMATE INDEX DOWN SLIGHTLY IN LATEST FIVE-YEAR Contact: media@actuariesclimateindex.org Actuaries Climate Index Down Slightly in Latest Five-Year Average Fall 2020 data update lowers index benchmark for the first time since 2017 MARKET CONSISTENT EMBEDDED VALUES 1850 M Street NW, Suite 300 Washington, D.C. 20036 202-223-8196 FAX 202-872-1948 www.actuary.org Market Consistent Embedded Values A Public Policy PrActice note JUNE 11, 2021 CHAIR U.S. SECURITIES AND EXCHANGE 1850 M Street NW Suite 300 Washington, DC 20036 Telephone 202 223 8196 Facsimile 202 872 1948 www. actuary.org . losses during the period1991–2016
AMERICAN ACADEMY OF ACTUARIES The American Academy of Actuaries' mission is to serve the public and the United States actuarial profession. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE The Spring Life Perspectives has an inside look at the Academy’s VM-22 In Brief document, by Donna Claire, chairperson of the PBR Implementation Work Group, and chairperson of the VM-22 Subgroup.Also in the issue, previews of the upcoming PBR Boot Camp, recent Life Practice Council work group comments to the NAIC, and life-practice federal and state legislative and regulatory activity. THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY The American Academy of Actuaries’ Life Practice Council is presenting a webinar to look at COVID-19’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Experts in the insurance field will: Explore possible impacts on life insurance operations including underwriting andpricing.
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance. ECONOMIC SCENARIO GENERATORSVM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. IMPACT OF COVID-19 ON LONG-TERM CARE INSURANCE 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Cori Uccelo, Senior Health Fellow MARKET CONSISTENT EMBEDDED VALUES 1850 M Street NW, Suite 300 Washington, D.C. 20036 202-223-8196 FAX 202-872-1948 www.actuary.org Market Consistent Embedded Values A Public Policy PrActice note MODEL GOVERNANCE CHECKLIST 8 MODEL GOVERNANCE CHECKLIST C9 Are the components of an assumption defined and documented, including the raw experience data, margin, asset spreads, and projected changes to the margins (e.g., mortality improvement)? C10 Does the assumption documentation address the independence of each assumption? If stochastic or deterministic modeling is being performed, does the documentation HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE The Spring Life Perspectives has an inside look at the Academy’s VM-22 In Brief document, by Donna Claire, chairperson of the PBR Implementation Work Group, and chairperson of the VM-22 Subgroup.Also in the issue, previews of the upcoming PBR Boot Camp, recent Life Practice Council work group comments to the NAIC, and life-practice federal and state legislative and regulatory activity. THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY The American Academy of Actuaries’ Life Practice Council is presenting a webinar to look at COVID-19’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Experts in the insurance field will: Explore possible impacts on life insurance operations including underwriting andpricing.
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance. ECONOMIC SCENARIO GENERATORSVM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. IMPACT OF COVID-19 ON LONG-TERM CARE INSURANCE 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Cori Uccelo, Senior Health Fellow MARKET CONSISTENT EMBEDDED VALUES 1850 M Street NW, Suite 300 Washington, D.C. 20036 202-223-8196 FAX 202-872-1948 www.actuary.org Market Consistent Embedded Values A Public Policy PrActice note MODEL GOVERNANCE CHECKLIST 8 MODEL GOVERNANCE CHECKLIST C9 Are the components of an assumption defined and documented, including the raw experience data, margin, asset spreads, and projected changes to the margins (e.g., mortality improvement)? C10 Does the assumption documentation address the independence of each assumption? If stochastic or deterministic modeling is being performed, does the documentation ACTUARIES CLIMATE INDEX DOWN SLIGHTLY IN LATEST FIVE-YEAR Fall 2020 data update lowers index benchmark for the first time since 2017. Washington, D.C., Arlington, VA, Schaumburg, IL, and Ottawa, ON (June 8, 2021) –– The five-year moving average of the Actuaries Climate Index (actuariesclimateindex.org) fell for the first time since 2017, according to the latest data release that includes fall 2020.The five-year moving average now sits at 1.22 CONTINUING EDUCATION Continuing Education. The Academy’s Annual Meeting and Public Policy Forum is an excellent way to remain current with the latest public policy and professionalism developments affecting your practice, while meeting your continuing education (CE) requirements and networking with your colleagues. Attendees can earn organized activity CE credits ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
ACADEMY MEMBERSHIP
