SOA Member Announcement - March 2014 Board Meeting
(Targeted News Service Via Acquire Media NewsEdge) SCHAUMBBURG, Ill., March 26 -- The Society of Actuaries issued the following news release:
The Society of Actuaries Board of Directors met March 17 - 18, 2014 to discuss and make decisions on a number of important issues.
Strategic Plan: The Board provided input on the proposed measures and targets for the 2013-2016 strategic objectives (http://www.soa.org/strategicplan/). The Issue Advisory Council (http://www.soa.org/Leadership/Committees/Bod-Committees/issues-advisory-council.aspx), the strategic planning arm of the Board with responsibility for providing general oversight for the SOA's strategic initiatives, will incorporate the Board's comments and suggestions in order to refine those measures and targets with final review by the Board scheduled June 2014. The Board also provided insights on opportunities and challenges for the actuarial profession and for the SOA. The IAC synthesizes this Board input among many other considerations as it develops a draft list of proposed future strategic initiatives.
Education Philosophy: The Board discussed and approved a new Education Philosophy statement that lays out the core tenets of the SOA's approach to education. Key statements in this philosophy include: (1) the SOA strives to provide state-of-the-art education; (2) the SOA is responsible for and applies the appropriate level of controls of its education system; (3) the SOA understands, articulates, and fulfills its responsibilities to its education stakeholders; and (4) the SOA supports stakeholders in fulfilling their responsibilities with respect to education.
Experience Studies: The Board reviewed and approved a new strategic partnership between the SOA and MIB Solutions, Inc. regarding experience studies research. The SOA and MIB have been long-time partners in preparing experience studies, but the experience study landscape is changing. In the last several years, MIB was awarded contracts by the states of New York and Kansas to collect mandatory life insurance data from all insurers operating in those states (almost the entire US life insurance industry) and is now developing the most complete such database that has ever existed. This new agreement will give the SOA access to that data for experience studies and will create a partnership between the two organizations to collect additional voluntary data from MIB member insurers to allow additional research. This new agreement (http://www.soa.org/News-and-Publications/Newsroom/Press-Releases/SOA-and-MIB-Partnering-to-Provide-Greater-Depth.aspx) will bring SOA experience studies more frequently covering additional topics and issues that we have not been able to cover in the past. This, in turn, will benefit members and other users of SOA experience studies, the US life insurance industry, and the public, and helps us fulfill our strategic objective to be the leading technical and information resource for the actuarial profession.
"This is the next step in SOA's strategy to provide robust and timely experience studies to its members and stakeholders," said Dale Hall, SOA's Managing Director of Research. Mark Freedman, SOA's President said, "A fast moving world requires institutions to organize and to meet emerging issues in the timely and focused manner our stakeholders expect. Our long-term partnership with MIB embodies these virtues."
NAIC: The Board discussed the National Association of Insurance Commissioners (NAIC) consideration of a possible new definition (for regulatory purposes) of what it means to be a "qualified actuary." The US insurance regulatory environment is changing and regulators are considering whether the regulatory definitions of what it means to be the "signing actuary" for insurance financial statements should also be changed. The SOA is monitoring and, where appropriate, participating in those discussions.
Blue Ribbon Panel: The Board heard a report on the ongoing activity of the Blue Ribbon Panel on Public Pension Plan Funding. The independent, multidisciplinary panel was commissioned by the SOA and released its report and recommendations last month. "The SOA Board of Directors thanks the members of the Blue Ribbon Panel for its diligence and hard work in the preparation of this ground-breaking report and its recommendations," said President Freedman. The report is in the early phase of rollout and the Board continually monitors responses in order to determine next steps the SOA can or should take to address public pension issues. Members can follow the work of and response to the Panel at www.soa.org/blueribbonpanel.
If you have any questions or comments about the recent Board meeting, please write to email@example.com.
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