Academy Membership. The American Academy of Actuaries is the one actuarial association representing actuaries from all practice areas. More than 19,500 have joined the Academy to become the unified voice of U.S. actuaries, and dedicate themselves to fostering the highest standards of professionalism and sound public policy. ACTUARIES CLIMATE INDEX DOWN SLIGHTLY IN LATEST FIVE-YEAR Contact: media@actuariesclimateindex.org Actuaries Climate Index Down Slightly in Latest Five-Year Average Fall 2020 data update lowers index benchmark for the first time since 2017VM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to MODEL GOVERNANCE CHECKLIST 8 MODEL GOVERNANCE CHECKLIST C9 Are the components of an assumption defined and documented, including the raw experience data, margin, asset spreads, and projected changes to the margins (e.g., mortality improvement)? C10 Does the assumption documentation address the independence of each assumption? If stochastic or deterministic modeling is being performed, does the documentationCOMMITTEE UPDATE
1850 M Street NW Suite 300 Washington, DC 20036 Telephone 202 223 8196 Facsimile 202 872 1948 www.actuary.org The committee thanks the representatives from the agencies for the opportunity to FUNDAMENTALS OF PENSION ACCOUNTING AND FUNDING Fundamentals of Current Pension Funding and Accounting For Private Sector Pension Plans An Analysis by the Pension Committee of the American Academy of Actuaries HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE The Spring Life Perspectives has an inside look at the Academy’s VM-22 In Brief document, by Donna Claire, chairperson of the PBR Implementation Work Group, and chairperson of the VM-22 Subgroup.Also in the issue, previews of the upcoming PBR Boot Camp, recent Life Practice Council work group comments to the NAIC, and life-practice federal and state legislative and regulatory activity. THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY The American Academy of Actuaries’ Life Practice Council is presenting a webinar to look at COVID-19’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Experts in the insurance field will: Explore possible impacts on life insurance operations including underwriting andpricing.
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance.VM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. LIFE PRINCIPLE-BASED RESERVES (PBR) UNDER VM-20 (2020 VERSION) A PUBLIC POLICY PRACTICE NOTE Life Principle-Based Reserves (PBR) Under VM-20. April 2020 . Developed by the Life Principle-Based Approach Practice Note TELEHEALTH – THEORY, PRACTICE, AND POTENTIAL The delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE The Spring Life Perspectives has an inside look at the Academy’s VM-22 In Brief document, by Donna Claire, chairperson of the PBR Implementation Work Group, and chairperson of the VM-22 Subgroup.Also in the issue, previews of the upcoming PBR Boot Camp, recent Life Practice Council work group comments to the NAIC, and life-practice federal and state legislative and regulatory activity. THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY The American Academy of Actuaries’ Life Practice Council is presenting a webinar to look at COVID-19’s impacts on the life insurance industry and explore the near- and longer-term effects on life insurance. Experts in the insurance field will: Explore possible impacts on life insurance operations including underwriting andpricing.
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance.VM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. LIFE PRINCIPLE-BASED RESERVES (PBR) UNDER VM-20 (2020 VERSION) A PUBLIC POLICY PRACTICE NOTE Life Principle-Based Reserves (PBR) Under VM-20. April 2020 . Developed by the Life Principle-Based Approach Practice Note TELEHEALTH – THEORY, PRACTICE, AND POTENTIAL The delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the HOMEPAGE | AMERICAN ACADEMY OF ACTUARIES The Spring Life Perspectives has an inside look at the Academy’s VM-22 In Brief document, by Donna Claire, chairperson of the PBR Implementation Work Group, and chairperson of the VM-22 Subgroup.Also in the issue, previews of the upcoming PBR Boot Camp, recent Life Practice Council work group comments to the NAIC, and life-practice federal and state legislative and regulatory activity. HEALTH INSURANCE RISK MITIGATION MECHANISMS AND COVID-19 The COVID-19 pandemic has introduced new uncertainties into the development of premium rates for 2021. Each year, the American Academy of Actuaries Individual and Small Group Markets Committee publishes a public policy issue brief outlining the major factors driving premium changes for the next plan year. Unlike those previous issue briefs ECONOMIC SCENARIO GENERATORS The Academy and the Society of Actuaries (SOA) have joined resources to manage the economic scenario generators used in regulatory reserve and capital calculations. The latest version of the interest rate and equity generator is now on the SOA website. The SOA will provide frontline support and maintenance for the economic scenariogenerators.
AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ACTUARIES CLIMATE INDEX DOWN SLIGHTLY IN LATEST FIVE-YEAR Contact: media@actuariesclimateindex.org Actuaries Climate Index Down Slightly in Latest Five-Year Average Fall 2020 data update lowers index benchmark for the first time since 2017 IMPACT OF COVID-19 ON LONG-TERM CARE INSURANCE 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Cori Uccelo, Senior Health Fellow NOVEMBER 2020 CYBER BREACH REPORTING REQUIREMENTS 5 Scope—Entity or entities to whom notification requirements and other aspects of the law are applicable Covered Information—the personal identifying information (PII) that would trigger the statute if exposed to breach Form of Covered Information—whether electronic, written, or other form is covered Breach Definition—how a violation is defined by the statute MODEL GOVERNANCE CHECKLIST 8 MODEL GOVERNANCE CHECKLIST C9 Are the components of an assumption defined and documented, including the raw experience data, margin, asset spreads, and projected changes to the margins (e.g., mortality improvement)? C10 Does the assumption documentation address the independence of each assumption? If stochastic or deterministic modeling is being performed, does the documentation USE OF THE AVR/IMR IN CASH FLOW TESTING LIFE PRACTICE NOTE 1995–5 December 1995 PN015/L95-05 Use of the AVR/IMR in Cash Flow Testing Introduction This practice note was prepared by a work group organized by DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potential PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance.VM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to COMMITTEE ON PROPERTY AND LIABILITY FINANCIAL REPORTING The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2020), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations. LIFE PRINCIPLE-BASED RESERVES (PBR) UNDER VM-20 (2020 VERSION) A PUBLIC POLICY PRACTICE NOTE Life Principle-Based Reserves (PBR) Under VM-20. April 2020 . Developed by the Life Principle-Based Approach Practice Note HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. TELEHEALTH – THEORY, PRACTICE, AND POTENTIAL The delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potential PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance.VM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications to COMMITTEE ON PROPERTY AND LIABILITY FINANCIAL REPORTING The Committee on Property and Liability Financial Reporting's practice note on Statements of Actuarial Opinion on P/C Loss Reserves (2020), including discussion regarding changes in the NAIC Annual Statement Instructions—Property/Casualty (NAIC Annual Statement Instructions) regarding the Actuarial Opinion, the Actuarial Opinion Summary, and Actuarial Report as well as COVID-19 considerations. LIFE PRINCIPLE-BASED RESERVES (PBR) UNDER VM-20 (2020 VERSION) A PUBLIC POLICY PRACTICE NOTE Life Principle-Based Reserves (PBR) Under VM-20. April 2020 . Developed by the Life Principle-Based Approach Practice Note HOW TO READ AN ASOP—AND OTHER NUGGETS FROM ASOP NO. 1 Actuarial Standard of Practice (ASOP) No. 1, Introductory Actuarial Standard of Practice, contains a wealth of information critical to interpreting the ASOPs correctly. From professional judgment to the intricacies of “should,” “should consider,” and “may,” ASOP No. 1 explains concepts important to your work as an actuary. TELEHEALTH – THEORY, PRACTICE, AND POTENTIAL The delivery of health care services, where distance is a critical factor, by all health care professionals using information and communication technologies for the HOMEPAGE | AMERICAN ACADEMY OF ACTUARIES The Spring Life Perspectives has an inside look at the Academy’s VM-22 In Brief document, by Donna Claire, chairperson of the PBR Implementation Work Group, and chairperson of the VM-22 Subgroup.Also in the issue, previews of the upcoming PBR Boot Camp, recent Life Practice Council work group comments to the NAIC, and life-practice federal and state legislative and regulatory activity. HEALTH INSURANCE RISK MITIGATION MECHANISMS AND COVID-19 The COVID-19 pandemic has introduced new uncertainties into the development of premium rates for 2021. Each year, the American Academy of Actuaries Individual and Small Group Markets Committee publishes a public policy issue brief outlining the major factors driving premium changes for the next plan year. Unlike those previous issue briefs ECONOMIC SCENARIO GENERATORS The Academy and the Society of Actuaries (SOA) have joined resources to manage the economic scenario generators used in regulatory reserve and capital calculations. The latest version of the interest rate and equity generator is now on the SOA website. The SOA will provide frontline support and maintenance for the economic scenariogenerators.
AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ACTUARIES CLIMATE INDEX DOWN SLIGHTLY IN LATEST FIVE-YEAR Contact: media@actuariesclimateindex.org Actuaries Climate Index Down Slightly in Latest Five-Year Average Fall 2020 data update lowers index benchmark for the first time since 2017 IMPACT OF COVID-19 ON LONG-TERM CARE INSURANCE 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Cori Uccelo, Senior Health Fellow NOVEMBER 2020 CYBER BREACH REPORTING REQUIREMENTS 5 Scope—Entity or entities to whom notification requirements and other aspects of the law are applicable Covered Information—the personal identifying information (PII) that would trigger the statute if exposed to breach Form of Covered Information—whether electronic, written, or other form is covered Breach Definition—how a violation is defined by the statute MODEL GOVERNANCE CHECKLIST 8 MODEL GOVERNANCE CHECKLIST C9 Are the components of an assumption defined and documented, including the raw experience data, margin, asset spreads, and projected changes to the margins (e.g., mortality improvement)? C10 Does the assumption documentation address the independence of each assumption? If stochastic or deterministic modeling is being performed, does the documentation USE OF THE AVR/IMR IN CASH FLOW TESTING LIFE PRACTICE NOTE 1995–5 December 1995 PN015/L95-05 Use of the AVR/IMR in Cash Flow Testing Introduction This practice note was prepared by a work group organized by DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potentialACADEMY MEMBERSHIP
Academy Membership. The American Academy of Actuaries is the one actuarial association representing actuaries from all practice areas. More than 19,500 have joined the Academy to become the unified voice of U.S. actuaries, and dedicate themselves to fostering the highest standards of professionalism and sound public policy. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
ECONOMIC SCENARIO GENERATORS AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICEACTUARIAL STANDARDS OF PRACTICE 41ACTUARIES JOBACTUARIES JOB DESCRIPTIONACTUARIES SALARYACTUARIES UKCOACHING ACTUARIES WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings KEY POINTS PRESUMPTIVE BENEFITS IN WORKERS’ COMPENSATION 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Rich Gibson, Senior Casualty Fellow DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. STATEMENT OF STATUTORY ACCOUNTING PRINCIPLES NO. 61 SSAP No. 61R Statement of Statutory Accounting Principles 61R–4 7. There are also reasons why a reporting entity might retain less than its defined maximum. THE 80% PENSION FUNDING The American Academy of Actuaries is a 17,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potentialACADEMY MEMBERSHIP
Academy Membership. The American Academy of Actuaries is the one actuarial association representing actuaries from all practice areas. More than 19,500 have joined the Academy to become the unified voice of U.S. actuaries, and dedicate themselves to fostering the highest standards of professionalism and sound public policy. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
ECONOMIC SCENARIO GENERATORS AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICEACTUARIAL STANDARDS OF PRACTICE 41ACTUARIES JOBACTUARIES JOB DESCRIPTIONACTUARIES SALARYACTUARIES UKCOACHING ACTUARIES WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings KEY POINTS PRESUMPTIVE BENEFITS IN WORKERS’ COMPENSATION 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Rich Gibson, Senior Casualty Fellow DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. STATEMENT OF STATUTORY ACCOUNTING PRINCIPLES NO. 61 SSAP No. 61R Statement of Statutory Accounting Principles 61R–4 7. There are also reasons why a reporting entity might retain less than its defined maximum. THE 80% PENSION FUNDING The American Academy of Actuaries is a 17,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
LOG IN | AMERICAN ACADEMY OF ACTUARIES The American Academy of Actuaries' mission is to serve the public and the United States actuarial profession. THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance.PROFESSIONALISM
Professionalism Counts, December 2020. Precept 8, Annotation 8-1 of the Code of Professional Conduct (the Code) observes that an actuarial communication prepared by you as an actuary “may be used by another party in a way that may influence the actions of a third party.”. This is your power as an actuary. AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications toVM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. THE 3RS (RISK ADJUSTMENT, RISK CORRIDORS, AND REINSURANCE 2013 American Academy of Actuaries 2 www.actuary.org These contributions are then used to make payments to non-grandfathered plans in the individual market. In 2014, $10 billion will be collected AMERICAN ACADEMY OF ACTUARIES The American Academy of Actuaries' mission is to serve the public and the United States actuarial profession. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potentialACADEMY MEMBERSHIP
Academy Membership. The American Academy of Actuaries is the one actuarial association representing actuaries from all practice areas. More than 19,500 have joined the Academy to become the unified voice of U.S. actuaries, and dedicate themselves to fostering the highest standards of professionalism and sound public policy. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
ECONOMIC SCENARIO GENERATORS AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICEACTUARIAL STANDARDS OF PRACTICE 41ACTUARIES JOBACTUARIES JOB DESCRIPTIONACTUARIES SALARYACTUARIES UKCOACHING ACTUARIES WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings KEY POINTS PRESUMPTIVE BENEFITS IN WORKERS’ COMPENSATION 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Rich Gibson, Senior Casualty Fellow DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. STATEMENT OF STATUTORY ACCOUNTING PRINCIPLES NO. 61 SSAP No. 61R Statement of Statutory Accounting Principles 61R–4 7. There are also reasons why a reporting entity might retain less than its defined maximum. THE 80% PENSION FUNDING The American Academy of Actuaries is a 17,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potentialACADEMY MEMBERSHIP
Academy Membership. The American Academy of Actuaries is the one actuarial association representing actuaries from all practice areas. More than 19,500 have joined the Academy to become the unified voice of U.S. actuaries, and dedicate themselves to fostering the highest standards of professionalism and sound public policy. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
ECONOMIC SCENARIO GENERATORS AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICEACTUARIAL STANDARDS OF PRACTICE 41ACTUARIES JOBACTUARIES JOB DESCRIPTIONACTUARIES SALARYACTUARIES UKCOACHING ACTUARIES WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings KEY POINTS PRESUMPTIVE BENEFITS IN WORKERS’ COMPENSATION 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Rich Gibson, Senior Casualty Fellow DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. STATEMENT OF STATUTORY ACCOUNTING PRINCIPLES NO. 61 SSAP No. 61R Statement of Statutory Accounting Principles 61R–4 7. There are also reasons why a reporting entity might retain less than its defined maximum. THE 80% PENSION FUNDING The American Academy of Actuaries is a 17,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
LOG IN | AMERICAN ACADEMY OF ACTUARIES The American Academy of Actuaries' mission is to serve the public and the United States actuarial profession. THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance.PROFESSIONALISM
Professionalism Counts, December 2020. Precept 8, Annotation 8-1 of the Code of Professional Conduct (the Code) observes that an actuarial communication prepared by you as an actuary “may be used by another party in a way that may influence the actions of a third party.”. This is your power as an actuary. AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications toVM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. THE 3RS (RISK ADJUSTMENT, RISK CORRIDORS, AND REINSURANCE 2013 American Academy of Actuaries 2 www.actuary.org These contributions are then used to make payments to non-grandfathered plans in the individual market. In 2014, $10 billion will be collected AMERICAN ACADEMY OF ACTUARIES The American Academy of Actuaries' mission is to serve the public and the United States actuarial profession. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potentialACADEMY MEMBERSHIP
Academy Membership. The American Academy of Actuaries is the one actuarial association representing actuaries from all practice areas. More than 19,500 have joined the Academy to become the unified voice of U.S. actuaries, and dedicate themselves to fostering the highest standards of professionalism and sound public policy. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
ECONOMIC SCENARIO GENERATORS AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICEACTUARIAL STANDARDS OF PRACTICE 41ACTUARIES JOBACTUARIES JOB DESCRIPTIONACTUARIES SALARYACTUARIES UKCOACHING ACTUARIES WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings KEY POINTS PRESUMPTIVE BENEFITS IN WORKERS’ COMPENSATION 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Rich Gibson, Senior Casualty Fellow DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. STATEMENT OF STATUTORY ACCOUNTING PRINCIPLES NO. 61 SSAP No. 61R Statement of Statutory Accounting Principles 61R–4 7. There are also reasons why a reporting entity might retain less than its defined maximum. THE 80% PENSION FUNDING The American Academy of Actuaries is a 17,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. HOMEPAGE | AMERICAN ACADEMY OF ACTUARIESLOG INABOUT USMEMBERSHIPNEWSROOMINTERNATIONALPUBLIC DISCIPLINE COVID-19 Resources. The American Academy of Actuaries is continuing to provide objective and independent analysis to all those with whom we work at the local, national, and international level. The Academy’s Health Practice Council has also developed answers to some frequently asked questions (FAQs) to share insights on COVID-19’s potentialACADEMY MEMBERSHIP
Academy Membership. The American Academy of Actuaries is the one actuarial association representing actuaries from all practice areas. More than 19,500 have joined the Academy to become the unified voice of U.S. actuaries, and dedicate themselves to fostering the highest standards of professionalism and sound public policy. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
PBR BOOT CAMP JUNE 2021 June 7 to 9, 2021 | Agenda The Academy’s popular PBR Boot Camp is back—and this time it is geared for those who are new or relatively new to principle-based reserving (PBR) and are interested in hearing lessons learned from those who have been at the forefront of theimplementation.
ECONOMIC SCENARIO GENERATORS AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICEACTUARIAL STANDARDS OF PRACTICE 41ACTUARIES JOBACTUARIES JOB DESCRIPTIONACTUARIES SALARYACTUARIES UKCOACHING ACTUARIES WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings KEY POINTS PRESUMPTIVE BENEFITS IN WORKERS’ COMPENSATION 1850 M Street NW, Suite 300 Washington, DC 20036 202-223-8196 | www.actuary.org Craig Hanna, Director of Public Policy Rich Gibson, Senior Casualty Fellow DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. STATEMENT OF STATUTORY ACCOUNTING PRINCIPLES NO. 61 SSAP No. 61R Statement of Statutory Accounting Principles 61R–4 7. There are also reasons why a reporting entity might retain less than its defined maximum. THE 80% PENSION FUNDING The American Academy of Actuaries is a 17,000-member professional association whose mission is to serve the public and the U.S. actuarial profession. ACTUARIAL STANDARDS OF PRACTICE (ASOPS) ASOPs provide guidance on the techniques, applications, procedures, and methods that reflect appropriate actuarial practices in the United States. Click here to view the Actuarial Standards of Practice(ASOPs).
LOG IN | AMERICAN ACADEMY OF ACTUARIES The American Academy of Actuaries' mission is to serve the public and the United States actuarial profession. THE IMPACTS OF COVID-19 ON THE LIFE INSURANCE INDUSTRY Event page A look at COVID-19’s impacts on the life insurance industry and the near- and longer-term effects on life insurance.PROFESSIONALISM
Professionalism Counts, December 2020. Precept 8, Annotation 8-1 of the Code of Professional Conduct (the Code) observes that an actuarial communication prepared by you as an actuary “may be used by another party in a way that may influence the actions of a third party.”. This is your power as an actuary. AMERICAN ACADEMY OF ACTUARIES ISSUES DISCIPLINE NOTICE WASHINGTON— The American Academy of Actuaries announced that the following discipline action became effective on March 23, 2020. Notice of Public Discipline. (Effective Date March 23, 2020) A Disciplinary Committee of the American Academy of Actuaries (“Academy”), acting in accordance with the Academy’s Bylaws, has reviewed the findings ASOP NO 6 PRACTICE NOTE A PUBLIC POLICY PRACTICE NOTE Actuarial Standard of Practice (ASOP) No. 6 Practice Note: Development of Age-Specific Retiree Health Cost Assumptions, Including Applications toVM-21 - ACTUARY.ORG
VM-21 Why are the revisions needed? The previous Actuarial Guideline XLIII (AG 43) reserve and C3 Phase II risk-based capital (RBC) framework methodologies had certain misalignments, which contributedto the
DIG B36 PRACTICE NOTE DIG B36 Practice Note January 2005 Introduction This practice note was prepared by a work group organized by the Life Financial Reporting Committee of the American Academy of Actuaries. THE 3RS (RISK ADJUSTMENT, RISK CORRIDORS, AND REINSURANCE 2013 American Academy of Actuaries 2 www.actuary.org These contributions are then used to make payments to non-grandfathered plans in the individual market. In 2014, $10 billion will be collected AMERICAN ACADEMY OF ACTUARIES The American Academy of Actuaries' mission is to serve the public and the United States actuarial profession.Menu
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News for Wednesday, September 18, 2019 This Week: Academy Launches Podcast Series; Early Registration Deadline Today for Annual Meeting; Surprise Billing Issue Brief Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (September 13, 2019) HealthCheck, September 2019 The September _HealthCheck_covers
the Health Practice Council’s issue brief on surprise medical bills and possible approaches to address the issue. Also, members of the Long-Term Care (LTC) Reform Subcommittee submitted comments on LTC insurance; the LTC Valuation Work Group gave an update to the NAIC’s LTC Actuarial Working Group; and recent legislative and regulatory activity. (September 11, 2019) Surprise Medical Bills: An Overview of the Problem and Approaches toAddress It
The Health Practice Council released an issue brief, _Surprise Medical Bills: An Overview of the Problem and Approaches to Address It_, providing an overview of the surprise-billing problem and insights on approaches how to address it. Read the news release. (September 10, 2019) This Week: Annual Meeting--Early Registration Deadline Next Week, Personal Finance Expert Jean Chatzky to Give Plenary Address; Contingencies Looks at 'Superbugs' Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (September 06, 2019) Contingencies, September/October 2019 In the September/October issue of _Contingencies_, the cover story,
“Bugging Out,” explores the tug-of-war between antibiotics and pathogens. Click through for a hard-hitting feature on the costs and potential paths forward on drug-resistant “superbugs.” Other features include “Lead and Succeed”—advice for first-time personnel managers ... even veteran leaders may find some new wisdom worth applying; and “Calculating Despair,” on the costs—financial and societal—of drug abuse, alcoholism, and suicide. Plus, Shawna Ackerman’s President’s Message on qualifications; the ABCD goes to the movies; and a look back at the first great U.S. financial panic, 200 years later. (September 01,2019)
This Week: Board Election Concludes; Latest ACI Figures; Early Registration Deadline Today for P/C Loss Seminar; PBR Boot Camp Setfor December
Read the latest issue of This Week—the Academy’s end-of-week digital newsletter, compiling a week’s worth of news, updates, and media coverage in one convenient, easy-to-use publication. (August 30, 2019) Actuarial Update, August 2019 The August _Actuarial Update_includes
a wrapup of the Academy’s presentations at the NAIC Summer National Meeting in New York City. Also in the issue, Academy representatives attended the International Association of Black Actuaries’ annual meeting; an Academy-organized panel presented on climate indexes at an American Statistical Association meeting; and the “Professionalism Counts” column looks at Precept 10 and “Courtesy and Cooperation.” (August 30, 2019) Subcommittee Members Comment to Federal Interagency Task Force on LTCI Members of the LTC Reform Subcommittee submitted comments following their discussion with the Federal Interagency Task Force on Long-Term Care Insurance (LTCI) earlier this year. These comments reiterate and expand on their original discussion including addressing regulatory hurdles to innovation. (August 30, 2019) The Retirement Report, Summer 2019 The summer issue of _The Retirement Report_ includes a Q&A with Jason Russell, chairperson of the Multiemployer Plans Committee, on highlights of the Academy’s recent multiemployer plan briefings on Capitol Hill and related issues. Also in the issue, more coverage of the multiemployer briefings, a Capitol Forum webinar looks at national retirement policy, a pension webinar on return expectations, and recent legislative and regulatory activity. (August23, 2019)
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